NGP raising next flagship pool without long-time chief Tony Weber

NGP Energy Capital Management is raising its next flagship pool without its long time leader, Tony Weber, who has been in the process of retiring over the past few years, sources told Buyouts. Chris Carter, who has been a managing partner at the firm since 2015, heads the company.

NGP is a buyouts manager focused on upstream and midstream oil and natural gas companies, along with royalties and mineral interests. The Dallas-based manager set a $2.5 billion target for its latest fund, NGP Natural Resources XIII.

Information about Weber’s retirement was included in board documents from the Teachers’ Retirement System of Louisiana’s board meeting held on April 4. Buyouts reviewed these documents.

According to NGP, the manager notified its investors in 2020 about Weber’s plans to step down as an active managing partner. He transitioned into an adviser role in 2021 before formally retiring at the end of 2022, citing personal reasons. According to the board documents, Weber started his role as managing partner in 2013.

Other executive committee members include Craig Glick and Jill Lampert, board documents said.

NGP was founded in 1988. In 2012, NGP formed a strategic partnership with The Carlyle Group.

In a presentation made to Boston Retirement System in June, NGP said a scarcity of capital across the energy industry has resulted in a favorable investment environment.

NGP started raising Fund XIII in late 2022. According to an SEC filing, the fund has raised $1.6 billion as of February 2024. Fund XII closed in 2017 at $4.3 billion, according to Buyouts’ database.

TRS Louisiana has committed a total of $75 million to Fund XIII, according to board documents.

Other known LPs include Oregon State Treasury, State of Wisconsin Investment Board, Teacher Retirement System of Texas and Virginia Retirement Systems.