Next Wave Energy Partners LP received up to $500 million in equity capital from Energy Capital Partners, the company said April 14. Next Wave’s senior management joined in the investment, the company added.

The money will support acquisition, development and operations of midstream and downstream petrochemical and fuel assets in the U.S. and Canada. Next Wave handles NGL toll processing and manufacturing, among other projects.

Next Wave’s founders Patrick Diamond, Michael Bloesch, Dan Fahey and Sean Diamond collectively have nine decades’ experience in energy, focused on midstream, petrochemicals and fuel value chains. Patrick Diamond is executive chairman; Bloesch is president and CEO; Fahey is vice president of engineering and technology. Sean Diamond is vice president of operations and commercial.

Previously, Patrick Diamond worked at Plains All American Pipeline LP and its predecessors. Bloesch worked at TPC Group; Fahey was site manager for an isobutylene production facility owned by Enterprise Products Partners LP, and also worked at TPC. Sean Diamond worked at TPC and Plains All American Pipeline.

Vinson & Elkins LLP advised Next Wave. Latham & Watkins LLP represented Energy Capital Partners.

Next Wave Energy Partners LP is based in Houston.

Energy Capital Partners is based in Short Hills, N.J.