Pine Brook Partners has promoted Andre Burba to managing director on the firm’s energy investment team.
Burba joined Pine Brook in 2008, having previously worked for Credit Suisse as a principal investor in the special opportunities group where he was responsible for investments in the energy, metals and mining, renewables and oil and gas sectors. Burba began his career as a project finance counsel at law firm Milbank, Tweed, Hadley & McCloy, representing energy companies and investors.
In June, Pine Brook hired Richard Aube, former co-head of private equity at DE Shaw, as a managing director on Pine Brook’s energy investment team.
The firm closed its debut fund on $1.4 billion in April 2009. It had been fundraising since mid-2007 with a target of $1.5 billion, Pine Brook chief executive officer Howard Newman told Private Equity International at the time. The fund makes equity investments of $100 million to $200 million and focuses on the financial services and energy sectors.
Pine Brook differs from traditional private equity firms in that its strategy calls for starting businesses instead of buying companies, investing equity to grow them and not using financial leverage to create returns. The firm uses a “line of equity” structure that advances capital over time.
Pine Brook completed its first exit, selling oil and gas exploration company Common Resources for $805 million, in 2010. The firm was founded by Newman, who worked at Warburg Pincus for 22 years, in 2006.