Key Takeaways
- • Endurance Investment Partners, a newly formed Dallas-based private equity firm, is raising $350 million for its debut fund focused on energy sector secondary investments in mature companies held by aging private equity portfolios.
- • The firm is backed by Rice Investment Group, the Texas-based wealth manager for the Rice family, including brothers Toby Rice (CEO of EQT Corp, the largest U.S. natural gas producer) and Daniel Rice (director of EQT).
- • Endurance has already closed two transactions ahead of its formal fundraising, providing proof of concept to prospective limited partners and demonstrating execution capability in the energy secondary market.
- • The fund targets mature energy companies currently sitting in legacy private equity funds, positioning itself to capitalize on portfolio exits and refinancing opportunities in the energy sector.
- • Co-founders John Spradling and Trey Hatcher lead the firm, leveraging their operational expertise and connections within the energy industry to source and execute secondary transactions.
Summary
Endurance Investment Partners has launched a dedicated secondary investment vehicle targeting the energy sector with a $350 million fundraising goal. The newly formed Dallas-based private equity firm, established last year, specializes in acquiring mature energy companies from aging private equity fund portfolios—a strategy that addresses the growing inventory of portfolio companies requiring recapitalization or exit facilitation.
The firm is significantly backed by Rice Investment Group, which manages the substantial wealth of the Rice family in Texas. The Rice family's involvement extends into operational energy markets through brothers Toby Rice and Daniel Rice, who serve as chief executive and director, respectively, of EQT Corp, the largest U.S. natural gas producer. This combination of financial resources and deep industry expertise positions Endurance to compete effectively in secondary energy transactions.
Endurance's fundraising effort is supported by demonstrated deal-making capability. The firm has already closed two transactions ahead of launching its formal fundraising campaign—a strategic move that provides prospective investors with tangible evidence of execution ability in the secondary energy market. This proof of concept approach strengthens the firm's positioning with limited partners and validates its investment thesis around opportunities in energy portfolio companies requiring capital refreshment or operational restructuring.
The secondary energy investment market has grown increasingly active as large private equity funds face pressure to address aging portfolio companies, refinancing challenges, and distribution timelines. Endurance's focus on this niche reflects broader trends in alternative asset management, where secondary strategies have matured into a substantial segment. The firm's access to Rice family capital and the operational credibility of its founders—John Spradling and Trey Hatcher—provide distinctive advantages in sourcing proprietary deal flow and executing complex energy transactions.
The firm is significantly backed by Rice Investment Group, which manages the substantial wealth of the Rice family in Texas. The Rice family's involvement extends into operational energy markets through brothers Toby Rice and Daniel Rice, who serve as chief executive and director, respectively, of EQT Corp, the largest U.S. natural gas producer. This combination of financial resources and deep industry expertise positions Endurance to compete effectively in secondary energy transactions.
Endurance's fundraising effort is supported by demonstrated deal-making capability. The firm has already closed two transactions ahead of launching its formal fundraising campaign—a strategic move that provides prospective investors with tangible evidence of execution ability in the secondary energy market. This proof of concept approach strengthens the firm's positioning with limited partners and validates its investment thesis around opportunities in energy portfolio companies requiring capital refreshment or operational restructuring.
The secondary energy investment market has grown increasingly active as large private equity funds face pressure to address aging portfolio companies, refinancing challenges, and distribution timelines. Endurance's focus on this niche reflects broader trends in alternative asset management, where secondary strategies have matured into a substantial segment. The firm's access to Rice family capital and the operational credibility of its founders—John Spradling and Trey Hatcher—provide distinctive advantages in sourcing proprietary deal flow and executing complex energy transactions.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.