Grey Rock Investment Partners

Co-founders Matt Miller and Kirk Lazarine lead the firm together as managing partners, with both involved in origination, underwriting, and asset management. Their operating backgrounds in energy finance and engineering mean deal evaluation typically runs through both principals before capital is committed. The firm has not publicly announced a separate investment committee or non-founder voting members.

Grey Rock relies on longstanding relationships with regional operators, mineral aggregators, and land professionals in producing basins like the Permian and Eagle Ford. The firm's principals typically engage directly with operators rather than through competitive auction processes. This relationship-based sourcing model is common among family-office-oriented energy sponsors who prioritize operator alignment over volume.

Grey Rock structures investments on a deal-by-deal basis, forming special-purpose vehicles for each acquisition or drilling program. Limited partners review and approve each investment individually, which gives them direct control over asset-level exposure to specific wells, mineral positions, or infrastructure assets rather than committing capital to a multi-year commingled fund.

The firm focuses on the Permian Basin, Eagle Ford, and Midcontinent region, though its specific project footprint varies with operator relationships and commodity-cycle conditions. These basins represent mature, producing zones where working-interest acquisitions and royalty purchases can be priced against existing production data rather than exploration risk.

Grey Rock's core strategy remains conventional oil and gas, though the firm has incorporated carbon-capture evaluation criteria into its underwriting process. There is no public evidence of a dedicated renewables fund or standalone energy-transition vehicle. The carbon-capture lens appears to be applied to emissions risk in existing projects rather than as a distinct investment mandate.

The firm's disclosed co-investors include single-family offices, registered investment advisers, and endowments seeking direct energy exposure with current cash yield and inflation-hedging characteristics. Grey Rock has not publicly reported commitments from institutional allocators such as public pension funds or sovereign wealth funds, consistent with its deal-by-deal family-office-oriented model.

The firm's deal-by-deal structure means it does not raise blind-pool funds with fixed investment periods or target sizes, which shifts governance toward limited partners who approve each investment individually. Its two-founder partnership has remained stable without external institutional capital, keeping Grey Rock outside the traditional private-equity cycle of fund vintages and return-reporting benchmarks.