Longbow Capital completes final closing of the Longbow Energy Transition Fund II with $365 million of committed capital (opens in a new tab)
Final close of Fund II, which has a North American mandate for growth-stage energy transition businesses.
Private Equity
Calgary energy private equity firm, founded in 1997, now investing in growth-stage energy-transition and power businesses.
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Longbow Capital is a Calgary private equity manager founded in 1997 by Larry and Ruth Birchall. It has backed more than 150 growth investments across energy production, infrastructure, services and technology, and reports about C$1.7 billion of assets under administration. Earlier wins include Certarus, sold to Superior Plus in 2023. It now invests from its energy transition strategy: Longbow Energy Transition Fund II closed in September 2025 at about C$365 million, with backers including Canada Growth Fund, BDC Capital, EDC and TD, and targets North American companies such as remote power, battery and grid-analytics businesses. The investment team, based in Calgary, recruits mainly from energy and power investment banking groups at TD Securities and J.P. Morgan.
Control or strategic minority investments in growth-stage businesses with established customers that benefit from the energy transition. Current holdings include Clir Renewables, Arcus Power, VoltaGrid, Remote Power, Lithion Power Group and Global Power Technologies.
Earlier funds backed oil and gas producers and energy services companies such as Certarus, North West Refining, Spur Petroleum and Anegada Oil.
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Reasons that work in interviews
3 reasons for Longbow Capital
Infrastructure and energy assets need refinancings, construction periods and asset recycling, so there is always work on an existing asset even when nothing new is being bought. That is a better “why infra” than stability or inflation protection, and it answers the hidden question about whether a junior will be busy.
Low-carbon and energy transition focus from Calgary, which is a genuinely different thesis from the conventional energy funds next door.
Early-stage and growth energy technology, so the work is closer to venture diligence than buyout modelling.
The transition is where Canadian energy capital is rotating, so the mandate is growing rather than mature.
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How juniors get in
Hires its junior investment staff out of investment banking (TD, J.P. Morgan); no new-graduate route is visible and the site has no careers page.
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Programs
Summer Analyst · Canada
Provides managed pressure, underbalanced and air/foam drilling services to geothermal and energy industries.
Growth
Provides cleaner electric generation and distribution solutions to power remote equipment.
Energy transitionDenver, United States
Anegada Oil Corp.
Canadian energy company that pioneered the Charlie Lake oil fairway.
Growth
Predictive analytics software for managing peak electricity costs for industry, municipalities and suppliers.
Energy transition
Water services and solutions for energy and industrial customers in western Canada and the US.
Growth
AI software that helps wind farm owners cut insurance costs, maximize production and manage asset health.
Energy transition
Industrial off-grid power and emissions abatement systems for remote sites.
Energy transition
Manufacturer of mission-critical battery cells and packs.
Energy transition
Supplies consumable chemicals that improve saltwater disposal well operations.
Growth
Recycling and waste collection platform acquiring waste-to-power and waste-to-fuels businesses.
Energy transition
Supplies HDPE and tubular products, with a proprietary method for lining steel production tubing.
Growth
Refinery with integrated carbon capture producing low-carbon-intensity ultra-low sulphur diesel; Longbow partially realized in July 2021.
Growth
Rents, leases, sells and services industrial natural gas and propane generators for energy, mining and construction.
Energy transition
Canadian energy company focused on the Clearwater play in northern Alberta.
Growth
Inline inspection services supporting pipeline integrity.
Growth
Low-carbon remote and mobile power generation for energy, mining and industrial users.
Energy transition
Chairman
Management Team
Co-founded Longbow with his wife Ruth in 1997 and has nearly 40 years of venture capital and private equity experience.
CFO & Chief Compliance Officer
Management Team
More than 25 years in finance, treasury, risk and tax in financial services; previously CFO of FirstEnergy Capital, including through its 2016 sale to GMP Capital. Calgary BComm, CPA, CA, CFA, ICD.D.
Managing Director
Management Team
Joined Longbow in January 2009 from Tristone Capital, a global energy investment bank where he was a Vice President in investment banking on more than $10 billion of advisory mandates. Acadia BBA (Honours), CFA.
Director
Management Team
Joined Longbow in 2018 from Parkland Fuel, where he was Director of Commercial Strategy after starting in corporate development; earlier a strategy consultant. UBC Sauder BComm (Honours).
Director
Management Team
Previously Financial Lead at KANATA Energy Group, a midstream company backed by Ontario Teachers', ARC Financial and Energy Spectrum, and before that an M&A Advisory Manager at Deloitte. Calgary BComm, CPA, CA, CFA.
Director
Management Team
Previously a Senior Investment Professional at IceLake Capital, an Amsterdam mid-market private equity firm, and earlier in investment banking at Nomura in Amsterdam and London. Rotterdam School of Management MSc, Mount Royal BBA, CFA.
Professional information only, drawn from official biographies and published reporting. BSO never lists private contact details.
Final close of Fund II, which has a North American mandate for growth-stage energy transition businesses.
CGF committed up to C$50 million alongside existing LPs BDC Capital and TD Bank Group.
Portfolio company Certarus, a compressed natural gas distributor, was sold to Superior Plus for $1.05 billion (as stated on Longbow's portfolio page).
No sourced transactions or people moves for this firm. BSO publishes a fact only once it can attribute it to a named source, so these stay off the page rather than being filled in from inference. If you know something published that belongs here, it is the fastest way to get it added.
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Canadian Business Journal (GlobeNewswire release by Longbow Capital) · Sep 3, 2025 · cbj.ca
Canada Growth Fund (Cision/Newswire) · Feb 6, 2025 · newswire.ca
Longbow Capital · Date unavailable · longbowcapital.com
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Longbow Capital · Date unavailable · longbowcapital.com
Bay Street Oracle · Oct 8, 2026 · intelligence.baystreetoracle.ca
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