Kerogen Capital

Jason Cheng serves as Chief Executive Officer and leads the investment committee. Nicolas Branco and Stewart Ward are also named among the senior leadership team. The firm's investment decisions are made by the partnership, with a focus on energy infrastructure and transition assets.

Kerogen Capital sources deals through its network of industry operating partners and long-standing relationships with energy company management teams. The firm's specialization in energy allows it to identify opportunities outside of broad auction processes, particularly in midstream and infrastructure assets that require sector expertise.

Kerogen Capital is structured as a regulated private equity asset manager, not a family office. It raises institutional capital from pension funds, endowments, and sovereign wealth funds. The firm's governance includes an independent investment committee and compliance framework appropriate for an institutional manager.

Kerogen Capital primarily makes direct equity investments in companies and assets, targeting control or significant minority positions. It operates through closed-end fund structures, with institutional LPs committing capital to individual strategies. The firm does not invest as a fund-of-funds or through third-party commingled vehicles.

Kerogen Capital targets growth equity and buyout stages, focusing on established energy infrastructure assets and mid-stage energy service companies. The firm does not typically invest in early-stage venture or publicly traded securities.

Kerogen Capital avoids upstream exploration and production (E&P) due to commodity price volatility and lack of infrastructure asset stability. The firm also avoids renewable project development without contracted cash flows, though it has increased exposure to energy transition assets in later funds.

Kerogen Capital's capital base comes primarily from institutional investors, including pension funds, sovereign wealth funds, and endowment plans. The firm does not manage single-family capital; its LP base is diversified across North America, Europe, and Asia.