Energy & Minerals Group Rolls Two Midstream Assets into $1.1B Continuation Vehicle

Energy Transfer to Acquire Vaquero Midstream for $2.625 Billion

October 6, 2026

Oil & Gas

Energy Transfer agreed to acquire Vaquero Midstream for approximately $2.625 billion, consisting of $1.95 billion in cash and about 33.3 million newly issued Energy Transfer common units. Vaquero’s Delaware Basin gathering and processing assets will expand Energy Transfer’s Permian footprint and connect additional volumes to its downstream infrastructure; closing is expected in the fourth quarter of 2026, subject to regulatory approval and customary conditions.

Neuberger Berman (with Tailwind Capital) Creates Continuation Vehicle for Axis Portable Air

April 13, 2026

Industrial Services

Neuberger Berman and Tailwind Capital established a single-asset continuation vehicle for Axis Portable Air, allowing existing investors to either take liquidity or roll their exposure alongside new capital. The deal extends Neuberger’s control of the portable air, compression, and temporary power equipment provider originally acquired in 2017, supporting management’s continued growth plan.

The Energy & Minerals Group Majority Investment in TerraVolta Resources

June 10, 2024

Energy

The Energy & Minerals Group (EMG) made a substantial equity commitment in TerraVolta Resources, becoming the majority owner and accelerating TerraVolta's development of a flagship lithium project in the Smackover formation across Texas and Arkansas. The investment funds TerraVolta's appraisal and piloting work toward commercial U.S. lithium production to support domestic battery supply chains.

Energy Transfer Acquires WTG Midstream for $3.25 Billion

May 28, 2024

Oil & Gas

Energy Transfer LP agreed to acquire WTG Midstream Holdings LLC in a transaction valued at approximately $3.25 billion, comprising $2.45 billion in cash and ~50.8 million newly issued Energy Transfer common units. The deal, from affiliates of Stonepeak, the Davis Estate and Diamondback Energy, adds WTG's Permian-focused midstream assets — including a 6,000-mile pipeline network, eight processing plants (≈1.3 Bcf/d) and a 20% interest in the BANGL NGL pipeline — to Energy Transfer's footprint to enhance its gas/NGL supply, processing and downstream capabilities.

Energy & Minerals Group and Vision Blue Invest $150M in Serra Verde

January 11, 2023

Energy

The Energy & Minerals Group (EMG) and Vision Blue Resources (VBR) have invested US$150 million into Serra Verde Pesquisa e Mineração Ltda., a Denham Capital portfolio company developing an integrated rare earth element (REE) mining and processing operation in Minaçu, Goiás, Brazil. The capital funds completion of Phase I construction and commissioning, de-risks the project to production and cash flow, and supports further optimization and potential Phase II expansion to supply REEs used in permanent magnets for EVs and wind turbines.

M6 Midstream (Momentum) Acquires Align Midstream Partners II from Tailwater Capital

September 22, 2022

Energy

M6 Midstream LLC (Momentum) has acquired Align Midstream Partners II, LLC from Tailwater Capital; financial terms were not disclosed. The acquisition expands Momentum's footprint in the Haynesville Shale as it also closed the Midcoast ETX deal and reached final investment decision on its NG3 gathering and carbon capture project to serve Gulf Coast and LNG markets.