TPG Sixth Street Partners and Glendale Energy Ventures Form $500 Million Partnership to Fund Acquisitions of Non-Operated Oil and Gas Properties

June 18, 2019

Willkie represented Glendale Energy Ventures in the transaction.

TPG Sixth Street Partners, a global finance and investment business, and Glendale Energy Ventures, LLC, a private Houston-based energy company, announced a new oil and gas investment partnership with an initial $500 million in capital commitments. The new partnership will use its flexible capital mandate to directly invest in the development and acquisition of upstream oil and gas assets across the United States. Glendale will work closely with TPG Sixth Street’s Houston-based energy team to provide capital solutions to operators by structuring investments in non-operated interests and operated-by-others (OBO) acquisitions.

The partnership has already deployed funds with the completion of $55 million in acquisitions of non-operated interests in drilling pads located in Oklahoma’s premier STACK play.

TPG Sixth Street Partners is a global finance and investment business with over $30 billion in assets under management. Glendale Energy Ventures makes direct asset level investments in upstream oil and gas assets across the United States. Glendale provides capital solutions to operators through joint ventures, non-operated joint development partnerships, and non-operated acquisitions.

The transaction was handled by partner Michael Piazza, counsel Daniel Elizondo and associate Will Thanheiser at Willkie. Partner Robert Jacobson and associate Yaniv Maman provided tax advice.