Fundraising FoxThe Energy & Minerals Group
Private equityHouston · Growth · 22 people tracked
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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 Sep 29, 2026.
Team · 22 people
from the firm's website & public directories
What they invest in
from 1 of 1 portfolio companiesCleantech ×1Energy ×1New Materials ×1
HQs:United States×1
Investments · 1 tracked
founders shown can be your intro path
TerraVolta Resources is an oil and gas company focused on unlocking American energy resources.
CleantechEnergyNew MaterialsHouston, US
Ross Tomson(Chief Technology Officer and Manager)inJamie Liang(President and Chief Executive Officer)in
BoardJohn T. Raymond(Manager)Carl A. Luna(Manager)
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.
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