The energy sector is about to throw up a once-in-a-lifetime investment opportunity.
That is according to David Rubenstein, the billionaire cofounder and co-CEO of the alternatives giant Carlyle Group.
“Maybe the greatest energy investing opportunities we’ve ever seen” lie ahead, Rubenstein said December 9 at the Goldman Sachs Financial Services Conference in New York.
“Distressed debt is very popular right now.”
Carlyle has a series of funds dedicated to energy deals with more than $10 billion in dry powder, according to Rubenstein.
He thinks Carlyle has done a good job of biding its time, and said prices still haven’t reached a bottom. West Texas Intermediate crude oil dropped below $37 a barrel on Tuesday.
“We’re quite pleased with our willingness to hold back.”
His comments echo those of Oaktree Capital cofounder Howard Marks, who spoke at the same event on Tuesday and said that his firm was ready to catch falling knives.
“I think $37-dollar oil will present a lot of opportunities,” he said Tuesday. “I think $30 will present more.”
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