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Shiprock Capital Management
Shiprock Capital Management launched in London in 2019, founded by Andreas Vergottis and Simon Milledge.
Shiprock Capital Management
Shiprock Capital Management launched in London in 2019, founded by Andreas Vergottis and Simon Milledge. The firm was established to address a perceived gap in the market between infrastructure direct investing and the growing secondary market for private fund stakes, particularly within the energy and renewables sectors. The firm’s strategy centers on GP-led secondary transactions and co-investment opportunities in energy transition and infrastructure assets. Shiprock targets deal situations where existing fund managers seek alternative liquidity solutions or asset recapitalizations, often involving contracted power generation, renewable energy portfolios, and midstream energy infrastructure. Geographic focus spans OECD markets, with a concentration on opportunities in Europe and North America. The portfolio approach is inherently defensive, targeting cash-yielding assets with long-duration contracted revenue profiles, insulating returns from commodity price volatility. Shiprock is structured as an independent, partner-owned investment manager. While precise team size is not publicly disclosed, the firm operates from a single hub in London with a lean senior team of experienced infrastructure and secondary-market specialists. Adjacent or parallel vehicles, including any philanthropic arms or separate managed accounts, have not been publicly documented. In late 2023, the firm was actively deploying its inaugural fund, engaging in structured liquidity solutions for energy infrastructure vehicles, as noted in industry transaction pipelines. Shiprock occupies a small but structurally distinct corner of the infrastructure market. Unlike mega-cap infrastructure direct investors, Shiprock provides bespoke liquidity to fund managers — effectively acting as a solutions provider rather than a pure asset aggregator. This GP-led secondary focus allows the firm to access assets at a valuation and structure that often bypasses broad auction processes, a sourcing advantage that defines its competitive posture in the crowded energy transition landscape.
General information
Firm type
Asset Manager
Year founded
2019
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Principals
Andreas Vergottis
Co-Founder & Managing Partner
Simon Milledge
Co-Founder & Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Shiprock Capital?
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.
How does Shiprock source proprietary deal flow?
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.
Is Shiprock a pure secondary buyer or does it invest directly in infrastructure assets?
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.
Which sectors does Shiprock Capital explicitly avoid?
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.
Does Shiprock maintain philanthropic structures, and how are they separated?
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.
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