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Year Founded: 2004

AUM: $7.5B | Dry Powder: $991.1M

185 Dartmouth Street, 7th Floor, Boston, MA 02116, US

Denham Capital Management is a private equity firm based in Boston, Massachusetts. The firm focuses on investments in oil and gas, metals and mining, infrastructure, clean energy, and international power sectors. Since its inception, Denham Capital has raised over $12 billion of capital across multiple sectors

Key Contacts

  • Stuart Porter

    Co-Founder, Managing Partner, CEO & CIO

  • Carl Tricoli

    Co-Founder and Managing Partner

  • Wallace Varga

    Chief Financial Officer And Managing Director

Investment Preferences

  • Preferred Industries

    Energy Services, Exploration, Production and Refining, Metals, Minerals and Mining, Utilities

  • Geographical Preference
  • Preferred Deal Types

    Buyout/LBO, PE Growth/Expansion

  • Other Investment Preferences

    Long-Term Investor, Seeks ESG investments, Seeks Impact investments

Investments By Year

Source: Pitchbook

Funds Closed

Denham International Power Fund
Vintage: 2018

Size: $316.4M

Dry Powder: $54.8M 

Details: The fund invests in energy and renewable energy generation projects in Africa, Southeast Asia and Latin America

Denham Mining Fund
Vintage: 2018

Size: $558M

Dry Powder: $169.4M

Details: The fund targets oil & gas, metals, minerals and mining sectors in Australia, Canada, South America & Africa

Denham Oil and Gas Fund I
Vintage: 2016

Size: $900M

Dry Powder: $0M

Details: The fund preferably invests in oil and gas exploration companies

Investments By Industry

Investments By Region

Source: Pitchbook

Key Investments

In February 2023, EV Chargers secured £165 million of development capital from Denham Capital Management. The investment will accelerate EV Chargers’s ambition to deliver up to 1,00,000 EV charge points across the UK by 2027. EV Chargers provides electrical vehicle charging services intended for the electric automobile sector

In February 2023, Denham Capital Management acquired Solops for $200 million. Under the agreement, Denham will support the growth of the business, including the execution of Solops’ 800+MW pipeline of projects. Solops is a premier developer, financier, and owner and operator of solar PV projects in the commercial and industrial sectors throughout the US

In April 2022, Denham Capital Management acquired Rushmore Resource Partners for an undisclosed amount. In support of the transaction, Arvest Bank, Cathay Bank, Citizens Bank, Commerce Bancshares, and Regions Financial provided a revolving credit line of $175 million. Rushmore Resource Partners specializes in the acquisition and operation of mature-producing properties in North America

In November 2021, Breitener Energetica, a manufacturer and supplier of clean electricity products was acquired by Ceiba Energy, via its financial sponsor Denham Capital Management, through a R$304 million LBO

In Jan 2020, Denham Capital invested $250 million in Latin American firm Ceiba Energy, owner and developer of power generation assets. The investment aimed at allowing Ceiba to expand its portfolio of power projects in the region, where it currently controls over 50 installations including renewable and gas-fired power plants

In Dec 2019, Denham Capital acquired 94% equity in Song Giang Hydropower JSC, which owns two hydropower projects in Vietnam with a combined 49MW of capacity. The value of the deal or details of any related power purchase agreements weren’t disclosed

In Mar 2019, Themis, an Africa-focussed power company backed by Denham Capital formed a partnership with Kingline Development Nigeria Limited (Kingline) to develop a 550MW natural gas-fired power plant in Ondo State, Nigeria

In Mar 2018, Denham Capital teamed up with Themis to create a platform to make €250 million equity investments in natural gas and renewable power generation assets across Africa

In Jan 2018, Jenner Renewables, a portfolio company of funds managed by Denham Capital announced the financial close on a portfolio of 12 solar projects in Chile totalling 146MW. Built in two phases, the portfolio’s first phase totals 46MW and reached commercial operations in Q3 2018 while its second phase, totalling 100MW reached commercial operations by Q1 2019

Other Details

Founded in 2004, Denham Capital is a global energy transition investment firm, and has raised more than $12 billion of capital across multiple sectors. It operates through five offices located in Boston, Houston, Jersey City, London and Perth. Denham’s investment teams have extensive infrastructure, energy and resources investment experience, including technical experience as engineers, operators, and business owners

The firm’s open fund, Denham Sustainable Infrastructure Fund II, is an infrastructure core fund managed by Denham Capital Management. The fund is located in Boston, Massachusetts and has a target size of $1 billion. The fund invests in a portfolio of sustainable infrastructure assets, including wind, solar and battery storage

Alta Mesa Resources, Bayou City Energy, Babson Capital Management, Boro Capital, Covey Park Energy, Energy Spectrum Capital, Greenleaf Power, HPS Investment Partners, Kohlberg Kravis Roberts, Nexif, NGL Energy Partners, Sowood Capital Management, Tall City Exploration, Vision Ridge Partners, Warburg Pincus are some of the co- investors who invest alongside Denham Capital

Source: Pitchbook, Company Website, Press Release