If you’re an energy executive watching the market right now, you’ve probably noticed something: Dallas-Fort Worth has become impossible to ignore. Private equity firms in the region are now managing more than $580 billion in assets. That’s not a typo. And it’s changing everything about how—and where—executive talent moves in this industry.
“What we’re witnessing in Dallas-Fort Worth isn’t just a momentary uptick—it’s a fundamental reshaping of where capital and talent converge in the energy industry,” said Jim Hickey, President Managing Partner at Perpetual Talent Solutions, Dallas-Fort Worth executive recruiters. “The executives who can navigate both traditional energy operations and the emerging transition landscape are commanding unprecedented attention from PE-backed portfolio companies.”
Let me break down what’s actually happening here. Because the implications for your career—whether you’re actively looking or just paying attention—are bigger than most people realize.
The Numbers Are Kind of Staggering
U.S. private equity deal value jumped 50 percent in the first half of 2025 compared to the same period last year. Fifty percent. And energy deals? They dominated. Four of the top ten transactions by size were in the energy space. Texas-based sponsors alone closed or announced over $13 billion in deals in the first half of 2025—up 19 percent from the year before.
The power sector has been especially hot. M&A activity hit $142 billion in 2025, nearly double what we saw the previous year. You’ve got Constellation picking up Calpine for $29 billion, NRG buying LS Power for $12.5 billion. These aren’t small moves. They’re massive bets on dispatchable power assets—and they need executives who can actually run these things.
“Energy executives with operational experience in both conventional and renewable assets have become the most sought-after candidates in our practice,” Hickey noted. “PE firms are building portfolios that span the entire energy spectrum, and they need leaders who can integrate diverse asset classes while maintaining operational excellence.”
Here’s the thing: if you can credibly talk about running a gas plant and a solar farm in the same conversation, you’re suddenly very interesting to a lot of people with a lot of capital.
Everyone’s Moving Here. Literally.
The executive hiring surge isn’t happening in a vacuum. Dallas-Fort Worth has become the top destination in the country for corporate headquarters relocations. According to CBRE research, the region pulled in 100 new corporate headquarters between 2018 and 2024. More than any other U.S. metro. In 2024 alone, 96 companies announced HQ moves nationwide, and Texas captured over 25 percent of all interstate relocations.
The total market cap of public companies based in DFW has doubled to $1.5 trillion. Financial services firms are expanding. Tech companies are setting up shop. Energy companies are consolidating operations here. It’s become this gravitational center that just keeps pulling more in.
“The corporate migration to Dallas-Fort Worth creates a multiplier effect for executive search,” Hickey explained. “Every relocated headquarters brings C-suite positions, and every PE-backed portfolio company acquisition triggers a leadership assessment. The demand for proven executives has never been higher.”
And honestly? That demand isn’t slowing down anytime soon.
What’s Happening in Energy (It’s Complicated—In a Good Way)
Private equity’s relationship with Texas energy keeps evolving. The traditional oil and gas money is still very much alive. EnCap Investments has managed $47 billion across 25 funds since inception. NGP, based in Irving, has raised $24 billion while positioning itself across both conventional E&P and energy transition plays.
But here’s where it gets interesting. Texas is the nation’s top producer of wind power and is rapidly expanding solar capacity. PE firms are funding utility-scale projects, acquiring stakes in renewable developers, financing clean energy tech. According to Winston & Strawn’s analysis, energy-transition strategies now account for more than 40 percent of capital raised by Texas managers since 2022. That’s a real shift.
And then there’s the data center wildcard. In July 2025, Energy Capital Partners, KKR, and CyrusOne formed a joint venture to build a 190 MW data center campus in Texas—the first piece of a $50 billion strategic partnership between ECP and KKR to support AI infrastructure. So now we’re talking about energy executives who also need to understand data center load profiles. The job descriptions are getting… creative.
What PE Firms Actually Want in an Executive
This is where it gets practical. The skill set that sponsors are looking for has changed. It’s not just about knowing energy anymore.
“The skill set that PE sponsors prioritize has evolved considerably,” Hickey observed. “Beyond technical energy expertise, they want executives who understand capital efficiency, can drive EBITDA improvement, and have the agility to execute rapid integration of acquired assets. Cultural fit with the PE ownership model is now as important as industry experience.”
Translation: Can you make things more efficient? Can you integrate an acquisition without everything falling apart? Do you get how PE ownership works—the timelines, the pressure, the metrics that matter? Because if you’ve only ever worked in slow-moving corporate environments, the adjustment can be… jarring.
The labor market reflects all this. Dallas-Fort Worth added 46,800 jobs year-over-year through May 2025, ranking second nationally for absolute job growth. Workers in the region now earn an average of $1,483 weekly—6.4 percent above the national average.
But here’s an interesting wrinkle: the professional and business services sector actually contracted. Companies are being more selective. So there’s this weird dynamic where experienced executives are available, but the competition for truly exceptional leadership talent remains brutal.
So What Does This Mean for You?
The outlook remains strong. There’s about $1.2 trillion in dry powder sitting nationally, waiting to be deployed. Exit activity is picking up. Middle-market deals—which make up 95 percent of all M&A activity—are especially active.
“For energy executives considering their next move, Dallas-Fort Worth offers an unparalleled concentration of opportunity,” Hickey concluded. “The combination of PE capital seeking deployment, corporations establishing regional headquarters, and the energy transition creating new business models means the demand for experienced leadership will remain strong for years to come. The executives who position themselves at this intersection of capital and industry transformation will define the next chapter of American energy.”
Look, I’m not saying everyone needs to relocate to Texas tomorrow. But if you’re thinking about where the action is—where the capital is flowing, where the deals are getting done, where the interesting problems are getting solved—it’s hard to make a case for anywhere else right now.
The executives who figure that out early tend to do pretty well.
