Kapnative Newsletter Edition 46
Carnelian Energy Capital Weighs $1 Billion Sale of Oil Producer Ridgemar
Carnelian Energy Capital is reportedly considering the sale of Ridgemar Energy, aiming for a valuation exceeding $1 billion, including debt. According to Reuters, Ridgemar has engaged RBC Capital Markets to manage the potential sale of its operations in the Eagle Ford Basin, South Texas. Both publicly traded and private energy producers are potential buyers, though a sale is not certain.
This move follows a trend of private equity firms divesting energy assets amid high commodity prices. In 2023, EnCap Investments sold XCL Resources and Grayson Mill Energy, while Point Energy Partners exited assets to Vital Energy and Northern Oil and Gas.
Based in Houston, Ridgemar is a major private oil producer in the Eagle Ford region. It acquired Callon Petroleum’s Eagle Ford assets in early 2023 for $655 million in cash and has since expanded to over 70,000 net acres through smaller acquisitions.
The potential sale reflects private equity’s growing focus on capitalizing on favorable oil market conditions, with high prices prompting profitable exits.
Partners Group weighs sale of stake in UK’s €5bn International Schools Partnership
The report cites unnamed sources familiar with the matter as highlighting that ISP’s multi-billion euro value reflects both its strong annual earnings of more than €250m and growing demand for education assets.
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ISP, founded by Partners Group in 2013, operates 88 schools across 24 countries, primarily focused on primary and middle-year students. With a student body of over 80,000, the network has expanded rapidly, benefiting from the stable, counter-cyclical demand typical of the education sector. Partners Group is expected to formally initiate an auction process in the first half of next year, contingent upon revenue trends and enrolment numbers, according to two Reuters sources, although a sale is not guaranteed and is dependent on market conditions
Representatives for Partners Group declined to comment, while ISP has not responded to inquiries.
The education sector continues to attract substantial private equity interest, with investors drawn by its predictable revenue streams and resilience through economic fluctuations. Canadian investment giant OMERS acquired a 25% stake in ISP three years ago, then valuing the company at €1.9bn, including debt. In another high-profile deal, Sweden’s EQT AB, in partnership with Neuberger Berman Private Markets and the Canada Pension Plan Investment Board, recently acquired Nord Anglia Education in a $14.5bn deal.
AshGrove Capital Closes Fund II at €650m hard cap
AshGrove Capital (AshGrove), an independent pan-European speciality lender, has held the final close of AshGrove Speciality Lending Fund II at its hard cap of €650m, surpassing its original target of €500m.?
This fund is more than 100% bigger than AshGrove’s €300m inaugural fund, making it the only independent European performing private credit fund to achieve such growth in recent years, according to Preqin data. Fund II achieved a 107% re-up rate among existing limited partners as well as securing over €325m in new capital commitments. In addition to strong European support, over 40% of Fund II capital comes from US-based investors. The Fund now counts pension funds, endowments and foundations, insurance companies, family offices, and fund of funds amongst its diversified investor base. AshGrove provides tailored credit solutions to small and medium-sized European companies in B2B software and services. The firm specialises in lending €10m-€50m of senior secured debt capital to businesses with robust business models and a high proportion of recurring revenues. Fund II has already committed ~20% of its capital across five investments, with a robust pipeline of further opportunities. Rede Partners acted as global fundraising advisor and Weil, Gotshal & Manges acted as legal advisor for AshGrove Specialty Lending Fund II.