Astatine Investment Partners Successfully Exits HEP Catalyst InvestCo Investment

Apr 30, 2024

Greenwich, CT – April 30, 2024 – Astatine Investment Partners (“AIP” or “Astatine,” formerly Alinda Capital Partners), a leading private equity firm focused on infrastructure investments, today announced the successful exit of its investment in HEP Catalyst InvestCo, a joint venture that indirectly owns a 50% stake in an oil gathering and gas processing system in the Permian Basin, to one of its joint venture partners, Howard Energy Partners, a diversified midstream energy company headquartered in San Antonio, Texas.

HEP Catalyst InvestCo (“Catalyst”) owns 50% of Catalyst Midstream Partners, which owns and operates an oil gathering pipeline system and three gas processing plants in the Delaware Basin of the greater Permian Basin. Funds managed by Astatine Investment Partners acquired an interest in Catalyst in 2017, when Catalyst was formed as a joint venture with Howard Midstream Energy Partners (“Howard”). Devon Energy (“Devon”) is the anchor producer and retains the remaining 50% interest in Catalyst Midstream Partners.

Since 2017, Catalyst Midstream Partners, led by Howard as developer and operator of the system, grew from a small oil gathering system to a comprehensive gathering and processing complex with three cryogenic processing facilities capable of receiving 600 million cubic feet per day of natural gas for several prominent upstream producers. Astatine’s exit of Catalyst marks the second investment alongside Howard; Astatine also owned a large stake in Howard from 2013 to 2022.

“Howard has been one of our longest standing relationships. The sale of our interest in Catalyst completes the journey of growth from the construction stage of a single plant underpinned by a contract to a comprehensive midstream system. We wish Mike Howard and his management team well as they continue to lead Catalyst and the broader Howard business into their next phase of growth,” said Jim Metcalfe, Astatine’s CEO & Co-Managing Partner.

About Astatine Investment Partners

Astatine Investment Partners is a leading, independent, mid-market private equity firm focused on infrastructure investments. Based in Greenwich CT and London, AIP manages funds that invest in infrastructure in North America and Europe. We target investments in the digital, transportation, utility-related and essential services sectors, with the objective of generating attractive risk-adjusted returns for investors through a combination of capital appreciation and a strong focus on cash yield.

Astatine was founded in 2005 as Alinda Capital Partners and is one of the world’s most experienced infrastructure investment firms. Alinda Capital Partners changed its name in 2022 to Astatine Investment Partners, to reflect the shift from our origins as a large-cap, core focused manager to focus from 2014 onwards on the mid-market, core-plus space. Astatine specializes in carveouts, take privates of public companies and the formation of strategic partnerships. For more information on AIP, please visit:


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