# Kerogen Capital

Kerogen Capital is an Asset Manager based in London, United Kingdom.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** London, United Kingdom
- **Region:** Europe
- **Address:** London, United Kingdom
- **Founded:** 2007
- **Assets under management:** Undisclosed
- **Website:** kerogencapital.com

## Regulatory record

- **CRD number:** 295043
- **SEC file number:** 802-113033
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/295043

## About

KEROGEN CAPITAL (UK) LIMITED is a UK-based investment adviser registered with the SEC since 2018 in London.

## Sectors

- Energy Transition & Renewables
- Infrastructure
- Private Equity
- Oil & Gas

## People

- Jason Cheng — Chief Executive Officer
- Nicolas Branco — Managing Director
- Stewart Ward — Chief Financial Officer

## 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.

### 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.

### 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.

## Related profiles

- [ARMIS FINANCIAL, LLC](https://altss.com/profile/armis-financial-llc)
- [Kerogen Capital II Limited](https://altss.com/profile/kerogen-capital-ii-limited)

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Last updated: 2026-06-03T20:00:00.000Z

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