Houston oil and gas investment firm Sheridan Production Partners is in talks to shore up a troubled $1.8 billion fund that is struggling under approximately $1 billion in debt, the Wall Street Journal reported today. A London-based asset manager, Pantheon, has stepped up with a proposed deal to provide $350 million in junior capital to the fund, said two of the people familiar with the matter. The offer would be one relief option for a 2010 fund backed by Warburg Pincus executives and other investors. The Sheridan fund borrowed heavily to buy producing oil fields — several of which are in Texas — but slumped after energy prices nose-dived in 2014. Read more. (Subscription required.)
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