Shiprock Capital Management

Co-founders Andreas Vergottis and Simon Milledge jointly lead the firm as Managing Partners. Vergottis previously served as a Managing Director at the energy-focused private equity fund First Reserve, where he established the London office. Milledge was a Senior Managing Director at Macquarie Infrastructure and Real Assets, leading European infrastructure investments for over a decade. Their combined background underpins the firm’s dual focus on energy assets and secondary-market structuring.

Shiprock’s sourcing model relies on its GP-led secondary focus. The firm targets existing fund managers seeking to create liquidity or restructure older vehicles, which means origination comes from direct GP relationships rather than traditional asset auctions. This approach often involves negotiating bilateral transactions with fund managers looking to retain exposure to high-quality assets while satisfying limited partner demands for distributions.

The firm operates a hybrid model. While its primary focus is GP-led secondary transactions — acquiring stakes in existing infrastructure funds or recapitalizing portfolios — Shiprock can also make direct co-investments alongside trusted GPs into the underlying assets. This dual capability means the firm evaluates both fund-level liquidity solutions and single-asset continuation vehicles, particularly in contracted power and renewables.

Shiprock concentrates on energy transition and infrastructure and does not pursue opportunities in buyout, venture capital, growth equity, or real estate sectors outside of energy-related infrastructure. The firm also avoids merchant power or development-stage projects with material commodity or construction risk. Its mandate is strictly focused on operational, cash-yielding assets — notably contracted renewable generation, thermal power with regulated returns, and midstream energy networks.

There is no public record of a dedicated philanthropic foundation tied to Shiprock Capital Management or its principals. The firm operates exclusively as a regulated investment manager. Any personal charitable activities of the founding partners remain private and are not institutionalized within the management company.