Overview

The Energy Mezzanine team invests primarily in mezzanine debt in energy and power projects and companies in the U.S. and Canada.  The team offers distinct competitive advantages as a result of its sector and product focus, coupled with the investment team’s relationships, industry expertise, knowledge of specialized credit structures and privileged access to investment opportunities due to an extensive deal-sourcing network.  The group is co-headed by David Albert and Rahul Culas.

Carlyle Energy Mezzanine Opportunities Fund

Launched in 2010, Carlyle Energy Mezzanine Opportunities Fund (CEMOF) invests in the energy and power sectors including power generation, renewable energy, oil and gas production, oilfield services and midstream infrastructure.

The team’s core strategy is to pursue privately negotiated debt investments in North America energy and power projects and companies. The team augments its core strategy by seeking investments in dislocated secondary debt markets. The group’s debt investments can take on many forms including senior secured debt, second lien debt, senior subordinated debt, senior holding company debt, convertible debt and preferred stock.

Consistent with The Carlyle Group's value-based investment philosophy, the Energy Mezzanine team has a credit-based investment process with a focus on capital preservation and downside protection.  In order to achieve this objective, the team targets investments with the following characteristics: (i) collateralization by hard assets, (ii) appropriate range of leverage profiles (iii) current cash yield, (iv) proven technology, (v) mitigated financial, commodity, and construction risks (if applicable).

Key elements of Energy Mezzanine’s investment approach are as follows:

  • Source significant investment opportunities through the team’s extensive industry relationships and deal sourcing network
  • Target investment opportunities in the energy and power sectors that meet the credit investment criteria (identified above)
  • Invest with proven equity sponsors and incentivized management teams
  • Structure investments with security, structural protections, current cash pay and upside potential
Team Member Title Location Industry
David W. Albert Managing Director New York, NY Energy & Power
Emily Chang Vice President New York, NY Energy & Power
Eric Chen Vice President Houston, TX
Rahul Culas Managing Director New York, NY Energy & Power
Daniel East Managing Director Houston, TX Energy & Power
Jeffrey Fan Associate New York, NY Energy & Power
Margaret Franks Principal Houston, TX Energy & Power
JP Gutierrez Senior Associate New York, NY
Vince Hahn Principal Boston, MA Energy & Power
Julie Kim Principal New York, NY Energy & Power
Kyle Kong Associate New York, NY Energy & Power
Mike Larsen Vice President Houston, TX Energy & Power
Steven McDowell Vice President Houston, TX
Stuart Page Principal Houston, TX
Ken Ross Vice President Houston, TX Energy & Power
Arleen Spangler Principal New York, NY Energy & Power
Todd Triller Managing Director New York, NY
Todd Triller Managing Director New York, NY
Jessica Zhou Vice President New York, NY Energy & Power