About This Fund
Andros Energy Capital III LP is the third private equity fund of Andros Capital Partners LLC, a Houston-based energy specialist with a focus on middle-market investments across the energy value chain. Closed at its $1 billion hard cap on April 7, 2025, Fund III marks a significant milestone for the firm, which has grown its cumulative equity commitments to more than $2 billion across three successive energy-focused funds since its founding in 2020.
The fund maintains the investment strategy that has defined the Andros platform since inception: private equity investments, credit opportunities, and direct asset-level investments spanning upstream oil and gas, midstream infrastructure, downstream refining, and energy services. Fund III targets middle-market transactions of $25 million to $200 million of capital per deal. The firm leverages a senior investment team with deep institutional experience, including Gregory A. Beard, former global head of natural resources at Apollo Global Management, and Phillip A. Gayle Jr., the founding Managing Partner and Chairman of the Executive and Investment Committees.
The sequential progression from $250 million in Fund I (August 2020), to $750 million in Fund II (January 2023), to $1 billion in Fund III (April 2025) reflects consistent investor confidence in Andros's ability to source and execute high-quality energy sector investments. This fund-over-fund growth positions Andros Capital Partners as one of the leading middle-market energy-focused private equity managers in North America, with a differentiated approach combining equity, credit, and direct asset exposure.