Michael Lebourgeois is quietly moving on from NGP Energy Technology Ventures, in order to form a New Orleans-based private equity firm called Black Bay Energy Management.
Lebourgeois (who did not return a request for comment) is the second NGP Energy Technology Ventures partner to leave in the past year, following Chris Sorrells (who now serves as interim COO of publicly-traded NGP ETV portfolio company GSE Systems). Moreover, he is being joined at Black Bay by NGP ETV principal Tom Ambrose (who will be a Black Bay partner) and associate Matthew Schovee.
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Black Bay’s third partner will be Guy Cook, who previously was a senior executive with Superior Energy Services.
NGP ETV has fully invested the $348 million second fund it raised back in 2009, and continues to manage 16 active portfolio companies. The firm’s two Washington, D.C.-based partners still plan to raise a third fund at some point, although timing and size remain undetermined. Managing partner Phil Deutch declined comment.
It is unclear how much capital Black Bay is seeking for its debut fund, or when it is expected to close.