Pontem Energy Capital recently announced the successful closing of its latest investment fund, Pontem Energy NonOp Fund I, which has attained a commitment total of $250 million in equity. This milestone, achieved roughly half a year after the fund’s initial closing in July 2025, marks a significant step in the firm’s strategic expansion into non-operated upstream energy assets.
The fund is principally focused on acquiring non-operated working interests within the upstream segment of the oil and natural gas industry, specifically targeting assets tied to oil, natural gas, and natural gas liquids. These interests may encompass properties that are currently producing as well as those in the pre-drill phase, thereby allowing the fund to pursue a diversified portfolio of holdings at varied stages of operational maturity.
In terms of geographic focus, the fund intends to concentrate its acquisitions within North America. It typically aims to engage in transactions within a $10 million to $100 million range but retains the flexibility to consider larger-scale investment opportunities through collaboration with other entities affiliated with Pontem Energy Capital.
A critical element of the fund’s investment strategy involves leveraging the expertise of the Alamo Resources team. Known for its proficiency in identifying attractive investment opportunities in the oil and gas sectors, Alamo Resources augments the fund’s capacity to source and evaluate potential acquisitions, adding depth and industry knowledge to the investment process.
Commenting on the closing, Jeff Bartlett, managing partner at Pontem Energy Capital, emphasized the firm’s enthusiasm for the partnership and its outlook in the energy market. Bartlett stated, "We are excited to partner with the Alamo team to generate superior returns for our investors. We continue to see a lot of opportunities in the oil and gas sector, and we are grateful for the support from existing and new limited partners in the Pontem funds." This statement reflects both confidence in the sector’s prospects and appreciation for the investor base that has supported the fund’s growth.
The successful capital raise for Pontem Energy NonOp Fund I highlights the ongoing investor interest in upstream energy assets, particularly those structured around non-operating interests that can offer exposure to production and development with potentially mitigated operational risk. By focusing on upstream oil, natural gas, and natural gas liquids, the fund aligns with market segments that remain critical components of North America’s energy landscape.
Pontem Energy Capital’s strategic approach emphasizes a disciplined acquisition profile, targeting mid-sized transactions while remaining open to larger deals—this flexibility allows the fund to respond to varied deal flow and potentially capitalize on significant opportunistic investments. The backing of Alamo Resources adds a layer of operational insight and sector-specific intelligence that can enhance investment decision-making and asset management.
As the fund moves forward with its capital deployment, monitoring the dynamics within the upstream oil and gas industry, particularly pricing, production trends, and regulatory factors, will remain essential for achieving the investment objectives outlined by Pontem Energy Capital. For now, the firm has secured a solid financial foundation to pursue its targeted investment thesis.