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00:00ON A SIX-DAY LOSING STREAK. THE LONGEST RUN OF DECLINES SINCE THE START OF THE YEAR. SUSAN LONG MCANDREWS OF PANTHEON IS WITH US. YOU ARE SEEING PRIVATE EQUITY OPPORTUNITIES IN OIL AND GAS. WE HAVE HAD THIS TERRIFIC MOVE OFF THE FEBRUARY LOWS. >> THE BIG NEWS FOR US IS 2015 EVERYBODY WAS IN STANDSTILL MODE. THERE IS NOT A LOT OF ACTIVITY IN TERMS OF NEW CAPITAL IN THE SECTOR. SOME OF THE MLPS AND UPSTREAM AREAS WE ARE FINALLY SEEING THE WAY TO DOLLAR COST INTO THE ASSET CLASS AFTER A TOUGH FEW YEARS. JONATHAN: THE OPPORTUNITY STILL GONE OR STILL OPEN? >> STILL OPEN. IN TERMS OF THREE TO FIVE YEARS, NOT QUARTERS. IT IS ABSOLUTELY STILL A GREAT TIME TO INVEST. ALIX: WHEN I TALK TO PEOPLE ABOUT MNE THEY SAY IT IS HARD TO GET INVESTED RIGHT NOW. EVENTUALLY THE COMPANY WILL MERGE AND YOU ALONE PART OF THIS COMPANY THAT IS REALLY GREAT BUT IN THE MEANTIME YOU HAVE TO WAIT AND THAT CAN BE YEARS. NO ONE KNOWS HOW LONG IT'S GOING TO TAKE FOR THE GOOD COMPANIES TO ARRIVE. >> HIGH QUALITY ASSETS AND HIGH-QUALITY MANAGEMENT TEAMS. BEING ABLE TO WORK WITH INVESTORS WHO CAN SORT TO THE LANDSCAPE IS REALLY IMPORTANT. ALIX: ARE YOU OK WITH A LOT OF DEBT? >> A LOT OF TIMES WE WILL BE WRITING A CAPITAL SOLUTION TO THAT DEBT PROBLEM. WHAT CUSTOMERS AND CONTRACTS THEY HAVE IS REALLY THE FUNDAMENTAL WORK WE DO. ALIX: CAN YOU GIVE US AN IDEA OF WHERE YOU ARE SEEING THAT OPPORTUNITY? MLPS ARE TYPICALLY A FAVORITE WITH RETAIL INVESTORS BUT THEY GOT HIT SO MUCH HARDER IN JANUARY. >> WE DID HAVE A SHORT-TERM OPPORTUNITY LIKE THAT. WE DID TWO INTERESTING TRANSACTIONS IN JANUARY. DAVID: WHAT ABOUT NATURAL GAS? IS IT COMING BACK? >> NOT ANYTIME SOON. THAT IS A LONGER-TERM CORRECTIVE PLAY. ALIX: WHY? >> THERE IS A LOT OF WORK THROUGH THE SYSTEM. IN TERMS OF OUR BROADER ASSET STRATEGY THAT IS WHAT WE ARE PLANNING. THERE IS A MULTIYEAR PLAY. ALIX: INVESTMENT IN AN OIL COMPANY, WHAT IS YOUR HORIZON FOR THAT? WHAT IS YOUR STRATEGY? >> TYPICALLY A THREE TO FIVE-YEAR INVESTMENT. WE ARE NOT LOOKING FOR A QUICK FLIP. WHAT'S INTERESTING ABOUT THAT DEAL IS IT IS FINALLY IN THE HANDS OF THE STRATEGIC. AS WE HAVE SEEN WITH LINKEDIN AND OTHERS THE STRATEGIC'S ARE FINALLY LOOKING AT THESE. DAVID: TAKE US INTO I.T. THAT'S AN AREA YOU ARE INTERESTED IN. WHAT ATTRACTS YOU IN THAT SPACE RIGHT NOW? >> IT'S A U.S. COMPETITIVE ADVANTAGE. IT'S GROWTH. ONE OF OUR BIGGEST CHALLENGES IS LOOKING AT WHERE THE POCKETS OF GROWTH AND OPPORTUNITY IS. COMPANY BACKED BY ANDREESSEN HOROWITZ IS REALLY -- DAVID: AREN'T THERE PLAYERS THAT DOMINATE THAT SPACE? >> WE ARE SEEING NOW NASA'S RARELY ANOTHER COMPETITOR THAT ALL OF THE YOUNG STARTUP COMPANIES THAT CAN GET TO A VERY CAPITAL EFFICIENT AS THIS MODEL BECAUSE OF THE CLOUD. ALIX: HOW MUCH MONEY DO YOU HAVE OVERALL? WHEN I TALK TO MY ENERGY GUYS THERE LIKE, PE HAS SO MUCH MONEY WAITING ON THE SIDELINES. AT SOME POINT THEY HAVE TO PUT THAT TO WORK. >> I THINK THE MARKET ALWAYS OVERESTIMATE PE OVERHANG OF CAPITAL. IF YOU CANNOT GET MULTIBILLION-DOLLAR DEALS DONE YOU WILL HAVE A CAPITAL OVERHANG. THAT'S A PRETTY EFFICIENT WAY TO

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Private Equity's View of Oil and Commodity Markets

Susan Long McAndrews, partner at Pantheon, discusses private equity's approach to the oil and commodities markets and what she sees as attractive opportunities in the tech industry. She speaks on "Bloomberg ‹GO›." (Source: Bloomberg)

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