Five States Energy

Name

Five States Energy

Legal name

Five States Energy Company, L.L.C.

Website

https://fivestates.com

Company type

Private

Founded year

1985

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Private Oil and Gas Fund Management

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Real Assets — Energy & Power Infrastructure (Renewables, Conventional, Storage) (FSAHAIAD)

akta.pro secondary industries

Natural Resources — Energy & Mineral Resources (FSAAAKAJ), Energy & Power Infrastructure Funds (Generation, Transmission, Storage) (FSANAEAB)

Keywords

• Private oil and gas funds
• Producing energy assets
• Oil and gas investment management
• Upstream real assets
• Accredited investor funds

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Oil and Gas Production Revenue: Five States Energy's funds acquire producing oil and gas properties and generate revenue from the sale of hydrocarbons (oil, natural gas, and NGLs). Revenue from production is aggregated across the fund portfolio and distributed to investors on a quarterly basis, net of hedging, management fees, and fund-level obligations. A small portion is retained for working capital.
2. Management Fees and Performance Fees: Five States structures its private funds with a management fee of 1.5% of unreturned capital and a 20% performance fee after a manager catch-up. These fees provide recurring revenue to the firm during the fund lifecycle.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Five States Energy is a private investment firm that sponsors and manages private production funds enabling accredited investors to acquire direct ownership of producing, income-generating oil and gas properties across onshore U.S. basins. The funds target commercially developed, long-lived reserves with extensive production histories and generate regular quarterly cash distributions to investors from existing production. With 27 closed production funds and 3 active funds across 40+ years, the firm combines technical expertise (geologists, landmen, engineers), disciplined underwriting, commodity hedging, and cash-in-hand execution to deliver risk-adjusted returns through commodity cycles.

Product overview

Five States Energy is a private investment firm that operates as a single integrated offering centered on sponsoring private oil and gas funds. The core product is direct ownership of producing energy assets through limited liability companies or limited partnerships. The company has closed 27 production funds to date, with 3 currently active. Investor Reporting & Communication Services complement the core fund offering, providing quarterly newsletters, webinars, and direct management access. The firm was founded in 1985 and has over 40 years of experience in energy asset investment.

Differentiator

Problem solved

Functional benefit

Products and services

• Private Production Funds (Income Funds) Private funds structured as limited liability companies or limited partnerships taxed as partnerships for federal income tax purposes, enabling accredited investors to acquire direct ownership of producing oil and gas properties. Each fund pursues opportunistic acquisitions of long-lived, proved developed producing (PDP) reserves across onshore U.S. basins, delivering regular quarterly cash distributions from existing production plus upside potential through operational expansion, efficiency improvements, technology enhancements, and opportunistic divestitures.
• Project Reggie (Co-Investment Drilling Program) A co-investment drilling program offered to individual, institutional, and industry investors, structured to provide access to direct upstream drilling and development opportunities alongside Five States Energy's funds.

Quantifiable outcome

• 40+ years of operating history; 27 closed production funds and 3 active production funds as of 2025
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Partnerships

Nine partnerships are on record, tiered minor and core.

• GLG Alumni AssociationminorGTM or Marketing Partner · 14 January 2026Five States Energy co-sponsored an investor relations panel at DLA Piper in New York City, organized by the GLG Alumni Association. The event featured senior IR executives from public companies including Duolingo and Pfizer, and private investment firms Jones Street, Mangrove Partners, and Rose Park Advisors. Elise Raphel, Director of Investor Relations at Five States, moderated the panel.
• DLA PiperminorImplementation/ SI/ Consulting Partner · 14 January 2026DLA Piper hosted an investor relations panel sponsored by the GLG Alumni Association, Five States Energy, and DLA Piper. The event brought together attorneys, investors, and industry stakeholders in New York City. DLA Piper attorneys Oliver Wright (Energy Transition, Mining & Metals) and Rita Piel (M&A, Corporate, and Technology) hosted the event.
• Duolingo (Senior IR Executive Panelist)minorGTM or Marketing Partner · 14 January 2026Senior investor relations executive from Duolingo participated as a panelist at the GLG Alumni Association / Five States Energy / DLA Piper investor relations event in New York City on January 14, 2026.
• Pfizer (Senior IR Executive Panelist)minorGTM or Marketing Partner · 14 January 2026Senior investor relations executive from Pfizer participated as a panelist at the GLG Alumni Association / Five States Energy / DLA Piper investor relations event in New York City on January 14, 2026.
• Jones Street CapitalminorGTM or Marketing Partner · 14 January 2026Private investment firm Jones Street participated as a panelist at the GLG Alumni Association / Five States Energy / DLA Piper investor relations event in New York City on January 14, 2026.
• Mangrove PartnersminorGTM or Marketing Partner · 14 January 2026Private investment firm Mangrove Partners participated as a panelist at the GLG Alumni Association / Five States Energy / DLA Piper investor relations event in New York City on January 14, 2026.
• Rose Park AdvisorsminorGTM or Marketing Partner · 14 January 2026Private investment firm Rose Park Advisors participated as a panelist at the GLG Alumni Association / Five States Energy / DLA Piper investor relations event in New York City on January 14, 2026.
• United Way of Metropolitan DallasminorOthers · 8 May 2025Five States Energy participated in the J.P. Morgan Corporate Challenge in Dallas on May 8, 2025. The event supports the United Way of Metropolitan Dallas, a nonprofit committed to advancing education, income, and health across North Texas. Five States is proud to support United Way's mission.
• Burk Royalty CompanycoreStrategic or Co-development Partner · 31 January 2025Five States Energy partnered with Burk Royalty Company, a family-owned operator based in Wichita Falls, Texas, for the $9 million acquisition of producing, oil-rich properties in the East Texas Austin Chalk trend. Burk Royalty acquired approximately 80% of the package and serves as operator, while FSEI 2023 purchased the remaining interest as a non-operated working interest owner. During due diligence, Burk Royalty's operations team identified multiple opportunities to increase production, reduce costs, monetize idle equipment, and pursue non-traditional revenue streams.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Tailwater Capital: Dallas-based private equity firm focused on energy and energy infrastructure, sponsoring multiple flagship energy funds. Direct comparable to Five States in geography (Dallas), upstream and midstream focus, and long-dated private fund structures for institutional and family-office LPs.
• NGP Energy Capital Management: One of the largest energy-focused private equity firms in the U.S., sponsoring flagship energy private equity funds. Direct comparable to Five States in mandate (upstream and energy infrastructure) and LP base; Five States' CMO Alice Catalano previously served as Director of Investor Relations at NGP.
• Pearl Energy Investments: Dallas-based private investment firm focused on North American upstream oil and gas. Comparable to Five States in geography, deal focus on producing properties, and engagement with HNW/institutional LPs in the Midcontinent and Permian-adjacent basins.
• Kayne Anderson Capital Advisors: Alternative investment manager with significant energy and infrastructure strategies, including private energy funds and energy-related credit. Comparable to Five States in raising dedicated energy capital from institutional and high-net-worth investors across cycles.
• Energy Capital Partners: Private equity firm focused on power generation, midstream, and energy infrastructure investments. Directly comparable as a dedicated energy PE sponsor raising institutional capital, though oriented more toward infrastructure than conventional upstream.
• EnCap Investments: Houston-based private equity firm focused exclusively on the energy sector with a long track record of upstream and energy transition investments. Directly comparable to Five States in target assets (producing oil and gas) and in raising dedicated energy funds from institutional and HNW investors.
• Quantum Capital Group: Houston-based energy-focused private investment firm managing multiple funds across upstream oil and gas. Comparable to Five States in fund structure, focus on producing upstream assets, and emphasis on value-oriented investing through cycles.
• Lime Rock Partners: Energy-focused private equity firm investing across upstream and energy services globally. Similar to Five States in pursuing disciplined upstream energy investing through dedicated energy funds, though typically larger fund vintages and broader geographic scope.

Broad incumbents

• Blackstone (Energy & Real Assets): Global alternative asset manager with substantial energy and real-asset strategies under its Tactical Opportunities and Real Assets platforms. Competes with Five States for energy allocations from large institutional LPs and family offices, though at a vastly larger scale and broader mandate.
• KKR (Real Assets / Global Infrastructure): Global alternative asset manager with energy and infrastructure private equity strategies that invest in upstream and midstream assets. Competes broadly with Five States for institutional energy allocations, with materially larger fund sizes and broader geographic reach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/fivestates
• Facebookfacebook.com/fivestatesenergy
• LinkedInlinkedin.com/company/five-states-energy-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Five States Energy