Energy & Minerals Group

What Energy & Minerals Group does

Energy & Minerals Group (EMG) is a specialized natural resource-focused private equity firm founded in 2006 by John Raymond (Founder, Executive Chairman, and majority owner) and John Calvert (Co-Founder and President), headquartered at 2229 San Felipe Street, Suite 1300 in Houston, Texas. The firm manages approximately $12 billion in assets under management as of December 31, 2025, and has returned approximately $14 billion to Limited Partners since inception. EMG targets equity investments of $150 million to $1 billion across the global natural resource industry, with a thematic emphasis on the extraction and processing of critical metals and minerals needed for decarbonization as well as upstream and midstream energy assets.

EMG generates revenue through two primary streams: management fees charged to Limited Partners on committed or invested capital under management, and carried interest earned on successful realizations from portfolio companies. Capital is raised from institutional investors including pension funds, sovereign wealth funds, endowments, and family offices via confidential private placement memoranda, with no retail or open-ended distribution channels. The firm operates with a lean team of 11-50 employees, consistent with its concentrated, sector-specialized model, and supplements internal capacity through co-investments with peers such as Denham Capital, Vision Blue Resources, First Reserve, and Tailwater Capital, alongside strategic and government partners including the US International Development Finance Corporation.

Portfolio holdings span the natural resource value chain: Ascent Resources (Utica Shale natural gas, EMG's largest position), TerraVolta Resources (Smackover lithium acreage, partially sold to Chevron in 2025), Serra Verde Group (Brazilian rare earths, pending sale to USA Rare Earth for $2.8 billion in 2026), Baffinland Iron Mines (Canadian high-grade iron ore, joint venture with ArcelorMittal), Traverse Midstream Partners (35% in Rover Pipeline and 25% in Ohio River System), LiChem LLC (lithium refining, MoU with Oman Investment Authority), Eagle LNG Partners (small-scale LNG), Silver Creek Midstream (Powder River Basin crude), Medallion Midstream (Permian crude, prior sale to GIP for $1.825 billion), and minority positions in Coronado Global Resources and Cornish Lithium. The firm has been an active user of continuation vehicle structures to extend hold periods on flagship assets, a strategy that has produced recent transactions but also drawn litigation from Abu Dhabi Investment Council and Mason Capital Management over the Ascent Resources continuation terms.

Name

Energy & Minerals Group

Legal name

Energy & Minerals Group

Website

https://emgtx.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Energy & Minerals Group is a Houston-based private equity firm founded in 2006 that manages approximately $12 billion in AUM and invests $150 million to $1 billion per deal in natural resource companies spanning upstream and midstream energy, critical minerals, rare earths, and iron ore. The firm serves institutional Limited Partners with sector-specialized private equity funds.

Ownership category

akta.pro rank

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Natural Resources — Energy & Mineral Resources (FSAAAKAJ)

akta.pro secondary industry

ESG Integration / Responsible Investment Funds (Broad ESG) (FSANAJAL)

Keywords

• Natural resource investments
• Private equity
• Critical minerals financing
• Upstream energy investments
• Midstream infrastructure

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

Revenue model

1. Management Fees: Private equity fund management fees charged to Limited Partners based on assets under management. EMG manages approximately $12-13 billion in assets.
2. Carried Interest: Performance-based carried interest from successful portfolio company investments and exits. EMG's funds and co-investments have returned approximately $14 billion to Limited Partners to date.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Energy & Minerals Group (EMG) is a specialized natural resource focused private equity firm that manages approximately $12-13 billion in assets under management across a series of specialized funds. The firm targets equity investments of $150 million to $1 billion in companies involved in extraction and processing of critical metals and minerals for decarbonization, as well as upstream and midstream energy assets. EMG invests capital sourced from institutional limited partners into portfolio companies operating in natural resource sectors.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Returned approximately $14 billion to Limited Partners to date
• +1 more outcomes

Named customers4 records

Segments2 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Ascent Resources, LLCcoreStrategic or Co-development Partner · 25 March 2026EMG's largest portfolio company - a natural gas E&P company in the Ohio Utica Shale. EMG closed a $1.5 billion continuation vehicle transaction in March 2026 to continue participating in Ascent's development. Mason Capital and Abu Dhabi Investment Council were involved in litigation over the transaction terms.
• Evercore Group L.L.C.minorImplementation/ SI/ Consulting Partner · 25 March 2026Served as sole financial advisor to EMG on the $1.5 billion Ascent Resources continuation vehicle transaction.
• Kirkland & Ellis LLPminorImplementation/ SI/ Consulting Partner · 25 March 2026Served as legal counsel to EMG on the continuation vehicle transaction. Note: Kirkland was subject of conflict of interest allegations from Mason Capital regarding simultaneous representation of Ascent board.
• Serra Verde GroupcoreStrategic or Co-development Partner · 6 February 2026EMG invested in Serra Verde Group alongside Denham Capital and Vision Blue Resources. Serra Verde is Brazil's only large-scale producer of critical heavy rare earths outside Asia. EMG's investment helped fund the Pela Ema mine development in Minaçu, Goiás State, Brazil.
• TerraVolta Resources, LLCcoreStrategic or Co-development Partner · 17 June 2025EMG was investor in TerraVolta Resources, a U.S. critical minerals exploration and production company focused on lithium in the Smackover Formation. EMG facilitated TerraVolta's sale of lithium assets to Chevron for an undisclosed amount, enabling Chevron to establish a domestic lithium business.
• Chevron U.S.A. Inc.coreStrategic or Co-development Partner · 17 June 2025Chevron acquired approximately 100,000 net acres of lithium leasehold positions from TerraVolta (EMG's portfolio company) in east Texas and southwest Arkansas. Enables Chevron's first step toward establishing commercial-scale domestic lithium business.
• Baffinland Iron Mines CorporationcoreStrategic or Co-development Partner · 6 February 2023Jointly owned by EMG and ArcelorMittal. Operates the Mary River high-grade iron ore mine on Baffin Island, Nunavut, Canada. Produces the highest grade direct shipping iron ore in the world. EMG co-invested alongside ArcelorMittal in this strategic asset.
• Silver Creek Midstream, LLCminorStrategic or Co-development Partner · 11 October 2018EMG has equity commitment to Silver Creek Midstream through a joint venture with Tailwater Capital. Silver Creek acquired Genesis Energy's Powder River Basin crude gathering, storage, and rail assets. EMG provides equity alongside Tailwater to fund acquisitions and expansion.
• Tailwater Capital LLCcoreStrategic or Co-development Partner · 11 October 2018EMG partnered with Tailwater Capital through a joint venture to fund Silver Creek Midstream's acquisition and expansion of crude oil midstream assets in the Powder River Basin. Joint venture provides $600 million in equity commitment.
• Traverse Midstream Partners LLCcoreStrategic or Co-development Partner · 27 September 2017Founded by EMG in June 2014. Traverse holds a 35% interest in the Rover Pipeline and 25% interest in the Ohio River System, both operated by Energy Transfer. EMG provided funding through $1.285 billion senior secured term loan.
• Eagle LNG Partners LLCminorStrategic or Co-development Partner · 27 June 2017Eagle LNG Partners is a portfolio company privately held by EMG. Eagle LNG develops small-scale LNG infrastructure for marine bunkering, power generation in the Caribbean/Central America, and LNG exports. Based in Houston, TX.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Kimmeridge Energy Management: Kimmeridge is a private investment firm focused exclusively on upstream energy, with a publicly disclosed bid exceeding $6B for Ascent Resources that directly competes with EMG's continuation vehicle. Its natural-gas and energy-transition thesis mirrors EMG's specialization.
• Denham Capital: Denham is a global private equity firm focused on energy and natural resources, founded Serra Verde and co-invested with EMG in the Pela Ema rare earth project. Closely comparable mandate, ticket size, and portfolio overlap.
• First Reserve: First Reserve is a long-standing energy-focused private equity firm that co-invested with EMG in Ascent Resources. Both firms target large equity checks in upstream and midstream energy and have comparable LP bases.
• Quantum Energy Partners: Quantum is a leading private equity firm specializing in the global energy industry, with a strategy and capital base closely comparable to EMG's upstream/midstream energy mandate.
• Riverstone Holdings: Riverstone is a private equity firm focused on energy and energy-transition investing, including renewables and critical-minerals-adjacent assets. Directly comparable domain focus and fund size to EMG.
• Tailwater Capital: Tailwater is an energy-focused private equity firm that has partnered with EMG via a joint venture funding Silver Creek Midstream. Both firms pursue midstream and upstream energy opportunities in the US with comparable mandates.
• Vision Blue Resources: Vision Blue is a natural-resource-focused investment firm co-investing alongside EMG in Serra Verde. Its critical-minerals and energy-transition mandate is highly comparable to EMG's specialization.

Broad incumbents

• Brookfield Asset Management (Real Assets / Energy): Brookfield is a large global alternative asset manager with a substantial natural-resources/energy transition franchise. It competes with EMG for large natural-resource deals but operates across a much broader portfolio.
• Blackstone (Energy & Real Assets): Blackstone is a global asset manager with significant energy, infrastructure, and critical-minerals exposure through its Real Assets platform. It competes for large natural-resource and energy deals but is a far broader incumbent.
• Carlyle Group (Global Energy): Carlyle's Global Energy, Infrastructure, and Natural Resources funds pursue upstream, midstream, and transition-related investments. While far larger and more diversified, Carlyle overlaps with EMG in the natural-resource PE space.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/the-energy-and-minerals-group-emg-

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Energy & Minerals Group