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Kerogen Capital
Kerogen Capital is a private equity fund manager specialising in international energy. Established in 2007, it has over $2 billion in AUM across 3 fund...
Overview
Kerogen Capital is a private equity fund manager specialising in international energy. Established in 2007, it has over $2 billion in AUM across 3 fund vintages and offices in London, Hong Kong and San Francisco. It is a carbon neutral and ESG focused manager. CelerateX is its dedicated energy transition platform.
General information
Firm type
Generalist
Year founded
2007
Location
Region
Asia
Country
Hong Kong
City
Hong Kong
Corporate office
Hong Kong, Hong Kong
Principals
Jason Cheng
Co-Founder & Managing Partner
Roy Ma
Co-Founder & Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Kerogen Capital?
Investment decisions are led by Co-Founders and Managing Partners Jason Cheng and Roy Ma. Both have maintained a hands-on role in the firm's strategy since its 2007 launch, drawing on direct operational and investment experience in the energy sector.
How does Kerogen Capital source proprietary deal flow?
Kerogen's sourcing relies on deep technical and operational networks within the global energy industry, cultivated over nearly two decades. The firm's specialization in upstream, midstream, and energy-transition assets gives its team an edge in accessing off-market and structured opportunities that generalist private equity firms rarely see or can diligence effectively.
Does Kerogen participate in fund commitments or only direct deals?
Kerogen primarily makes direct equity investments in energy companies and projects, often taking control or significant minority positions. The firm also engages in co-investments alongside strategic partners, though public disclosure on dedicated fund-of-funds commitments remains limited.
Which sectors does Kerogen Capital explicitly avoid?
Kerogen remains exclusively focused on energy and natural resources. The firm does not pursue investments in consumer technology, healthcare, financial services, or real estate—maintaining a disciplined, single-sector mandate that excludes generalist diversification.
How is Kerogen Capital's investor base composed?
Public records indicate Kerogen has historically drawn its limited-partner base from sovereign wealth funds, public pension systems, and development-finance institutions. This institutional composition aligns with the firm's governance standards and long-duration energy-asset strategies.
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