NGP has committed up to $400m to Rice since its first investment in 2011 according to Reuters, which cited people familiar with the matter as saying the listing was being prepared.
It said the company, which was founded by former BlackRock portfolio manager Daniel Rice and his children, had already filed a confidential registration statement with the US Securities and Exchange Commission.
Barclays has been hired to lead the listing according to two of the sources, who said the business was targeting the first quarter of 2014 for the IPO.
NGP has about $10.5bn of capital under management across all of its vehicles, and has managed close to $13bn of cumulative committed capital since it was founded in 1988.
It held a final close for NGP Natural Resources X on about $3.6bn in July last year.
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