Baton Rouge-based Bernhard Capital Partners is joining a host of private equity firms seeking to capitalize on the U.S. oil and gas boom by pursuing energy services companies. As Dow Jones & Co. reports, the firm, founded by Jim Bernhard, aims to raise $750 million for its debut fund, according to a recent filing with the U.S. Securities and Exchange Commission.
The filing didn’t indicate how much, if any, capital has been raised so far for BCP Energy Services Fund LP. The firm enlisted placement agent Atlantic-Pacific Capital Inc. to help raise the fund, according to the filing.
Bernhard—who founded The Shaw Group and formerly served as its chairman and CEO—and other Shaw executives formed the firm in 2013, the same year their energy services company was sold to rival Chicago Bridge & Iron Co. in a deal valued at roughly $3 billion. The executives told Daily Report at that time that they were hoping to raise about $2 billion from large institutional investors; the money would be used to acquire a majority interest in power and energy companies.
Bernhard Capital Partners aims to make control or toehold investments to gain control in North American businesses serving the upstream, midstream, downstream and power sectors. Competition for these kinds of assets is likely to be fierce as there is plenty of capital available to chase such deals.
There are 60 funds seeking $39 billion to invest broadly in energy, according to data provider Preqin Ltd. In all, there are 243 funds that are seeking an aggregate $118 billion to invest wholly or in part in the energy industry. Read the full story.