Quantum Energy Partners LLC accumulated about $2.6 billion in the first round of an effort to raise $5.25 billion for energy investments, The Wall Street Journal reported May 30, citing "people familiar with the matter."
After spending billions of dollars in the Permian Basin between August 2016 and March 2017, the private equity firm has further diversified away from the Permian, the Journal reported. Quantum is focusing on natural gas with its recent deals due to volatile oil prices, according to the report.
Quantum recently agreed to acquire all of Noble Energy Inc.'s Appalachian upstream natural gas assets in Pennsylvania and West Virginia for $1.23 billion. Noble then announced a separate $765 million deal with Quantum that gave the fund 50% ownership interest in CONE Gathering LLC, along with its midstream assets in the region.
Quantum usually invests $200 million to $500 million per deal, the Journal's sources said, with the capacity to deploy up to $1 billion for some investments.