
Investments
19Portfolio Exits
3Funds
8Partners & Customers
2Service Providers
3About Tailwater Capital
Tailwater Capital is a Dallas-based private equity firm focused on midstream and upstream oil and gas companies. Tailwater's principals have a wealth of experience providing growth equity across all domestic energy sectors, having invested over $1 billion in equity capital in the space over the past 14 years.

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Latest Tailwater Capital News
Jan 13, 2023
Tailwater Capital Announces 2 Promotions Within its Operations Tailwater Capital is a growth-oriented energy and growth infrastructure private equity firm with a strong track record of working constructively with management teams to deliver value-added solutions. It has has raised more than $3.8 billion in committed capital since inception and the team has executed more than 100 transactions representing over $23 billion in value. Tailwater Capital's Doug Prieto, left, and Paul Lee Dallas-based private equity firm Tailwater Capital has promoted two senior leaders within the Tailwater family. Tailwater Capital is a growth-oriented energy and growth infrastructure private equity firm with a strong track record of working constructively with management teams to deliver value-added solutions. It has raised more than $3.8 billion in committed capital since inception and the team has executed more than 100 transactions representing over $23 billion in value. Paul Lee, who previously served as entrepreneur-in-residence for Tailwater Capital, has been promoted to operating partner, where he will continue to play an integral role across Tailwater’s investment initiatives, with a particular focus on cultivating and evaluating operated upstream opportunities. Doug Prieto, who was president of Tailwater Royalties, has been appointed chief executive officer of Tailwater E&P LLC, a newly branded entity that combines its existing non-operated exploration and production and royalties businesses. Developing an upstream portfolio The firm said that Lee and Prieto will serve in critical leadership roles within the Tailwater family and will work closely together across all upstream opportunities. The company said that the newly branded Tailwater E&P team will manage Tailwater’s existing non-operated E&P investment platform, an owner of non-operated working interests in high-quality upstream oil and gas assets, and Tailwater Royalties, a buyer of oil and gas mineral interests in the Lower 48 states. Also, Tailwater E&P will play a key role in the technical evaluation of the firm’s midstream infrastructure and upstream investments. The firm said that Tailwater E&P will work closely with Tailwater’s investment professionals to support the firm’s operated E&P strategy to develop a comprehensive upstream portfolio across operated, non-operated, and royalties verticals within the E&P space. R E A D N E X T Dallas' Boss Women Media and Capital One are presenting the fourth consecutive Black Girl Magic Digital Summit. This year they aim to reach more entrepreneurs than ever before by premiering the pre-recorded event on Amazon's Prime Video. The summit will feature 26 founders, CEOs, and executives with advice on how to turn your side hustle into a main hustle, and much more. From a $100K pitch competition (apply by August 12!) and live watch parties across the U.S., get ready for the magic. In this week’s roundup of hires, promotions, and accolades in North Texas, you’ll also find news from UTD's Center for Brainhealth, DART, Enseo, LiquidAgents/StaffDNA, Alpine Advanced Materials, Runway Growth Capital, Optic Gaming, Dallas Thrives, Downtown Dallas Inc., TechGenies, Kainos Capital, Texas Motor Speedway, and more. Freestone Holdco LLC, a Dallas-based portfolio company of Dallas' Tailwater Capital LLC focused on disruptive energy transition investments, announced the promotions of Ellen Wilkirson to managing director and Pierce Latham to vice president. "As we continue to grow the Freestone platform and partner with disruptive businesses enabling the transition to a more carbon-neutral economy, both Ellen and Pierce have played a significant role in our success to date, and I am pleased to recognize those contributions with these well-deserved promotions," Alan Boswell, managing director at Freestone, said in a statement. Boswell looks to Ellen and Pierce to build on the… In this week’s North Texas deal flow, you’ll also find news about Dallas startup VRGL raising $15M six months after launching, S2 Capital’s $400M multifamily investment fund, CBRE leading $125M Series E for proptech firm VTS, CVS Health acquiring Signify Health for $8B, BenefitMall’s latest acquisition, and more. TAGS:
Tailwater Capital Investments
19 Investments
Tailwater Capital has made 19 investments. Their latest investment was in Goodnight Midstream as part of their Private Equity - II on October 10, 2019.

Tailwater Capital Investments Activity

Date | Round | Company | Amount | New? | Co-Investors | Sources |
---|---|---|---|---|---|---|
10/8/2019 | Private Equity - II | Goodnight Midstream | $500M | No | 2 | |
9/19/2019 | Private Equity | Triten Energy Partners | $250M | Yes | 1 | |
5/23/2018 | Private Equity - II | Silver Creek Midstream | $150M | No | 1 | |
11/17/2017 | Private Equity | |||||
10/31/2017 | Private Equity |
Date | 10/8/2019 | 9/19/2019 | 5/23/2018 | 11/17/2017 | 10/31/2017 |
---|---|---|---|---|---|
Round | Private Equity - II | Private Equity | Private Equity - II | Private Equity | Private Equity |
Company | Goodnight Midstream | Triten Energy Partners | Silver Creek Midstream | ||
Amount | $500M | $250M | $150M | ||
New? | No | Yes | No | ||
Co-Investors | |||||
Sources | 2 | 1 | 1 |
Tailwater Capital Portfolio Exits
3 Portfolio Exits
Tailwater Capital has 3 portfolio exits. Their latest portfolio exit was NorTex on August 31, 2022.
Tailwater Capital Acquisitions
7 Acquisitions
Tailwater Capital acquired 7 companies. Their latest acquisition was Continuus Materials on January 13, 2022.
Date | Investment Stage | Companies | Valuation Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. | Total Funding | Note | Sources |
---|---|---|---|---|---|---|
1/13/2022 | Other | Acq - Fin | 2 | |||
3/1/2021 | ||||||
2/17/2021 | ||||||
1/27/2021 | Private Equity | |||||
1/27/2021 |
Date | 1/13/2022 | 3/1/2021 | 2/17/2021 | 1/27/2021 | 1/27/2021 |
---|---|---|---|---|---|
Investment Stage | Other | Private Equity | |||
Companies | |||||
Valuation | |||||
Total Funding | |||||
Note | Acq - Fin | ||||
Sources | 2 |
Tailwater Capital Fund History
8 Fund Histories
Tailwater Capital has 8 funds, including Tailwater Energy Fund IV.
Closing Date | Fund | Fund Type | Status | Amount | Sources |
---|---|---|---|---|---|
3/26/2020 | Tailwater Energy Fund IV | REAL Assets | Open | $1,100M | 2 |
7/25/2018 | Tailwater Fund III | ||||
3/2/2016 | Tailwater E&P Opportunity Fund II | ||||
12/15/2014 | Tailwater Energy Fund II | ||||
2/28/2014 | Tailwater E&P Opportunity Fund |
Closing Date | 3/26/2020 | 7/25/2018 | 3/2/2016 | 12/15/2014 | 2/28/2014 |
---|---|---|---|---|---|
Fund | Tailwater Energy Fund IV | Tailwater Fund III | Tailwater E&P Opportunity Fund II | Tailwater Energy Fund II | Tailwater E&P Opportunity Fund |
Fund Type | REAL Assets | ||||
Status | Open | ||||
Amount | $1,100M | ||||
Sources | 2 |
Tailwater Capital Partners & Customers
2 Partners and customers
Tailwater Capital has 2 strategic partners and customers. Tailwater Capital recently partnered with Waste Management on January 1, 2022.
Date | Type | Business Partner | Country | News Snippet | Sources |
---|---|---|---|---|---|
1/13/2022 | Partner | United States | WM, Tailwater Capital Announce Joint Venture to Grow Continuus Materials Production Facilities HOUSTON and DALLAS , Jan. 13 , 2022 / PRNewswire / -- WM Organic Growth , a wholly-owned subsidiary of Waste Management , Inc. , and Tailwater Capital , LLC LLC announced the closing of a joint venture that provides financial , commercial , and operational support to Continuus Materials to assist the company with scaling production facilities within the waste-to-product industry . | 10 | |
7/27/2021 | Partner |
Date | 1/13/2022 | 7/27/2021 |
---|---|---|
Type | Partner | Partner |
Business Partner | ||
Country | United States | |
News Snippet | WM, Tailwater Capital Announce Joint Venture to Grow Continuus Materials Production Facilities HOUSTON and DALLAS , Jan. 13 , 2022 / PRNewswire / -- WM Organic Growth , a wholly-owned subsidiary of Waste Management , Inc. , and Tailwater Capital , LLC LLC announced the closing of a joint venture that provides financial , commercial , and operational support to Continuus Materials to assist the company with scaling production facilities within the waste-to-product industry . | |
Sources | 10 |
Tailwater Capital Service Providers
3 Service Providers
Tailwater Capital has 3 service provider relationships
Service Provider | Associated Rounds | Provider Type | Service Type |
---|---|---|---|
Acq - Fin | Counsel | General Counsel | |
Service Provider | |||
---|---|---|---|
Associated Rounds | Acq - Fin | ||
Provider Type | Counsel | ||
Service Type | General Counsel |
Partnership data by VentureSource
Tailwater Capital Team
2 Team Members
Tailwater Capital has 2 team members, including current Founder, Managing Partner, Jason Downie.
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