In March 2016, ECP’s Mezzanine Opportunities Fund made a preferred equity investment in Targa Resource Corp. as part of an overall approximate $1 billion issuance of preferred stock.

Targa is a provider of midstream services and is one of the largest independent midstream energy companies in North America. The company owns, operates, acquires, and develops a diversified portfolio of complementary midstream energy assets. Targa is primarily engaged in the business of: (i) gathering, compressing, treating, processing, and selling natural gas, (ii) storing, fractionating, treating, transporting, and selling NGLs and NGL products, including services to LPG exporters, (iii), gathering, storing, and terminaling crude oil, and (iv) storing, terminaling, and selling refined petroleum products.

Targa operates a gathering and processing asset base diversified across multiple shale and natural resource plays, including the Permian Basin, Barnett Shale, Bakken Shale, Eagle Ford Shale, Anadarko Basin, Arkoma Basin, onshore Louisiana and the Gulf of Mexico. The company also has the second largest fractionation ownership position at Mont Belvieu and world class LPG export facilities on the Gulf Coast at the Galena Park Marine Terminal, which is interconnected to Mont Belvieu.