A pump jack draws oil from the ground near a hydraulic fracturing operation near Bowden, Alta.,JEFF McINTOSH/The Globe and Mail
Pentti Karkkainen is taking a step back from day-to-day operations at Kern Partners Ltd., the energy-focused private equity firm he co-founded, to sit on the firm's independent advisory board.
Calgary-based Kern, with $1.1-billion under direct management and $1.5-billion in its co-investment management program, said Mr. Karkkainen will remain on the boards of directors of many of the companies in its portfolio.
A onetime head of oil and gas research at RBC Dominion Securities, Mr. Karkkainen will assume strategic and capital markets advisory duties at Kern, the company said in a statement.
Mr. Karkkainen and Jeff van Steenbergen founded Kern 14 years ago. It is among a growing number of private-equity firms that have taken on a major role in energy-industry financing in recent years Companies in its portfolio include Altex Energy Ltd., Black Swan Energy Ltd., Cequence Energy Ltd. and Seven Generations Energy Ltd.
Jeffrey Jones