- Filing: Trilantic Capital Partners V (Europe) LP
- Trilantic set $500 million target for energy fund
- Proprietary energy deal with Ward Petroleum
For the formation of Ward Energy Partners, a new oil and gas exploration and production company with Ward Petroleum, Trilantic tapped capital from both Trilantic Capital Partners V (North America), its flagship fund that closed on $2.2 billion last year, plus Trilantic Energy Partners (North America). The latter fund filed a Form D in May with a $500 million target, Credit Suisse Securities (USA) LLC as a placement agent and no capital raised, with no updates since then.
Typically, a new fund reaches its first close prior to making any investments.
Meanwhile, Trilantic Capital filed a separate Form D for Trilantic Capital Partners V (Europe), with no fundraising target and no capital raised, on July 25.
While Trilantic declined to comment on any aspect of fundraising, the firm agreed to an interview about Ward Energy Partners (WEP), which will be led by CEO Bill Ward, a 30-year veteran in the oil and gas business in the region. Glenn Jacobson, managing director, said Trilantic Capital sourced the deal through an introduction in late 2013 from a friend of the Ward family, not through an auction. The two parties struck up a relationship that “blossomed into a deal,” Jacobson said.
The Ward family will contribute oil and gas assets, as well as equity capital. WEP will focus on developing oil and gas production in Oklahoma and eastern Colorado. While Trilantic would not discuss any financials of the deal, it typically invests $100 million to $200 million in equity in a transaction, according to its website.
“This is really right down the fairway for us,” Jacobson said. “At Trilantic, a large part of our focus is to invest in family-owned business and provide transformative capital for growth or otherwise…We’re not buying a business from the family. They’re contributing their business and cash and we’re contributing cash to grow it.”