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New firm Tailwater grabs $425m energy portfolio from old employer HM Capital

21 May 2013

oil-oil_lrgThe former energy team of Texan private equity firm HM Capital has gathered $425m for newly-formed firm Tailwater Capital to pick up the legacy energy portfolio of their former employer.

Tailwater, which is led by former HM partners Jason Downie and Edward Herring, partnered with Landmark Partners to pick up the assets including BlackBrush Oil & Gas, TexStar Midstream Services and SunTerra Well Services.

Downie and Herring were responsible for sourcing those investments and general oversight of the companies’ performance through their board seats.

Landmark is a private equity and real estate investment firm specialising in secondary funds.

Partner Ian Charles said, “Edward and Jason bring extensive industry experience and proven investment capabilities to this venture. With an excellent team and infrastructure, Tailwater is well-positioned to pursue opportunities in the energy sector.

In March the $172bn Canada Pension Plan launched a new private equity fund to target the food sector amid buying a portfolio of food-centric assets from HM Capital for $468m.

CPP has committed $138m to newly-formed Kainos Capital Partners, which will be managed by the food and consumer products team of HM Capital.

HM will continue to manage its former portfolio assets on behalf of CPP following the sale.

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