Chicago billionaire buys into Houston energy joint venture

An investment firm backed by Chicago billionaire Sam Zell has bought into Los Angeles-based Colony Capital Inc.’s (NYSE: CLNY) energy arm.

The deal creates a Houston-based joint venture — called Alpine Energy Capital — between Colony and Zell’s Chicago-based Equity Group Investments to invest in the upstream oil and gas business, particularly at the asset level, Alpine said in a press release. Prior to the deal, Alpine was called Colony HB2 and handled Colony’s energy investments.



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