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Discovery Midstream II secures $1B equity commitment from PE firm Stonepeak

Private equity firm Stonepeak Infrastructure Partners made an initial equity commitment of up to $1.0 billion to Dallas-based Discovery Midstream Holdings II LLC, which will capture midstream opportunities across North America.

The producer-focused midstream company will target privately and publicly owned midstream assets handling natural gas, NGL and crude oil, according to a Jan. 7 news release.

Discovery Midstream II was founded by co-CEOs Drew Chambers and Steven Meisel, CFO Daniel Sailors and COO Cory Jordan. The founding partners worked together at Discovery Midstream I and Wildcat Midstream Partners, and independently at the midstream energy companies Energy Transfer LP and Regency Gas Services LP, and the private equity firm Riverstone Holdings LLC.

"We believe that now represents a unique and attractive time to invest in the U.S. midstream sector, supported by secular volumetric growth, historically depressed valuations, supportive structural changes in the public markets and limited new capital formation," Chambers said in the release.

Hunton Andrews Kurth LLP acted as legal counsel to Stonepeak, while Kirkland & Ellis LLP served as counsel to Discovery's management.