The fund was co-led by Justin Teltschik and JW Sikora and allows companies to access growth capital not available from traditional commercial banks. (Source: Shutterstock)
Cibolo Energy Management LLC closed its second fund, Cibolo Energy Partners II LP, meant to boost middle market upstream and midstream companies’ growth with development capital and bankrolling acquisitions.
Fund II’s investors, comprising corporate pension plans, asset managers, fund of funds, family offices and high net worth individuals, raised $279 million before closing, Cibolo said in its Sept. 9 press release. Together with its co-investment vehicles, Fund II has over $330 million of committed capital.
The fund was co-led by Justin Teltschik and JW Sikora and allows companies to access growth capital not available from traditional commercial banks, the press release said. The private debt firm’s strategy is to invest in securities at the top of the balance sheet; underwrite long-life assets with existing production and cash flow with development upside; commodity hedging; and aligning risk with its portfolio companies.
To date, three upstream companies and one midstream company are part of Fund II.
Kirkland & Ellis LLP acted as legal counsel to Cibolo.
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