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Kerogen Capital
Kerogen Capital is a London-based energy private equity firm founded in 2007 by Jason Cheng, deploying over $3B in midstream and energy-transition assets.
Kerogen Capital
Kerogen Capital was established in 2007 as a London-based private equity manager dedicated to the energy sector. The firm's founding team includes Jason Cheng, who brought experience from investment banking and energy advisory, alongside a group of senior professionals with operational backgrounds in oil and gas. The firm targets control and significant minority stakes in midstream energy infrastructure, oilfield services, and increasingly, energy-transition assets. Its strategy combines direct equity investments with structured financings. Known portfolio positions have included assets in North American midstream logistics and European gas storage. Geographic focus spans North America, Europe, and Asia-Pacific, with a particular emphasis on regions undergoing regulatory and infrastructure shifts. Kerogen Capital has raised multiple institutional funds, with aggregate commitments exceeding $3B per public reports. The firm maintains a lean team of investment professionals based primarily in London. No philanthropic foundation or separate operating company is publicly associated with the firm. A notable recent development: the firm has increasingly oriented its later-vintage funds toward decarbonization and renewable infrastructure, reflecting changing LP mandates. What distinguishes Kerogen Capital from generalist private equity firms is its single-sector specialization combined with a long-dated institutional capital base. The firm's mandate allows it to hold assets through commodity price cycles, a structural advantage over public-market-focused energy investors. Its governance is that of a regulated asset manager, not a family office.
General information
Firm type
Asset Manager
Year founded
2007
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Principals
Jason Cheng
Chief Executive Officer
Nicolas Branco
Managing Director
Stewart Ward
Chief Financial Officer
Sector focus
Frequently asked questions
Who runs investment decisions at 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.
How does Kerogen Capital source proprietary deal flow?
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.
Is Kerogen Capital structured as a single-family office or a private equity firm?
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.
Does Kerogen Capital participate in fund commitments or only direct deals?
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.
What investment stages does Kerogen Capital typically target?
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.
Which sectors does Kerogen Capital explicitly avoid?
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.
Where does the underlying capital for Kerogen Capital come from?
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.
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