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Oil Investment Trio Hunts for Bargains After Crude Crash

  • Argus Energy Managers formed by three private-equity firms
  • Funds expect to reach up to $4 billion within next five years
A refinery stands in the background as a pump jack operates in an oil field near Corpus Christi, Texas, on Jan. 7, 2016.
Photographer: Eddie Seal/Bloomberg
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A trio of Houston-based private-equity funds is sifting through the oil industry with a view to potentially reaching $4 billion of investments after the market crash created some bargains.

Argus Energy Managers, made up of three firms that invest in smaller explorers and service providers, expects to end the year with combined funds north of $2 billion and possibly double that within the next five years, Charles Cherington, co-founder of Argus, said Monday in a phone interview. The funds, which operate independently but share investment leads under the newly formed Argus umbrella, sees now as the time to invest, with an eye toward selling in the five-year window ending in 2025, he said.