The 2013 PEI 300: Money and power

Energy-focused firms continue to see strong demand from investors, with four firms making this year’s top 20.

As specialist strategies go, this year’s PEI 300 list suggests that energy is the safest bet as far as investors are concerned. There are no fewer than four energy-focused GPs in the top 20 of this year’s list – a clear sign that capital continues to flow to this sector, and specifically, to those managers with the specialist expertise to make it count.

The leading firm among those four was Riverstone Holdings, which climbed nine places to number 11. Its five-year fundraising total has gone up from $10.9 billion to $16.7 billion – and it’s not far off a final close on a new vehicle, which may even propel it into the top 10 next year.

As for the rest of the power quartet: Texas-based EnCap Investments jumped 23 places to 16 after raising a $5 billion upstream-focused vehicle in just five months; First Reserve Corporation, which is currently trying to raise a $6 billion fund, came in at 17; and Dallas-based Natural Gas Partners climbed 10 places to number 19 after closing a $3.5 billion fund (NGP subsequently sold a stake in itself to Carlyle, so it will have even more fundraising expertise on tap from now on).