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Equity Group, Colony Capital team up to form capital, asset management firm

Equity Group Investments Inc. and Colony Capital Inc. formed a joint venture to control a recently formed energy-focused capital and asset management company, rebranded as Alpine Energy Capital LLC, according to a Sept. 10 news release from Equity Group Investments.

The company will allow institutional investors to directly participate at the asset level without overhead and reinvestment risks common with the traditional industry structure.

No other details were provided.

Formed in 2018, Alpine Energy Capital LLC was previously known as Colony HB2 Energy LLC.

Alpine recently closed the $500 million DrillCo financing with California Resources Corp. The joint venture committed $320 million in the first tranche for the development of around 275 wells at the Elk Hills field, which has already produced over 2 billion barrels of oil equivalent.