Cibolo Energy Management, LLC, a Houston, TX-based energy focused, private equity firm providing growth-oriented credit solutions to middle market upstream and midstream companies, closed Cibolo Energy Partners I, L.P., at $245m.
The investor base is composed of twenty-one corporate pension plans, asset managers, fund of funds, endowments and foundations, family offices, and high net worth individuals.
Together with affiliate investments and dedicated co-investment vehicles, Cibolo now manages over $300m of committed capital.
Led by co-founders Justin Teltschik and JW Sikora, Fund I will target upstream and midstream companies seeking credit alternatives to finance growth via acquisition or accelerated development capital.
Cibolo focuses on providing a structured solution that enables companies to access additional liquidity not available from traditional commercial banks.
The firm has partnered with three upstream portfolio companies to date and has a sound pipeline of investment opportunities that it is currently evaluating. The core characteristics of the Cibolo strategy are:
(i) investing in top of the balance sheet securities,
(ii) underwriting long life assets with existing production and cash flow that possess development upside,
(iii) commodity hedging, and
(iv) structuring proper risk alignment with its portfolio companies.