Private-investment firm Moncrief Willingham Energy Advisers LP, Houston, has launched fund-raising for its second energy-equity fund. The first fund was raised in 1998, and $70 million is under management in public-equity investments in independent E&P companies, including Apache Corp. and Devon Energy, as well as oil-service firms. Returns since inception are more than 28% per year, compounded. The new fund will provide private-equity dollars to energy-industry consolidators. The fund target is $300 million, and placements will be $15- to $30 million in late-stage private companies and small-cap public firms. The $240-million Kayne Anderson Energy Fund II has been formed to make private-equity investments in U.S. and Canadian upstream and midstream businesses. Cerberus Capital Management LP plans to make a $50-million senior secured term loan facility and a $136.5-million equity investment in Exco Resources Inc., after a management buyout if successful. Cerberus would control the company. Quantum Energy Partners, Houston, which has nine E&P companies in its private-equity portfolio, has been looking into the economics of the gas-storage sector during the past few months, especially for high-deliverability, multicycle facilities. It may make an equity investment in an independent storage company this year that would build greenfield facilities. Early talks are under way with two possible companies. Allan McLean, formerly executive director, power and utility group, at CIBC World Markets in Toronto, has joined Moody's Investors Service in Toronto as vice president/senior analyst, power and energy group. McLean will cover Canadian power and gas utilities and pipeline companies. Last year, Moody's added four Toronto-based analytical staff members and the office's expansion will continue throughout 2003, including in oil and gas analysis. John Gerdes, formerly an E&P analyst with Frost Securities in Dallas, has joined SWS Securities, Dallas, as a senior vice president and will build the firm's energy-research department. Kevin Neeley, formerly an M&A team member at Unocal Corp. at its Sugar Land, Texas, offices, has joined Bank One Corp. as director of M&A, North American E&P. Neeley will office in Houston and Dallas. Ammonite Resources, a technical/geological consulting firm, has launched a service to help start-up companies find private capital for exploration. Richard Gessinger, a former banker and E&P-company president, has joined Ammonite as managing director, corporate finance. He is based in New Canaan, Conn.
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