Trellis Energy Partners Launches $65M Oil and Gas Fund

Fort Worth, Texas-based Trellis Energy Partners has launched TEP Fund 2026 LP, a private fund targeting $65 million in commitments from accredited investors, with a hard cap of $90 million. It aims to provide accredited investors with private equity-style access to oil and gas development opportunities across multiple U.S. onshore basins.

TEP Fund 2026 LP will focus on building a diversified portfolio of non-operated assets in the development phase, with the goal of generating cash-on-cash returns through direct participation in development wells.

Trellis said distributions would begin in 2028, targeting a full return of capital by 2030. The fund carries an 8% preferred return, compounded annually.

Trellis acquires working interests of 1% to 20% in wells operated by established firms including Chevron, Oxy, Expand, and Aethon across key U.S. basins including the Denver-Julesburg, Permian, Eagle Ford, and Haynesville, as well as the Anadarko, Appalachia, Bakken, and Gulf Coast regions.

“Trellis Energy Partner’s provides individual investors access to private equity-style oil and gas investments where they’ve never had access before,” said Jake Bailey, founder and chief executive officer of Trellis Energy Partners. “We believe in the platform and have invested a significant amount of our own capital alongside our investors.”

The predecessor fund, TEP Fund 2024 LP, closed at the end of 2025 having raised approximately $22.5 million. In its first-quarter 2026 valuation update, the fund reported a net asset value of $26.7 million, or 1.17x invested capital, across a portfolio of 73 wells, seven operators, and four basins.

Trellis also disclosed three new hires.

• Ricky Gornek joined as sales director, responsible for investor relations, capital formation, and distribution.
• Wally Saad joined as reservoir engineering manager, overseeing underwriting and reservoir management for the firm’s existing funds.
• Michael Moore joined as senior financial analyst, focusing on evaluating potential acquisitions and assisting with internal financial planning and analysis.

Trellis said eligible investors participating during the fund’s initial phase may qualify for a 10% incentive. Returning investors from TEP Fund 2024 LP are eligible for an additional 3% incentive, as are investors committing $250,000 or more.

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