Houston-based investment firm BlackGold Capital Management LP is aiming to raise $600 million for a private fund that will lend directly to the beleaguered oil and gas sector, according to two sources familiar with the matter.
The firm is working with investment bank Evercore Inc. to raise $300 million directly and $300 million through co-investment, according to one of the sources.
BlackGold declined to comment. Evercore did not return a request for comment.
BlackGold started marketing the fund, its largest to date, in March, as the coronavirus pandemic sent oil prices plunging and brought production to a halt on fears of oversupply.
The firm joins hedge fund Angelo Gordon & Co. in raising funds for the U.S. shale industry, which had been financed by access to cheap capital that is now drying up.
Angelo Gordon & Co. aims to raise as much as $1.5 billion to buy the debt of distressed oil and gas companies, Reuters reported earlier this month.
BlackGold began private direct lending to the energy sector in 2017 as some banks pulled back offering capital to the industry.
Recommended Reading
On The Market This Week (Jan. 20, 2025)
2025-01-24 - Here is a roundup of marketed oil and gas interests in the Delaware Basin, Midcontinent and Bakken from select sellers.
IOG Resources II Buys Non-Op Utica Shale Interests
2025-02-26 - IOG Resources II is expanding in Appalachia with an acquisition of Utica working interests in eastern Ohio.
Amplify to Add D-J, Powder River Assets in Merger Agreement with Juniper Capital
2025-01-15 - Amplify Energy Corp. is combining with certain Juniper Capital portfolio companies in a merger agreement that adds 287,000 acres in the Denver-Julesburg and Powder River basins.
Crescent Energy Closes $905MM Acquisition in Central Eagle Ford
2025-01-31 - Crescent Energy’s cash-and-stock acquisition of Carnelian Energy Capital Management-backed Ridgemar Energy includes potential contingency payments of up to $170 million through 2027.
Petro-Victory Buys Oil Fields in Brazil’s Potiguar Basin
2025-02-10 - Petro-Victory Energy is growing its footprint in Brazil’s onshore Potiguar Basin with 13 new blocks, the company said Feb. 10.