An investment fund headed by Shaw Group founder Jim Bernhard is looking to raise $750 million to invest in energy services companies, according to a filing with the Securities and Exchange Commission.
BCP Energy Services Fund LP’s filing with the SEC is Bernhard Capital Partners’ first investment fund. BCP has hired Greenwich, Connecticut-based Atlantic-Pacific Capital Inc. to help raise the funds. Few other details are available in the filing.
However, Bernhard Capital’s website said the company targets businesses providing “critical services” to the energy sector through four markets:
- Upstream, or exploration and production.
- Midstream, or transportation, which includes pipelines, barges and rail.
- Downstream, or crude refining and natural gas processing.
- Power, or power generation.
Bernhard Capital’s other executives include partner Jeff Jenkins, former chief operating officer of Shaw Environmental and Infrastructure Group; operating partner George Bevan, former president of Shaw Environmental; Chief Financial Officer and Chief Operating Officer Tim Poche, former senior vice president and chief accounting officer for Shaw Group; and managing director Chris Dillon, former director of accounting and finance for Shaw Environmental.
Bernhard Capital has experience in managing large, high-growth global energy-services businesses, the company said.
Bernhard Capital executives could not be reached for comment.
Dow Jones, which first reported the filing, says competition for these kind of assets is “likely to be fierce” because so much capital is available to chase those kinds of opportunities.
There are 243 investment funds trying to raise $118 billion, with plans to invest all or part of that in the energy industry, according to Dow Jones.
Bernhard Capital was formed in January 2013, a month before CB&I completed a $3 billion acquisition of The Shaw Group, based in Baton Rouge.
Bernhard and his associates originally planned to call the firm Shaw Capital, but CB&I sued in federal court and the former Shaw executives agreed to drop the Shaw name from the new venture.