• Private-investment firm Moncrief Willingham Energy Advisers LP, Houston, has launched fund-raising for its second energy-equity fund. The first fund was raised in 1998, and $70 million is under management in public-equity investments in independent E&P companies, including Apache Corp. and Devon Energy, as well as oil-service firms. Returns since inception are more than 28% per year, compounded. The new fund will provide private-equity dollars to energy-industry consolidators. The fund target is $300 million, and placements will be $15- to $30 million in late-stage private companies and small-cap public firms. • The $240-million Kayne Anderson Energy Fund II has been formed to make private-equity investments in U.S. and Canadian upstream and midstream businesses. • Cerberus Capital Management LP plans to make a $50-million senior secured term loan facility and a $136.5-million equity investment in Exco Resources Inc., after a management buyout if successful. Cerberus would control the company. • Quantum Energy Partners, Houston, which has nine E&P companies in its private-equity portfolio, has been looking into the economics of the gas-storage sector during the past few months, especially for high-deliverability, multicycle facilities. It may make an equity investment in an independent storage company this year that would build greenfield facilities. Early talks are under way with two possible companies. • Allan McLean, formerly executive director, power and utility group, at CIBC World Markets in Toronto, has joined Moody's Investors Service in Toronto as vice president/senior analyst, power and energy group. McLean will cover Canadian power and gas utilities and pipeline companies. Last year, Moody's added four Toronto-based analytical staff members and the office's expansion will continue throughout 2003, including in oil and gas analysis. • John Gerdes, formerly an E&P analyst with Frost Securities in Dallas, has joined SWS Securities, Dallas, as a senior vice president and will build the firm's energy-research department. • Kevin Neeley, formerly an M&A team member at Unocal Corp. at its Sugar Land, Texas, offices, has joined Bank One Corp. as director of M&A, North American E&P. Neeley will office in Houston and Dallas. • Ammonite Resources, a technical/geological consulting firm, has launched a service to help start-up companies find private capital for exploration. Richard Gessinger, a former banker and E&P-company president, has joined Ammonite as managing director, corporate finance. He is based in New Canaan, Conn.

Comments