Private equity doubles down on risky LNG tankers
May 1, 2026
Private equity firms back high-emitting LNG tankers, some face geopolitical risk
In April 2026, 60 private equity-backed liquefied natural gas (LNG) tankers were identified and added to The Private Equity Climate Risks Global Fossil Fuel Asset Tracker. LNG tankers, also known as LNG carriers, are the “pipelines of the sea” and a critical part of the global gas supply chain. LNG tankers have a significant emissions footprint, with a single carrier emitting nearly 370 million tonnes of CO2 equivalent over the course of its 30-year lifespan; this is equivalent to the emissions of 86 million gas cars driven in a year. In addition to the environmental impacts of LNG tankers, some of the private equity-backed assets are exposed to the turmoil in the fossil fuel shipping industry and are near high-security risk locations tied to the recent conflict between the United States, Iran, and some of the surrounding countries.
Forty-nine of the LNG tankers identified in the asset tracker are active and transporting LNG around the globe, with private equity firm Stonepeak Infrastructure Partners backing the vast majority, 46, through its portfolio company, Seapeak. Three of Seapeak’s LNG tankers, Al Daayeen, Seapeak Bahrain, and Seapeak Methane, face high geopolitical security risks due to their recent proximity to the volatile military and trade route conflict in the Strait of Hormuz.
Private equity firms Apollo Global Management and ArcLight Capital also each invest in LNG tankers, with Apollo backing five active tankers through its portfolio company Energos Infrastructure Management. Energos Infrastructure also owns and operates nine Floating LNG Storage and Regasification (FRSU) assets in various parts of the world. ArcLight has investments in two LNG tankers, through its joint venture with Celsius Tankers, that are in the process of being built.
Please explore the list of private equity-backed LNG tankers here.
Stonepeak’s Big Bet on Gas
Stonepeak Infrastructure Partners is a U.S.-based private equity firm with $84 billion in assets under management (AUM) and a focus on infrastructure investments around the world. Stonepeak acquired Teekay LNG in 2022 through a public-to-private leveraged buyout (LBO) for $6.2 billion, and rebranded to Seapeak upon completion of the deal. While Stonepeak does back several renewable energy companies, Seapeak is one of nine fossil fuel companies in Stonepeak’s energy portfolio. Through the firm’s investment, alongside private equity firm Brookfield, in InterEnergy, Stonepeak backs 551 MW of gas-fired power plant capacity between four power plants in the Caribbean. Stonepeak is also invested in the natural gas Key Access Pipeline System (KAPS) in Canada and Pelican Pipeline, which is under construction in Louisiana.
Some institutional investors with recent and repeated capital commitments to Stonepeak funds are, Oregon Public Employees Retirement System (OPERS), Maine Public Employees Retirement System (MainePERS), California State Teachers’ Retirement System (CalSTRS), Orange County Employees’ Retirement System (OCERS), and Maryland State Retirement and Pension System (MD SRPS).
