What we do
Two questions, in order.
Is the asset real? And does the revenue actually arrive? Everything else follows from those two.
Where we invest
Areas we know well enough to have a view. It's where we spend our time, not a promise about where the money goes.
Production
Onshore and offshore oil and gas, producing or close to it.
Midstream and storage
Terminals, tanks and pipelines. The bit between the well and the buyer.
Refined products and trade
Physical cargoes, offtake, and the working capital behind them.
Power
Generation, plus the grid connection and offtake that make generation worth anything.
Storage and transition
Batteries and transition assets, priced on what they earn without subsidy.
Services
Companies that sell into the sector instead of taking commodity price risk.
How we work
The same order every time, whatever the size of the deal.
Where deals come from
People who are close to the asset. Operators, advisers, lenders, counterparties. We're a poor fit for a broad auction.
Screen
About a week. What is it, who controls it, what pays for it, and how do we get out. Most things stop here, which is the point.
Diligence
Technical, legal and commercial together. We rebuild the seller's numbers ourselves rather than checking their model against itself.
Structure
Security, seniority, information rights. If the downside isn't in the documents, it isn't covered.
After closing
Reporting, covenants, counterparty exposure. And a straight answer, once a year, to whether we'd still buy it today.