Tailwater Capital
Campbell Lutyens advised Tailwater Capital on a $500 million single-asset continuation vehicle, including follow-on capital, to support Producers Midstream II (“PM II”), a diversified, large-scale natural gas gathering and processing system with a fully integrated Eastern Permian Basin and Anadarko footprint.
Despite macroeconomic uncertainty and the technical and investor appetite hurdles to invest in O&G assets, Campbell Lutyens devised a tailored and thoughtful strategy to mitigate execution risk, ensure a timely close and contribute to an oversubscribed offering.
Following a competitive auction process, the transaction was led by an experienced energy secondary investor and supported by a group of blue-chip syndicate investors, building new Tailwater relationships during the process. Existing LPs were provided with an attractive liquidity option and the ability to lock in strong returns.
Tailwater Capital is a Dallas-based private equity firm with ~$6B in committed capital (as of November 2025) and a strong track record in energy and environmental infrastructure.
PM II is a diversified, large-scale natural gas gathering, processing and transportation system with a fully integrated Permian and Anadarko footprint, held by Tailwater since 2019 in Tailwater Energy Fund IV.
To learn more about our market-leading capabilities in the secondary infrastructure market, please contact Clay McCoy or cl-InfraSecondaries@campbell-lutyens.com.
