32 Degrees Capital

What 32 Degrees Capital does

32 Degrees Capital is a Calgary, Canada-based private equity firm founded in 2004 that invests in early-stage oil and gas companies and energy services businesses. The firm is founder-led, with Larry G. Evans and Mitch Putnam serving as co-managing partners and co-founders, operating with a lean team of 1-10 employees. As an energy-focused investment vehicle, the firm targets a narrow sub-vertical of the broader energy value chain, underwriting opportunities that generalist capital typically does not pursue due to technical, geographic, or stage-specific risk.

The firm's business model is conventional private equity economics: it generates revenue through management fees on committed or invested capital and through carried interest on realized returns from portfolio investments. Deal flow is presumed to originate from the founders' relationships within the Western Canadian Sedimentary Basin energy ecosystem, given the Calgary domicile and two-decade operating history spanning multiple oil-price cycles. No fund vintages, AUM, portfolio company count, or LP composition were disclosed in the source data.

Material data gaps constrain deeper analysis: the firm's website (32degrees.ca) returned only a loading/verification page, no fund or transaction history was available, and there were no disclosures regarding assets under management, recent deals, leadership beyond the two founders, or strategic positioning. Any prospective diligence will require direct outreach to obtain fund terms, portfolio composition, and recent transaction activity.

Name

32 Degrees Capital

Website

https://32degrees.ca

Company type

Private

Founded year

2004

Headcount range

1–10 employees

Short description

32 Degrees Capital is a Calgary-based private equity firm founded in 2004 that invests in early-stage oil and gas companies and energy services businesses, operating with a lean founder-led team.

Ownership category

akta.pro rank

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales

Core offering

32 Degrees Capital is an energy-focused private equity firm that invests in early-stage oil and gas companies and energy services. The firm is based in Calgary, Canada, and was founded in 2004, providing equity capital and sector expertise to upstream and energy service ventures.

Differentiator

Problem solved

Functional benefit

Products and services

• Energy-Focused Private Equity Investments

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Recent moves2 records

Direct peers

• ARC Financial Corp. Calgary-based private equity firm historically focused on the Canadian oil and gas sector. Most directly comparable to 32 Degrees Capital given shared Calgary base, energy-sector focus, and early/mid-stage upstream and energy services mandate.
• Pulse Capital Group: Calgary-headquartered venture and growth investor in the energy and resource sector. Comparable due to shared Calgary base, early-stage energy focus, and active investment posture in Canadian energy technology and services.
• EnerTech Capital: Energy technology-focused venture capital firm investing across North America. Comparable as a sector-specialist energy investor with a similar early-stage, single-sector mandate, though geographically broader than 32 Degrees Capital.
• Energy Impact Partners: Global venture capital firm investing in energy and sustainability startups. Comparable as a focused energy-sector investor with institutional LP backing and a single-vertical thesis, though with a more climate-transition orientation than 32 Degrees Capital.
• Pearl Energy Investments: Calgary-based private equity firm focused on North American upstream oil and gas. Comparable due to shared Calgary base, upstream energy focus, and PE structure targeting producing and development-stage assets.
• White Deer Energy: Private equity firm focused on North American upstream oil and gas. Comparable as an energy-only PE investor in the upstream sector, with a similar mandate to deploy capital into producing and development-stage assets.

Broad incumbents

• BDC Capital: Canada's business development bank and largest PE/VC investor. Comparable as a Canadian capital provider active in energy and resource sectors, but operates as a broad incumbent across all industries rather than an energy specialist.
• Brookfield Asset Management: Global alternative asset manager with significant energy, infrastructure, and renewable investments. Comparable as a Canadian-headquartered capital provider with energy exposure, but operates across multiple asset classes at a much larger scale.
• Stonepeak Infrastructure Partners: US-based infrastructure-focused private equity firm with energy and energy transition investments. Comparable as an energy-adjacent PE investor, though focuses on larger infrastructure transactions rather than early-stage upstream.
• KKR Energy & Infrastructure: Global PE firm with dedicated energy and infrastructure strategies. Comparable as a major institutional capital provider active in energy, though operating as a broad incumbent with multi-strategy energy exposure rather than a Canadian upstream specialist.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

• Facebookfacebook.com/605432942864702

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments2 records

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

Frequently asked questions about 32 Degrees Capital