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Buyout firm ArcLight hires top Blackstone energy dealmaker Acconcia -sources

By David French (Reuters) - ArcLight Capital Partners has hired one of Blackstone (NYSE:BX) Inc's most senior oil and gas dealmakers, according to people familiar with the matter,...
Buyout firm ArcLight hires top Blackstone energy dealmaker Acconcia -sources © Reuters. FILE PHOTO: An oil well site in the Eagle Ford Shale oil field in Texas, U.S., May 18, 2020. REUTERS/Jennifer Hiller

By David French

(Reuters) - ArcLight Capital Partners has hired one of Blackstone (NYSE:BX) Inc's most senior oil and gas dealmakers, according to people familiar with the matter, an example of a specialized buyout firm seeking to capitalize on a major peer throwing in the towel on the sector.

Many of the world's biggest private equity firms such as Blackstone have retrenched from investments in the U.S. oil patch after a boom in shale production in the mid-2010s fizzled, eviscerating their returns. The shift to environmentally sustainable investing, as climate change became a grave concern, also contributed.

This has left the U.S. oil and gas sector to energy-focused money managers and a handful of other private capital providers, who are now taking advantage of diminished competition to strike deals and hire talent as energy prices rebound.

Angelo Acconcia will join ArcLight, a Boston-based private equity firm that focuses on pipelines, utility infrastructure and the energy transition, in the spring as a senior managing director, said the sources, who spoke on condition of anonymity as the appointment has not been made public.

ArcLight did not respond to a request for comment. A spokesperson for Blackstone said: "We appreciate Angelo's many contributions to the firm and wish him well in his future endeavors."

The run-up in energy prices in the last 12 months has raised valuations of oil and gas assets, allowing buyout firms to sell longstanding investments and focus on other areas. Among Blackstone's exits in 2021 were listing and then selling gas producer Vine Energy to Chesapeake Energy Corp (NYSE:CHK) for $615 million, and divesting natural gas-focused GEP Haynesville to Southwestern Energy (NYSE:SWN) Co for $1.85 billion.

Acconcia is the most senior energy-dedicated private equity executive to move since Apollo Global Management (NYSE:APO) Inc's Greg Beard left in June 2020. Having led Apollo's natural resources group for almost a decade, he joined oil and gas investment firm Andros Capital Partners.

Acconcia is on gardening leave, after leaving his role as a senior managing director at Blackstone in November, the sources said. That ended a 17-year career at the alternative investment manager where he played a significant role in shaping the firm's energy investments in the previous decade.

Since its founding in 2001, ArcLight has deployed about $25 billion of capital across 113 investments in the energy space, according to its website.

Among its recent deals was agreeing in February 2021 to acquire for $830 million a 25% stake in Natural Gas Pipeline Company of America, one of the largest interstate pipeline systems in the country.

It is currently deploying its $3.4 billion seventh flagship fund, and has separate funds targeting renewables and energy transition investments. It also backs a blank-check acquisition vehicle, ArcLight Clean Transition Corp II.

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21-01-2022 03:12:08 (UTC+7)

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 EUR/USD1.1335↑ Buy
 GBP/USD1.3565↑ Sell
 USD/JPY113.92↑ Buy
 AUD/USD0.7195↑ Sell
 USD/CAD1.2516Neutral
 EUR/JPY129.11↑ Buy
 EUR/CHF1.0366↑ Sell
 Gold1,837.85↑ Sell
 Silver24.523↑ Sell
 Copper4.5293↑ Sell
 Crude Oil WTI83.97↑ Sell
 Brent Oil86.93↑ Sell
 Natural Gas3.925↑ Sell
 US Coffee C242.75↑ Sell
 Euro Stoxx 504,237.65↑ Sell
 S&P 5004,482.73↑ Sell
 DAX15,699.45↑ Sell
 FTSE 1007,513.52↑ Sell
 Hang Seng24,897.87Neutral
 Small Cap 20002,024.04↑ Sell
 IBEX 358,692.61↑ Sell
 BASF66.605↑ Sell
 Bayer52.32Sell
 Allianz222.20↑ Sell
 Adidas253.60Neutral
 Lufthansa6.965↑ Sell
 Siemens AG145.32↑ Sell
 Deutsche Bank AG11.535↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,125/ 6,165
(10/ 10) # 1,125
SJC HCM6,120/ 6,180
(10/ 10) # 1,144
SJC Hanoi6,120/ 6,182
(10/ 10) # 1,146
SJC Danang6,120/ 6,182
(10/ 10) # 1,146
SJC Nhatrang6,120/ 6,182
(10/ 10) # 1,146
SJC Cantho6,120/ 6,182
(10/ 10) # 1,146
Cập nhật 21-01-2022 03:12:11
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ↀ Giá vàng thế giới
$1,838.28-0.81-0.04%
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Sản phẩmVùng 1Vùng 2
RON 95-IV2486025350
RON 95-II,III
E5 RON 92-II2359024060
DO 0.05S1890019270
DO 0,001S-V1925019630
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.450,0022.760,00
EUR24.965,0926.364,70
GBP29.963,4031.243,06
JPY192,94204,24
KRW16,3919,97
Cập nhật lúc 15:06:38 21/01/2022
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