The Global Energy Company Tracker

Key Findings 

• As of January 2025, 20 of these private equity firms were invested in at least 
  • 264 companies in the fossil fuel industry
  • 407 energy companies overall
• 65% of these firms’ energy portfolio companies were fossil fuel companies; two firms, Quantum Capital Group and Warburg Pincus, were at over 90%, while Kayne Anderson was at 100%.
• PE firms Encap (Encap Flatrock Midstream), Brookfield (Oaktree), The Carlyle Group (NGP), Quantum Capital Group, and BlackRock Private Equity (GIP) backed the largest number of fossil fuel energy companies.
• 96% of the energy companies in Quantum’s portfolio are in fossil fuels, which increased from 94% last year. The firm added five fossil fuel companies to its portfolio in the second half of 2024, including the14 gas-fired power plant platform Cogentrix from Carlyle.
• BlackRock more than doubled its number of fossil fuel companies in its portfolio with its acquisition of Global Infrastructure Partners, jumping from nine to 22, and increased its percent of energy companies in fossil fuels from 24% to 41%.
• These private equity firms owned fossil fuel companies in at least 40 different countries, including:
  • Canada
  • UAE
  • Mexico
  • India
  • Brazil
  • Rwanda
  • El Salvador
  • Philippines

Understanding the Database

The full dataset includes the name of the portfolio company, the parent company (if applicable), and the most recent private equity investors in that company as of January 2025. That third field features the private equity firms that were actually behind each of these energy companies. These names can all be used as leads to look into the business practices and environmental records of each of these companies. To see which portfolio companies each of the 20 private equity firms control, see above.

The dataset also features the last deal date (the last time there was a change of ownership or new infusion of investment from at least one of the most recent PE investors) as of the Verification date, which highlights just how recently and frequently these firms have invested in energy, and categorizes each company by its energy type (upstream energy sources; midstream distribution resources; downstream power generation sites; or renewables) and energy sector or source (e.g. oil, gas, coal, or renewable options).

Finally, the dataset includes preliminary information about geography: the headquarters (HQ) location of these energy companies, which span the globe, from Bahrain to Brazil, Mexico to India. Any data we’ve collected—for only a small subset of companies so far—on the specific countries or states of the assets the company owns also shows up here. If a country or state appears more than once in these latter two columns, that means there is more than one asset in that location.

If you have questions, leads, or comments about any of these companies or their status, please reach out to us. We’d love to hear from you!

More Key Findings 

All together, the 20 private equity firms in the dataset were invested in 264 fossil fuel-based companies, as of January 2025. These companies owned some of the largest fossil fuel assets in the world, such as Gen. James Gavin Power Plant in Ohio, one of the largest and top-emitting coal-fired power plants in the United States, which is in the process of being sold from Blackstone and ArcLight to Energy Capital Partners, and the Colonial Pipeline, the United States’ largest refined products pipeline.

With a wide range of holdings, from oil fields to coal-fired power plants to natural gas terminals these 20 firms control a significant share of our energy economy. Our data shows that for most of the private equity firms fossil fuel companies make up a majority of each energy portfolio. Their decisions have major implications for our collective ability to move towards a clean energy future.

Encap, Brookfield, and Carlyle remained the biggest owners of fossil fuel energy companies in the list, with 32, 26, and 23 companies, respectively. New additions to the top five of most fossil fuel companies backed are Quantum and BlackRock Private Equity (GIP), both with 22. Quantum completed five major energy deals in 2024, acquiring Cogentrix gas powerplant portfolio from Carlyle, three upstream acquisitions, and a midstream acquisition. BlackRock’s high-profile purchase of Global Infrastructure Partners more than doubled the number of fossil fuel companies in the firm’s energy portfolio, making BlackRock Private Equity stand out on the list as a major backer of fossil fuels, a majority of which are midstream fossil gas operators.

Methodology

Methodology and Research Process for Portfolio Company Verification (Deals and Companies)

Since private equity firms do not provide comprehensive disclosures of current or former investments, the PECR research team has built a data set based on a variety of sources. We conducted an initial query of energy holdings from January 1, 2013 to the end of 2024 via the private markets data provider Pitchbook. Researchers then drew on company websites, press releases, SEC and other regulatory filings, and news articles to identify additional companies and build a data set of verified private equity portfolio company investments. Updates beyond 2024 are completed using the same process.

Private equity firms invest in portfolio companies through various strategies, including leveraged buyouts, majority stake investments, minority stake investments, control or non-control investments, credit or lending investments, joint ventures, via intermediaries or directly, and others. The precise nature of each investment arrangement is often not disclosed, but these investments all provide capital to portfolio companies that enable their operations and the associated emissions and environmental impacts. The 20 firms’ current energy portfolio reflects the private equity firms’ financial interests via any one or more financial strategies listed above to “invest in,” “own,” or “back” each portfolio company, thereby facilitating the activity of the company and its assets and financing the company’s emissions.