/Investor DB

CARNELIAN ENERGY CAPITAL

Private equityActively deploying

Houston · 18 people tracked

Also known as CARNELIAN ENERGY CAPITAL MANAGEMENT, LP

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Investment thesis

Carnelian Energy Capital focuses on investing in the North American energy sector, specifically the upstream, midstream, and oilfield services segments. The firm emphasizes a nimble approach and strategic expertise, partnering with leading businesses and strong management teams to create value. With roughly $4.7 billion of cumulative capital commitments, it positions itself as a specialized energy investor backing best-in-class teams across the sector.

Source: firm website, verified Oct 2, 2026.

HQ
Houston, US
Instruments
Equity
Founded
2025
AUM
$4.6B
VC funds
7
Tracked investments
15

Team · 18 people

from the firm's website & public directories
Thomas Ackerman· General Partner

What they invest in

from 13 of 15 portfolio companies

Energy ×13Cleantech ×2Climate Tech ×2Enterprise Software ×1Fintech ×1Impact & Social Good ×1

HQs:United States×9Canada×2

Investments · 15 tracked

founders shown can be your intro path
Altamarenergyaltamarenergy.com✓ verified

Alta Mar Energy is an upstream oil and gas company that makes non-operated investments in offshore exploration, development, and production projects in the Gulf of Mexico.

EnergyHouston, US

Will Sims(Chief Executive Officer)Ben Heller(Chief Financial Officer)

Azulresourcesazulresources.com✓ verified

Azul Resources invests in natural gas production opportunities in the Haynesville Shale, focusing on responsible energy development.

EnergyTexas, US

Espadaenergyespadaenergy.com✓ verified

Espada Energy is an oil and gas company focused on acquiring and developing upstream assets across multiple basins in the United States.

EnergyHouston, US

Parallaxenergyparallaxenergy.ca✓ verified

Parallax Energy is an exploration and production company focused on acquiring and operating oil and gas assets in western Canada with an emphasis on sustainable operations and technology integration.

EnergyImpact & Social GoodCalgary, CA

Percussionpetroleumpercussionpetroleum.com✓ verified

An oil and gas company focused on acquisition and development of onshore assets in North American basins.

EnergyHouston, US

John Campbell III

Refractionenergyrefractionenergy.com✓ verified

Refraction Energy is an oil and gas company operating in the upstream energy sector, with a focus on unconventional plays in Canada such as the Duvernay and Montney formations.

EnergyCalgary, CA

Dustin Hoffman(Chief Executive Officer)Dan van Kessel(Chief Financial Officer)Tony Baffa(Chief Operating Officer)

Seleniteenergyseleniteenergy.com✓ verified

Selenite Energy Partners provides structured capital solutions—such as drilling joint ventures, royalty and mineral acquisitions, and bespoke financing—to public and private operators in the North American energy sector.

EnergyFintechOklahoma City, US

Mr. Heerwagen(Co-founder)Ms. Franks(Co-founder)Ms. McCarty(Co-founder)Paul Heerwagen IV(Managing Partner & CEO)Margaret Franks(Managing Partner & President)Lindsey McCarty(Managing Partner & COO)

Aventurine Partnersaventurinepartners.comin

Aventurine Partners is an investment firm focused on the energy transition and industrial efficiency sectors, providing institutional experience and strategic value-add to its portfolio companies.

CleantechClimate TechEnergyEnterprise Software

Markus Specks(Partner, CEO)in

Cogentrixcogentrix.com

Cogentrix is a power generation company that manages power plant operations and handles acquisitions, financings, and asset improvements for power plant investments.

Energy

Jeff Ingrahamin

Co-investorsCarlyle Group

OneEnergy Partnersoep.energy

OneEnergy Partners is a middle-market energy investing and operating firm that acquires and develops oil and natural gas working interests, mineral and royalty positions, and energy-transition assets across North America, with a focus on the Northern Delaware Basin in Southeastern New Mexico.

CleantechClimate TechEnergyHouston, US

Leo Slootsky(Co-founder & Chief Executive Officer)inAamir Amin(Executive Vice President, Business Development and Strategy)inAhmad Salman(Executive Vice President, Chief Operating Officer)

Verdeoperatingverdeoperating.com

Verde Operating Company is an oil and gas company pursuing assets across the Lower 48 United States.

EnergyHouston, US

Veritasenergyllcveritasenergyllc.com

Veritas Energy is an oil and gas exploration and production company that acquires, develops, and operates upstream and midstream assets primarily in U.S. onshore basins including the Permian and other major shale plays.

EnergyHouston, US

Hollis R. Sullivan(Founder / Co-CEO)Houston Sullivan(Co-CEO)

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

Driftwood EnergyNexGrid TechnologiesSandpoint Resources

Fund performance · per public LP disclosures · 4

as of Jun 2025
FundVintageCommittedNet IRRTVPIDPI
Carnelian Energy Capital V, L.P.LPs: Florida State Board of Administration, Carnegie Corporation of New York2024—0.6%1.00x0.00x
Carnelian Energy Capital IV LPLPs: Florida State Board of Administration, Carnegie Corporation of New York2022—14.5%1.21x0.70x
Carnelian Energy Capital III LPLPs: Florida State Board of Administration, Carnegie Corporation of New York2019—19.4%1.61x0.90x
Carnelian Energy Capital II LPLPs: Florida State Board of Administration, Carnegie Corporation of New York, Rockefeller Foundation2017—20.3%1.82x1.53x

Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).

Frequently asked questions

How many investments has CARNELIAN ENERGY CAPITAL made?
CARNELIAN ENERGY CAPITAL has 15 tracked investments.
What sectors does CARNELIAN ENERGY CAPITAL focus on?
CARNELIAN ENERGY CAPITAL focuses on Energy.
Where is CARNELIAN ENERGY CAPITAL located?
CARNELIAN ENERGY CAPITAL is headquartered in Houston, US.

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