Five Point Energy

David Capobianco, the firm's founder, serves as CEO and Managing Partner and leads the investment committee. He launched Five Point in 2012 after a tenure at Riverstone Holdings where he focused on midstream and energy-credit investing. The firm operates with a lean Houston-based team that blends private-equity structuring with midstream-operating expertise.

Five Point sources deals through long-standing relationships with upstream producers who dedicate acreage to Five Point's midstream platforms in exchange for guaranteed water disposal and gathering capacity. The firm also acquires non-core water and midstream assets from E&P operators and from other infrastructure owners who are rationalizing portfolios. The acquisition of NGL Energy Partners' South Raney disposal assets in May 2024 typifies this approach (per NGL Energy Partners press release, May 2024).

It operates as both. Five Point raises institutional capital into fund structures and deploys it by forming dedicated platform companies — WaterBridge Resources being the flagship — that own and operate physical midstream assets. Unlike a generalist PE fund, Five Point does not exit platforms on a typical three-to-five-year cycle; the portfolio companies are built to hold and operate contracted infrastructure over longer horizons.

No. The firm explicitly avoids upstream E&P risk. Its assets — pipelines, saltwater disposal wells, gathering systems, compression stations — earn fee-based or acreage-dedication revenue that does not depend on the producer's own well profitability. This is a deliberate structural choice that separates Five Point from energy private equity funds that drill.

WaterBridge Resources is the primary portfolio company formed by Five Point Energy to consolidate produced-water midstream infrastructure, mainly in the Delaware Basin. Five Point acquires and integrates water disposal and recycling assets under the WaterBridge umbrella, creating a scaled, contracted network. Producers dedicate acreage to WaterBridge for water-handling services, generating stable cash flow for the platform.

Five Point Energy was formed in 2012 by David Capobianco with backing from Riverstone Holdings, the energy-focused investment firm where Capobianco had previously worked. Riverstone provided anchor capital for Five Point's formation, and the two firms have maintained a strategic relationship. Five Point operates independently with its own management team, investment committee, and institutional investor base.

The firm concentrates primarily on the Permian Basin, which spans West Texas and southeastern New Mexico, the most active unconventional oil-producing region in the United States. Holdings extend into other resource plays including Oklahoma's SCOOP and STACK basins. This concentrated geographic approach allows the firm's platform companies to build contiguous, high-density midstream networks.