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.

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.

No. Kerogen Capital is a private equity asset manager that raises capital from third-party institutional investors, including sovereign wealth funds, pension funds, and development-finance institutions. It is not structured as a family office and does not manage a single-family pool of capital.

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.

The firm invests across growth capital, late-stage expansion, and buyout transactions. Kerogen typically targets mid-market to large-scale energy assets where operational improvement or strategic repositioning can drive returns, rather than early-stage venture or exploration-risk-only plays.

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.

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.