HOUSTON ─ Massive amounts of private equity were raised in recent years to fuel the shale revolution. By one account some $62 billion was raised in 2014 for the upstream and another $8 billion for midstream infrastructure. But how sustainable is that trend now?

Institutions that have invested in private-equity funds for energy take the long view, so the current downdraft in oil prices, while a concern, has not deterred them from oil and gas, according to speakers at Energy Game Change, a conference sponsored by Privcap Media.

“Most of the established LPs (limited partners) will stick with it. They may not increase their allocation to energy, but they won’t slack off either,” said Jeff Eaton, principal of Eaton Partners.

“Track records of these funds and effective monetizations will matter to them, and some funds trying to raise new money by year-end may not close. And there may be some slippage as far as general partners launching new fund-raising efforts,” he said.

Specialist private equity funds raising money to allocate to energy have been highly successful in recent years, more so than generalist funds that allocate only a portion of their investible capital to energy. The majority of the money for energy is still devoted to North American activity, especially U.S. shale activity. Between 2009 and 2013, energy fund-raising was up 240%, including for oil, gas, utilities and power, and infrastructure, according to database Preqin, whereas overall private-equity fundraising rose 165% during the same period.

Today, interest in energy remains high ─ but it is changing.

“As people build a core position in upstream they are more likely to move into more nuanced investments in midstream, and we are seeing more interest in downstream now. It’s gotten pretty competitive as they try to enhance returns, but LPs are as discerning as ever,” Eaton said.

“We’ve seen a lot of pent-up demand in Europe, and quite frankly frustration. They know the U.S. represents a lot of value, but it is difficult for institutional investors in Europe to invest in the States due to U.S. tax laws.”

In addition, sophisticated institutional investors are asking the right questions about opportunities in Mexico, wondering if the risk-reward is worth it, since it is so early in the Mexican energy reform process, he said.