Boyne Capital Doubles Down on Pilot Energy with Continuation Fund

MIAMI, FL – January 28, 2026 – In a significant strategic move highlighting a major trend in private equity, Boyne Capital has secured a new chapter for its portfolio company, Pilot Energy, through a single-asset continuation fund. The transaction extends the partnership that began in 2020 and injects substantial new capital to fuel the energy advisory firm’s aggressive acquisition and technology development strategy.

The deal, anchored by specialist secondary investor New 2nd Capital, allows Boyne to retain its stake in a high-performing asset while providing liquidity options for existing investors. The new fund, which will be managed by Boyne, is poised to accelerate Pilot Energy’s expansion as a technology-driven leader in the complex energy management sector.

A New Playbook for Private Equity Value Creation

The transaction is a textbook example of the growing prevalence of GP-led secondary deals, particularly single-asset continuation funds (SACFs). This financial tool has become a go-to strategy for private equity firms looking to extend their ownership of "crown jewel" assets beyond the typical 10-year fund lifecycle. In a market where traditional exits like IPOs and M&A have been muted, continuation funds offer a powerful alternative. They provide liquidity for Limited Partners (LPs) who wish to cash out, while allowing both the General Partner (GP) and rolling-over LPs to participate in the company's next phase of growth.

Industry data underscores this shift. GP-led secondary transactions have surged, accounting for roughly half of the secondary market's total deal value in recent years. Single-asset vehicles, like the one created for Pilot Energy, are the primary driver of this trend, comprising over 50% of all GP-led deals in 2024. This structure allows a GP like Boyne Capital to avoid a premature sale of a company it believes has significant untapped potential, instead recapitalizing it for a "second bite of the apple."

For Pilot Energy, the continuation fund means continued access to institutional capital and the strategic guidance of a familiar partner. For Boyne Capital, it represents a vote of strong confidence in Pilot’s management and market position. Derek McDowell, Managing Partner of Boyne, commented on the partnership's success, stating, "The management team has not only excelled but has set a new standard for excellence, and we have strong confidence in their ability to further develop Pilot into a world-class organization." He also credited Boyne's internal operations and recruitment teams for providing the support necessary for Pilot to "scale quickly and efficiently."

Powering an Aggressive Expansion Strategy

Since Boyne's initial investment in 2020, San Diego-based Pilot Energy has carved out a significant niche as a tech-enabled energy advisory and management platform. The company provides procurement advisory and utility billing services for commercial, industrial, and community choice aggregation (CCA) clients, helping them navigate volatile energy markets to reduce costs and mitigate risk.

Pilot’s success is built on a multi-faceted approach that combines deep market expertise with a sophisticated, proprietary technology suite for reporting and analytics. This allows the firm to offer clients custom-tailored strategies and a level of transparency that distinguishes it from traditional utility suppliers or energy brokers.

The company has already demonstrated a successful track record of growth through acquisition. In December 2021, Pilot acquired Trebel Energy, expanding its footprint into Ohio and strengthening its services for municipal aggregation clients. More recently, in April 2024, the firm acquired Worthington Energy Consultants, another Columbus, Ohio-based group, further solidifying its presence in key deregulated markets like PJM Interconnection.

This new infusion of capital from the continuation fund is explicitly intended to accelerate this M&A strategy. The company is now armed with the resources to pursue rapid acquisitions, integrate new partners onto its platform, and continue its aggressive expansion. Zaheer Dhruv, CEO of Pilot, expressed his enthusiasm for the path ahead. "I am thrilled to continue leading and building this platform alongside Boyne, whose partnership has been instrumental in our success," he said. "Our continued access to institutional capital...empowers us to further grow the business and explore new opportunities."

A Strategic Alliance for the Future

The structure of the deal underscores a strong alignment between the private equity sponsor, the company's leadership, and the new lead investor. The involvement of New 2nd Capital, a firm specializing in middle-market GP-led secondaries with $2.4 billion in assets under management, serves as a powerful validation of the strategy. As the anchor investor, New 2nd Capital provides not only capital but also deep expertise in this specific type of transaction.

Clay Cole, a Partner at New 2nd Capital, highlighted the firm's confidence in the venture. "We are thrilled to support Pilot's next phase of growth alongside Boyne. The Company's impressive track record of innovation and strategic expansion has positioned it as a differentiated and scaled player in the energy advisory and management sector," Cole commented. He added, "This partnership underscores our confidence in Pilot's ability to continue delivering exceptional value to its customers and stakeholders, and we look forward to being part of its continued success story."

This collaborative backing provides Pilot Energy with a stable and long-term foundation. The company plans to make ongoing investments not only in M&A but also in its core platform, its team, and its customer-facing technology. By continuously enhancing its integration and analytical capabilities, Pilot aims to solidify its position as a best-in-class service provider for its clients and a supportive platform for future business partners. The transaction was advised by William Blair as the exclusive financial advisor, with McDermott Will & Schulte LLP serving as legal advisor to Boyne and Ropes & Gray LLP advising New 2nd Capital.

Navigating a Dynamic and Demanding Market

The investment in Pilot Energy comes at a critical time for the energy sector. Commercial and industrial businesses face a dizzying array of challenges, from volatile commodity prices and complex grid dynamics to evolving regulatory landscapes in deregulated markets. In this environment, the demand for expert, independent energy advisory services has never been higher.

Companies like Pilot Energy provide essential guidance, helping clients develop sophisticated procurement strategies that go far beyond simply finding the lowest price. They analyze usage patterns, forecast market trends, and manage risks associated with price fluctuations, ultimately enabling businesses to gain control over one of their most significant operational expenses. The ongoing push toward sustainability and corporate environmental goals adds another layer of complexity, further increasing the need for strategic energy management that can incorporate renewable sources and optimize consumption.

Pilot’s technology-forward approach is designed to address these modern challenges directly, offering clients the data and analytics needed to make informed decisions. With its fresh capitalization and a proven strategy for both organic and inorganic growth, Pilot Energy is well-positioned to capture a larger share of this expanding market and help more clients navigate the complexities of the evolving energy landscape.