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Infrastructure  + Alternative Assets  + Real Assets  |  February 20, 2026
Black Bay Raises $425M for Third Energy and Industrial Fund
Joe Palmisano
By: Joe Palmisano

Black Bay Raises $425M for Third Energy and Industrial Fund

Black Bay Partners has closed Black Bay III, L.P. at its hard cap of $425 million, marking the firm’s largest fund to date and underscoring investor conviction in its specialized strategy across the energy industry and adjacent chemical and industrial sectors.  

Founded in 2016, Black Bay has now raised over $850 million in cumulative capital commitments and completed 16 platform investments, including one in Fund III.  

“We see a robust pipeline of attractive investments for Fund III and look forward to partnering with portfolio company leadership teams to accelerate growth, enhance capabilities, and build durable, high-performing businesses,” said partners Tom Ambrose, Guy Cook, John Lancaster and Matt Schovee. 

Lazard Frères & Co. LLC served as exclusive placement advisor on the fundraise, while Latham & Watkins LLP, led by partner Edward D. Nelson, acted as legal counsel to Black Bay III. 

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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