Quantum Energy Partners has collected about $750 million for its debut structured-capital fund, which will provide financing to oil and gas companies, a person with knowledge of the firm told Buyouts.
The fund, called QL Capital Partners, could raise up to $1.5 billion, the person said. The group filed a Form D fundraising document in June showing a $1.5 billion target, but no information about how much it had raised.
QL Capital will use a mix of debt and equity to finance oil and gas companies with proven resources that need an injection of capital for expansion, the person said.
Generally, structured capital can include loans with warrants that can be cashed in as equity stakes in companies, as well as convertible debt and preferred stock.
Such financing would be for companies that “don’t want to get fully diluted and take straight up equity money,” the person said.
Park Hill Group is working as placement agent on the fundraising.
Representatives of Quantum did not respond to a request for comment.
This will be Houston-based Quantum’s first structured-capital fund. The firm was formed in 1998 by Wil VanLoh and Toby Neugebauer, co-founders of Windrock Capital, according to an investment memo from Nebraska Investment Council. Neugebauer left in 2016.
Quantum is led by CEO VanLoh, together with President Dheeraj Verma, and Partners James Baird, Garry Tanner and Bill Montgomery. It focuses on upstream, midstream, oil field services, energy technology and renewables, according to Quantum’s website.
Quantum closed its most recent pool, Quantum Energy Partners VII, on about $5.5 billion last year. Fund VI closed on $4.45 billion in 2015.
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