SHENANDOAH ENERGY MANAGEMENT, LLC

Thesis

The firm operates as a holding entity with a permanent-capital structure, allowing it to manage producing wells and mineral rights without the typical constraints of fund-life cycles. Its strategy centers on upstream oil and gas assets and associated midstream infrastructure, holding mineral interests and royalty streams from mature fields. The firm's geographic scope is tightly focused on the Appalachian Basin. In 2018, Shenandoah Energy contributed producing properties to Contango Oil & Gas in exchange for a substantial equity stake, a transaction that effectively converted its physical asset holdings into a publicly traded vehicle. Shenandoah Energy Partners III, LLC has an offering amount of $100,000,000 and has sold $23,800,000 as of May 15, 2025. The firm is registered as an Exempt Reporting Adviser (ERA) with the SEC. While specific AUM is not disclosed, the fund is described as a closed 'Real Assets & Natural Resources' fund. The typical check size per investment deal is not publicly available. The most notable transaction was the 2018 contribution of producing properties to Contango Oil & Gas, which later became Crescent Energy. The firm was founded in 1990 and is headquartered in Denver, Colorado, with an operational address in Highlands Ranch, Colorado.