Top energy PE funds

In my opinion, if focused on energy IB in Houston, there are two logical reasons that one would turn down Jefferies

1) you know that you will struggle with the culture/workload (although any other top group will likely only be marginally better)

2) you want a brand name that can help you recruit for jobs outside of energy (Evercore comes to mind)

TPH (arguably) has a better culture than Jefferies if you are interested in staying in energy long-term. Don't really think anyone that is well informed is choosing Intrepid over Jefferies unless you have personal connections and/or vibe well with the culture there like the previous poster alluded to. Jefferies has also been making a foray into the energy transition space, which should broaden the experience for an analyst who can manage the office politics well enough to get *some* exposure.  The top analysts from GS/MS/JPM/Citi/CS should also have an easier time recruiting for roles outside of energy than some of the other large groups in Houston.

To answer the OP's other question regarding energy PE funds themselves -

First Reserve and Riverstone were strong brand names (historically) but are not places that you want to be targeting as an aspiring PE Associate if you can help it. There are still some very smart people at those shops but they are likely in some way entrenched due to their individual situations (especially if VP and up) and would most likely tell you the exact same thing if they were to give impartial advice. The returns just haven't been there over the last decade... 

NGP is in a bit of a state of flux right now. They are pushing their energy transition mandate pretty heavily but still have some sizable oil and gas investments/platforms that will likely be around for the foreseeable future. They can still raise money for traditional energy, but as an outsider, it remains to be seen where they end up going with things in the mid-to-long term.  I view EnCap in a similar light to NGP.  They will definitely still find ways to raise money for traditional O&G (and have actually really had to lean in to try to deploy the dry powder from their most recent fundraise) but are also heavily focused on diversifying into renewables.  Both funds should provide a solid Associate experience but your long-term prospects (and upward mobility) at both funds will be predicated on if they are successful in implementing their ET strategies or the wholesale return of traditional energy investing (remains to be seen if this will happen).  If the latter happens, my sense is that both of these Texas-based funds will likely be more inclined to leg back in before the NYC-based MF groups do.

Quantum has probably done the best in traditional energy investing over the last 5 or so years. They still have dry powder and can definitely raise more. They've also done a solid job of supplementing their traditional platform with investments in "energy tech" and energy transition. Working there should also provide a solid learning experience but will be far sweatier than First Reserve, Riverstone, or NGP/EnCap.  

Apollo and Blackstone are pretty much gung-ho on shifting the focus of their current "traditional" energy PE groups to investing primarily in energy transition.  Warburg has publicly said more of the same, however, they do have a few legacy platform deals in O&G that will likely require more management and selective supplemental investment over the near-to-medium term.  Pretty sure KKR is headed in the same direction. They just finished the arduous, years-long process of effectively rolling up the lion's share of their E&P portfolio through the Contango/Independence transaction.  Carlyle and Bain Cap have hardly played in the space as of the last couple of years, and if they have, it has been through joint ventures or with an infra or special situations twist.