A trio of former Natural Gas Partners (NGP) senior executives formally launched Citrine Energy Capital Management, an energy private equity firm focusing on small and middle market investments.
With offices in Houston and Dallas, Citrine will focus on investments requiring between $25 million to $75 million of equity capital in the North American upstream, midstream and oilfield services sectors.
William Quinn, Tomas Ackerman and Daniel Goodman founded Citrine. Prior to his departure from NGP, Quinn served as a managing partner of the firm where he oversaw the firm’s investment activities. Though all of Citrine’s executives bring a deep experience in the upstream sector, Ackerman, a former managing director and head of NGP’s Houston office, brings a specific expertise and network in the midstream sector while Goodman, formerly a principal in NGP’s Houston office, was instrumentally involved in NGP’s oilfield services investments.
“We are very excited to continue working together as a team. Our collective experience encompasses successfully sourcing, monitoring and exiting numerous investments in the energy sector,” Quinn said. “I believe that our team’s deep relationships and friendships across the sector will be a platform for continued success for our employees, management teams, and other partners.”
David Levinson has also joined Citrine as a member of the senior leadership team, where he will serve as COO.
“First and foremost, we will focus on partnering with entrepreneurially-minded management teams who possess best-in-class technical talents to execute their business plans,” Ackerman said. “The current focus of existing private equity in the energy space is typically on much larger equity commitments and we feel the small to middle market space presents a very compelling opportunity.”
Citrine maintains ties to NGP via a strategic investment agreement. “It’s an honor to continue working with our friends and former colleagues in a way that is value-added for our management team partners and bolsters investment opportunities and capabilities for both NGP and Citrine,” Quinn said.Tags: Citrine Energy Capital Management, Dallas, Houston, Natural Gas Partners, Texas