SUMMIT, N.J. and HOUSTON – October 5, 2026 – Energy Capital Partners (“ECP”), a leading investment firm across energy transition infrastructure and part of Bridgepoint Group (LSE: BPT), today announced the successful closing of a single-asset continuation vehicle with $834 million in capital commitments for Next Wave Energy Partners, LP ("Next Wave"). The continuation vehicle is anchored by GCM Grosvenor, Phoenix Insurance, Ardian, StepStone and North Hudson Resource Partners, alongside new and returning limited partners and provides ECP IV investors with the opportunity to fully monetize their stake in Next Wave while enabling new investors to invest in the company. As part of this transaction, ECP will reinvest its proceeds into the continuation vehicle, reflecting its continued conviction in Next Wave.
Next Wave owns and operates a stand-alone alkylation complex utilizing natural gas liquids (NGL)-derived feedstocks, located adjacent to the Houston Ship Channel in Pasadena, Texas. Since the project’s conception in 2015, the company has developed and commercialized a proprietary process that converts NGL-derived feedstocks into premium alkylate at lower cost and with lower carbon intensity than crude-derived alternatives, achieving commercial operations in early 2024 and producing approximately 40 MBbl/d under long-term fixed-margin contracts with high-quality customers. Next Wave's strategic Gulf Coast location, combined with an oversupplied U.S. NGL market and growing demand for high-octane blendstocks, provides a strong and durable platform for cash flow generation.
“We are proud to have partnered with Next Wave’s management team since the company’s inception and are excited to work together on its next chapter,” said Matt Delaney, Partner at ECP. "Next Wave’s exceptional team has delivered outstanding results, including developing and commercializing a first-of-its-kind production process, a leading safety track record, and providing reliable production for an attractive mix of high-quality customers. With this solid foundation, we believe Next Wave is well positioned to benefit from market tailwinds in the years ahead.”
The Next Wave transaction marks ECP's third successful continuation vehicle, following prior transactions involving renewable energy provider Terra-Gen and power generation business Calpine Corporation, which closed in April 2021 and June 2022, and were exited in October 2024 and January 2026, respectively.
Moelis & Company LLC served as financial advisor and Latham & Watkins served as fund formation counsel to ECP.
About Next Wave Energy Partners
Next Wave Energy Partners, LP is an independent energy company focused on the development, operation, acquisition and expansion of downstream petrochemical, fuels, and renewable assets. Next Wave’s core capabilities include customized toll processing, manufacturing and logistics solutions for natural gas liquids, petrochemicals and gasoline blending components. The company is headquartered in Houston, Texas. For more information, visit www.nextwaveenergy.com.
About Energy Capital Partners
Energy Capital Partners (ECP), founded in 2005 and based in Summit, New Jersey, is a leading investment platform focused on the energy transition, with an emphasis on electricity generation and sustainable infrastructure that delivers reliable, affordable and secure energy. ECP combines deep domain expertise with a value-added, operationally focused investment approach. Since inception, ECP has secured more than $41 billion in capital commitments from institutional investors globally.
Contacts
FGS Global
Akash Lodh / Nick Rust
ECP@fgsglobal.com