The Energy & Minerals Group
Private equityHouston · Growth
Investment thesis
EMG is a natural resource private equity firm targeting operating businesses that produce significant free cash flow, backed by management teams with relevant jurisdiction and commodity experience. Its strategy pursues 'three-dimensional' diversity across geographies with a rule-of-law history, commodities critical to decarbonization (iron ore, lithium, rare earths, copper, nickel) or the global economy (natural gas, NGLs, crude oil, metallurgical coal), and two business functions (extractive/upstream and processing/midstream). The firm emphasizes hands-on risk management, a science-based analysis of subsurface fundamentals, and a disciplined thesis prioritizing low-cost supply, high-quality commodity products, and strategic proximal locations. From 2023 it splits its main offerings into two separate funds by commodity type.
Source: firm website, verified Aug 25, 2026.
Fund performance · per public LP disclosures · 7
as of Dec 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| The Energy & Minerals Group Fund VLPs: Minnesota State Board of Investment | 2019 | — | 7.6% | 1.48x | 0.04x |
| The Energy & Minerals Group Fund V Accordion, LPLPs: Minnesota State Board of Investment | 2019 | — | 6.8% | 1.41x | 0.12x |
| The Energy & Minerals Group Fund IV, LPLPs: Minnesota State Board of Investment | 2015 | — | 6.6% | 1.41x | 0.66x |
| EMG AENO Co-Investment LPLPs: San Diego County Employees Retirement Association | 2014 | — | -0.3% | 0.97x | 0.59x |
| Energy & Minerals Group Fund III LPLPs: San Diego County Employees Retirement Association | 2014 | — | -6.8% | 0.59x | 0.20x |
| The Energy & Minerals Group Fund III LPLPs: Minnesota State Board of Investment, Pennsylvania Public School Employees' Retirement System, Florida State Board of Administration +2 more | 2014 | — | -6.5% | 0.57x | 0.22x |
| The Energy & Minerals Group Fund II, L.P.LPs: Minnesota State Board of Investment | 2011 | — | 9.6% | 1.80x | 1.13x |
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
- What stage does The Energy & Minerals Group invest at?
- The Energy & Minerals Group invests at the Growth stage.
- What is The Energy & Minerals Group's typical check size?
- The Energy & Minerals Group typically writes checks of $150M – $1B.
- What sectors does The Energy & Minerals Group focus on?
- The Energy & Minerals Group focuses on Cleantech, Energy, New Materials.
- Where is The Energy & Minerals Group located?
- The Energy & Minerals Group is headquartered in Houston, US.
Images
Similar investors
Amadeus Capital Partners is a technology investment firm that backs founders building complex, science-led and deep tech businesses, supporting them over the long term as they scale internationally.
Cottonwood Technology Fund is an early-stage deep tech venture capital fund investing in patent-based hard science companies in the Southwest US and Northwest Europe.
DCVC (Data Collective) is a deep tech venture capital firm that backs entrepreneurs using computational approaches to solve large-scale real-world problems across many industries.
EDBI is the investment platform of Singapore's Economic Development Board and Enterprise Singapore, focusing on high-growth technology companies expanding into Singapore and Asia.
Khosla Ventures is a venture capital firm that invests in early-stage companies focused on technology, mobile, and clean energy sectors, including biotechnology applications. The firm provides capital and strategic support to entrepreneurs developing breakthrough technologies across multiple markets.