The Global Energy Company Tracker

Key Findings 

• As of January 2026, 20 of these private equity firms were invested in at least 
  • 248 companies in the fossil fuel industry
  • 389 energy companies overall
• 64% 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%. The overall percentage decreased by 1% since last year.
• PE firms Encap Investments (Encap Flatrock Midstream), BlackRock Private Equity (Global Infrastructure Partners), Brookfield (Oaktree), Quantum Capital Group, and The Carlyle Group (NGP) backed the largest number of fossil fuel energy companies.
• While 10 private equity firms reduced the number of fossil fuel companies in their portfolios, 7 firms increased the number of fossil fuel companies in their portfolios, including Apollo Global Management, BlackRock (GIP), Energy Capital Partners, EQT, Macquarie Asset Management, Stonepeak, and TPG.
• BlackRock more than doubled its number of fossil fuel companies in its portfolio with its acquisition of Global Infrastructure Partners, jumping from nine to 24 companies, and increased its percentage of fossil fuel companies in its portfolio from 24% to 46%.
• 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

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.

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 on Key Findings 

All together, the 20 private equity firms in the dataset were invested in 248 fossil fuel-based companies, as of January 2026. 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 was recently sold by 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 Investments, BlackRock (GIP), and Brookfield (Oaktree) remained the biggest owners of fossil fuel energy companies in the list, with 25, 24, and 21 companies, respectively. Quantum and Carlyle (NGP) rounded out the top five, with 21 and 20.

*Red text indicates an increase since 2025, green highlight indicates a decrease, or improvement since 2025. You can view the year over year changes spreadsheet here.

Methodology

Some energy companies have investments from multiple investors, including multiple private equity firms within this data set. For the companies with investments from more than one private equity firm on the list of 20 firms analyzed, those companies were not double-counted in the overall total numbers.

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.