Cibolo Energy Management LLC said Sept. 13 it closed its first fund, raising $245 million to invest in middle market upstream and midstream oil and gas companies.

The inaugural fund, Cibolo Energy Partners I LP, had an investor base composed of 21 corporate pension plans, asset managers, fund of funds, endowments and foundations, family offices and high net worth individuals.

Together with affiliate investments and dedicated co-investment vehicles, Cibolo, the energy-focused, private-equity firm based in Houston, now manages over $300 million of committed capital.

Cibolo has partnered with three upstream portfolio companies to date and said it has a “robust pipeline of investment opportunities” that it is currently evaluating. 

Led by co-founders Justin Teltschik and JW Sikora, who were formerly both principals with The Carlyle Group, Cibolo focuses on providing a structured solution that enables companies to access additional liquidity not available from traditional commercial banks.

The firm said its inaugural fund will target upstream and midstream companies seeking credit alternatives to finance growth via acquisition or accelerated development capital.

Aqueduct Capital Group was exclusive placement agent and Latham & Watkins LLP was legal counsel to Cibolo.