GCM Grosvenor, Ardian, StepStone, North Hudson Resource Partners, and Phoenix Insurance anchored the single-asset vehicle for energy infrastructure company Next Wave.
GIC is reportedly a prospective investor in the continuation fund, which values the South Korean gas manufacturer at $3.18 billion, up 13.5% from 2023.
The oversubscribed vehicle holds 134,000 net royalty acres in the Permian Basin, generating approximately 37,000 barrels of oil equivalent per day.
The Jefferies-advised deal extends the firm's ownership over a portfolio of properties from its 2015-vintage White Rock Fund II platform.
The vehicle involves a portfolio of Bakken oil and gas properties previously held in the manager's 2014-vintage Fund III.
The continuation fund, managed by Victory Hill, will hold two operating liquid storage terminals in the Port of Brownsville.
The Connecticut-based manager specializes in energy infrastructure investments, including renewable power generation, battery storage, and midstream and downstream assets.
The single-asset CV was executed alongside the sale of a 50% stake in the Peruvian power generation company to CPP Investments.
The single-asset vehicle centers on a midstream energy platform that the firm initially backed in 2017 through Five Point Capital Midstream Fund II.
The single-asset vehicle extends the infrastructure specialist's hold on a Peruvian private power generation company.
