🦊/Investors

CARNELIAN ENERGY CAPITAL

Private equity

Houston · 18 people tracked

Also known as CARNELIAN ENERGY CAPITAL MANAGEMENT, LP

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1,838 people in our graph share verified history with the CARNELIAN ENERGY CAPITAL team — schools, employers, funds. One of them is your warm intro.

Krishna Yeshwantunlockedknows Tomas Ackerman · together at Harvard Business School (overlapped)
knows the team · via Harvard Business School
×4knows the team · via Stanford University Graduate School of Business
×5knows the team · via Morgan Stanley
knows the team · via SMU Cox School of Business
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Investment thesis

Carnelian Energy Capital focuses on investments across the energy sector in North America. The firm brings strategic expertise and a nimble approach to partnering with strong businesses and best-in-class management teams. With approximately $4.6 billion in cumulative capital commitments, Carnelian emphasizes value creation through partnerships with leading energy companies.

Source: firm website, verified Sep 15, 2026.

HQ
Houston, US
Founded
2015
AUM
$4.6B
VC funds
7
Tracked investments
12

Team · 18 people

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

What they invest in

from 12 of 12 portfolio companies

Energy ×12Cleantech ×1Climate Tech ×1Enterprise Software ×1Fintech ×1Impact & Social Good ×1

HQs:United States×7Canada×2

Investments · showing 11 of 12

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.

EnergyFintech

Mr. Heerwagen(Co-founder)Ms. Franks(Co-founder)Ms. McCarty(Co-founder)

Aventurinepartnersaventurinepartners.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

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)

Portfolio news

latest coverage across their companies

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 York20240.6%1.00x0.00x
Carnelian Energy Capital IV LPLPs: Florida State Board of Administration, Carnegie Corporation of New York202214.5%1.21x0.70x
Carnelian Energy Capital III LPLPs: Florida State Board of Administration, Carnegie Corporation of New York201919.4%1.61x0.90x
Carnelian Energy Capital II LPLPs: Florida State Board of Administration, Carnegie Corporation of New York, Rockefeller Foundation201720.3%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 12 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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