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ArcLight acquires a Blackstone energy vendor that hires Acconcia sources

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January 13 () – ArcLight Capital Partners has hired one of Blackstone Inc.’s top oil and gas retailers, an example of a specialized purchasing firm seeking to throw towels into the sector, according to people familiar with the matter. .

After growth in shale production slowed in mid-2010, the world’s largest private equity companies, such as Blackstone, stopped investing in U.S. oil and lost their profits. Just as climate change has become a serious concern, the transition to environmentally sustainable investment has also contributed.

This has left the U.S. oil and gas sector at the disposal of energy-oriented money managers and several other private equity providers who are now taking advantage of declining competition to contract and hire talent as energy prices rise.

Angelo Acconcia joins Boston-based private equity firm ArcLight in the spring, which focuses on pipelines, utility infrastructure and energy exchanges, where he will serve as senior managing director in the spring as sources spoke on condition of anonymity because he was not appointed. revealed to the public.

ArcLight did not respond to a request for comment. “We appreciate Angelo’s many contributions to the company and wish him the best of luck in his future endeavors,” Blackstone said in a statement.

Rising energy prices over the past 12 months have pushed up the price of oil and gas assets, allowing buyers to sell long-term investments and focus on other areas. Blackstone’s speeches in 2021 included the sale of gas producer Vine Energy to Chesapeake Energy Corp. for $ 615 million and the allocation of natural gas-oriented GEP Haynesville to Southwestern Energy Co. for $ 1.85 billion.

Acconcia is the highest-ranking private equity investment manager dedicated to energy since Greg Beard left Apollo Global Management Inc. in June 2020. Leading Apollo’s natural resources group for nearly a decade, he joined Andros Capital Partners, an oil and gas investment company.

According to sources, Acconcia is on a gardening vacation after stepping down as senior managing director at Blackstone in November. It ended his 17-year career as an alternative investment manager, who has played a key role in shaping the firm’s energy investments over the past decade.

Since its inception in 2001, ArcLight has invested approximately $ 25 billion in 113 energy investments, according to its website.

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

It is currently investing its seventh fixed capital of $ 3.4 billion and has separate funds for renewable resources and energy transition investments. It also supports ArcLight Clean Transition Corp II, a blank check receipt tool. (David French’s interview in New York, edited by Matthew Lewis)

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