[Context: On June 12, TPG Sixth Street Partners announced a $500m capital commitment to Glendale Energy Ventures to acquire upstream assets. Glendale’s Co-Founders are Brent Grundberg and Vignesh Proddaturi. Proddaturi formerly was with Millennial Energy Partners. Grundberg was with a subsidiary of Harbinger called Energy & Infrastructure Capital. The company has already made $55m in non-op acquisitions in the STACK play. Further details, advisors and related links are below.]
TPG Sixth Street Partners and Glendale Energy Ventures Form $500 Million Partnership to Fund Acquisitions of Non-Operated Oil and Gas Properties
HOUSTON–June 12, 2019 –(BUSINESS WIRE)–TPG Sixth Street Partners (“TPG Sixth Street”), a global finance and investment business with over $30 billion in assets under management, and Glendale Energy Ventures, LLC (“Glendale”), a private energy company headquartered in Houston, today announced a new oil and gas investment partnership with an initial $500 million in capital commitments. The new partnership will use its flexible capital mandate to directly invest in the development and acquisition of upstream oil and gas assets across the United States.
Glendale will work closely with TPG Sixth Street’s Houston-based energy team to provide capital solutions to operators by structuring investments in non-operated interests and operated-by-others (OBO) acquisitions.
“We are pleased to be partnering with Glendale’s experienced team of oil and gas industry veterans in order to provide operators with the expertise, certainty and stable capital required to meet their short and long-term strategic needs,” said Matt Dillard, Partner at TPG Sixth Street.
Glendale is led by Co-Founders Brent Grundberg and Vignesh Proddaturi.
Mr. Grundberg commented, “We believe there is more demand than ever for partnership capital to allow operators to achieve their full-scale development plans.”
Mr. Proddaturi added, “We look forward to building upon our existing relationships, forming new collaborations with top-tier producers and being the partner of choice for non-operated capital budgets and OBO divestitures.”
The partnership has already deployed funds with the completion of $55 million in acquisitions of non-operated interests in drilling pads located in Oklahoma’s premier STACK play.
About TPG Sixth Street Partners
TPG Sixth Street Partners is a global finance and investment business with over $30 billion in assets under management. Co-founded in 2009 by Managing Partner Alan Waxman and TPG Sixth Street’s management team, the firm’s long-term oriented, highly flexible capital base allows it to invest across industries, geographies, capital structures and asset classes. TPG Sixth Street focuses on partnering with businesses and management teams to create fully committed financing solutions. The firm also makes investments in both private and public companies and assets. TPG Sixth Street is in a strategic partnership with TPG, the global alternative asset firm.
About Glendale Energy Ventures
Glendale Energy Ventures is a private oil and gas company based in Houston, Texas that makes direct asset level investments in upstream oil and gas assets across the United States. Glendale provides capital solutions to operators through joint ventures, non-operated joint development partnerships, and non-operated acquisitions. The firm focuses on acquisitions and investments in de-risked onshore oil and gas resource plays and seeks to build long term relationships with operators. Glendale evaluates acquisition opportunities from all sources, but specifically focuses on non-marketed assets. Glendale has established a thorough and efficient acquisition process, creating seamless execution for quickly closing acquisitions. For additional information