Pine Brook leads C$315m consortium investment in Saguaro Resources


oil gas_sqNew York-based private equity firm Pine Brook has led a consortium to invest C$315m in Canadian oil and gas exploration and production business Saguaro Resources.

Energy-focused firm Camcor also took part in the investment in Saguaro, which was formed last year to target opportunities in unconventional light oil and liquids-rich natural gas plays in the Western Canadian Sedimentary Basin.

The company is led by President and CEO, Stacy Knull, who previously held senior positions at Encana and Sinopec Daylight.

Pine Brook managing director Andre Burba said, “Pine Brook is excited to partner with Stacy, Mike and the rest of the Saguaro team.

“What attracted us to this investment opportunity is Saguaro’s extensive experience in developing unconventional resources and their systematic approach to creating value in these projects.

“We think that the opportunity set for Saguaro is quite attractive and we look forward to working with the team to capture this potential and build a successful business.”

Earlier this year it emerged that Pine Brook had picked up a $150m investment from the New York State Retirement System towards its Pine Brook Capital Partners II fund.

KKR received an $85m commitment for its Asia fund at the same time, while Spark Capital IV gathered a $15m commitment from the LP.

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