US buyout firm Pine Brook Partners has led a consortium of four firms to buy a $380 million stake in oil and gas exploration company Asia Pacific Exploration Consolidated.
The consortium comprises Singapore sovereign fund Temasek, emerging markets buyout firm Actis Capital and global power company AES Corporation.
The oil and gas company explores onshore and shallow water offshore basins in Indonesia, Vietnam, Malaysia and Thailand.
Oil and gas has become a strong sector for private equity activity, earlier this week Global Infrastructure Partners and Zeus Infra-management acquired a 74 percent stake in Indian company East India Petroleum for an undisclosed sum. Two weeks ago, one of the consortium, Actis, bought a 49 percent stake in Pakistani oil and gas IT services company LMKR for an undisclosed sum.
Pine Brook Partners was founded in 2006 and it invests in the energy sector and financial service. It has invested in three US oil and gas companies Stonegate Production Company, Common Resources and Phoenix Exploration Company. This is its first investment in Asia.