By: Hadi Jalloul
The Energy & Minerals Group (EMG), a private equity firm focused on the natural resources sector, which includes the extraction and processing of critical metals and minerals to facilitate decarbonization as well as upstream and midstream energy, has closed a $1.1 billion continuation vehicle. The CV included two core midstream infrastructure assets with all new money funded by a prominent private equity investment firm, according to a source familiar with the deal.
The undisclosed assets were rolled out of EMG Fund II and Fund IV–2011 and 2015 vintages that raised $2.2 billion and $2.4 billion, respectively. Both funds focus on critical minerals and midstream and upstream energy infrastructure.
Setter Capital acted as exclusive financial advisor to EMG on the transaction, while Latham & Watkins and Sidley Austin provided legal counsel. JPMorgan provided debt financing.
“We’re pleased to have advised EMG on this complex and transformational transaction, highlighting our expertise in crafting bespoke solutions for fund managers and their investors,” said Larry Abraham-Ajayi of Setter Capital.
EMG managed around $13 billion in assets as of December 31, 2024. The firm targets equity investments ranging from $150 million to $1 billion across upstream, midstream, and critical mineral sectors, and has returned approximately $12 billion to LPs since inception. Founded in 2006, the management team has committed over $800 million of its own capital across EMG’s five core funds and co-investments.