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EIG sells stake to Affiliated Managers on back of $6bn fund closing

31 Mar 2014

Energy-focused alternative investment firm EIG Global Energy Partners has sold a minority equity interest in the company to NYSE-listed asset manager Affiliated Managers Group.

EIG’s management team will continue to hold a majority of the equity in the company, it said and consistent with AMG’s partnership approach, will retain operating autonomy of the business.

EIG specialises in private investments in energy and energy-related infrastructure. Headquartered in Washington DC, with offices in Houston, Hong Kong, London, Rio de Janeiro, Sydney and Seoul, EIG has $15.9bn in assets under management. The firm closed its most recent fund earlier this year on $6bn.

EIG invests on a global basis across the entire energy value chain, including upstream, midstream, energy-related infrastructure, power generation, renewables and resources.

Sean Healey, chairman and CEO of AMG, said, “Given EIG’s exceptional reputation and competitive position, we believe the firm is uniquely placed to capitalize on the increasing investment opportunities in the energy sector and generate strong organic growth, as global clients continue to seek attractive risk-adjusted ways to deploy capital in this area. Through our partnership with EIG, AMG is adding a new range of excellent strategies to our growing and diverse alternative product set.”

As part of the transaction, all of the senior professionals at EIG have agreed to long-term commitments to remain with the firm, it said.

In addition William Sonneborn has been appointed president of EIG. Sonneborn currently serves as senior advisor to private equity firm KKR & Co and until October 2013 he was a member of the ultimate general partner and a member of its management committee. He served as CEO of KKR Asset Management, the firm’s the public markets investment arm, as well as CEO and director of KKR Financial, a publicly-traded specialty finance and energy business.

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