The energy transition debate typically frames fossil fuels against renewables as an either-or proposition. Leopoldo Alejandro Betancourt López sees a different future.
The international investor who built his fortune across energy infrastructure projects believes natural gas will bridge the gap between today’s carbon-intensive economy and tomorrow’s clean energy ambitions and he’s positioning his portfolio accordingly.
Leopoldo Alejandro Betancourt López on Natural Gas Dominating the Next Energy Cycle
“I think gas is the future, if you ask me, more than solar,” Betancourt López stated during an interview about emerging energy opportunities.
“I think we’re shifting, we’re not going to get away from hydrocarbons completely, we’re going to shift more into gas than oil.”
This perspective aligns with broader private equity trends, as firms committed over $27 billion to energy-focused funds in 2024 and early 2025, with major players like Blackstone acquiring gas infrastructure assets for billions.
Clean Relative to Competitors
The investment thesis that Leopoldo Alejandro Betancourt López articulates for natural gas rests partly on its environmental advantages over other fossil fuels.
“It’s much cleaner, it’s much more efficient, and there’s plenty of gas in the world,” he observed.
Natural gas produces approximately 50% less carbon dioxide than coal when burned for electricity generation, making it attractive to governments seeking emissions reductions without sacrificing energy security.
Infrastructure conversion from oil to gas offers another pathway for returns. Industrial facilities, power plants, and transportation networks originally designed for liquid hydrocarbons can often be retrofitted for natural gas at modest capital costs.
This transition captures immediate efficiency gains while positioning assets for potential future conversion to hydrogen or other clean fuels as technologies mature.
Leopoldo Alejandro Betancourt López’s energy sector background, including his early career roles at companies specializing in oil exploration and his leadership of engineering firms building power plants, provides technical understanding of gas infrastructure requirements.
“Any technology or infrastructure that can transport gas or make it available for power generation in a more efficient way is going to be a winner in the coming years,” he predicted.
The liquefied natural gas (LNG) market exemplifies these dynamics. Global LNG trade reached 404.9 million tons in 2023, with capacity additions continuing through 2025 as new export terminals come online.
Investment opportunities span the value chain from upstream production through liquefaction facilities, specialized tankers, regasification terminals, and distribution networks.
Each segment offers distinct risk-return profiles that sophisticated investors like Betancourt López can optimize within broader portfolio strategies.
Private equity firms recognize these opportunities. EnCap Investments raised $6.4 billion and Quantum Capital Group secured $10 billion in late 2024, while Pearl Energy Investments closed on $999.9 million in February 2025.
These funds target midstream infrastructure and gas-fired generation assets that benefit from long-term contracts and regulated returns.
Policy Shifts and Market Reality
The changing political environment adds complexity to energy investment decisions that Leopoldo Alejandro Betancourt López acknowledges while maintaining his gas-focused thesis.
“With the new Trump administration, we’ll see what’s going to happen, but I think those subsidies and incentives are going to not be as prominent as they were with the last administration,” he noted regarding renewable energy support.
This policy uncertainty reinforces his preference for gas investments that generate returns through market fundamentals rather than government subsidies.
Regulatory frameworks increasingly recognize natural gas as a transition fuel deserving different treatment than coal or oil.
The European Union’s taxonomy for sustainable activities includes gas-fired power generation under specific conditions, enabling institutional investors with environmental mandates to participate in gas infrastructure financing.
This classification expands the potential investor base for gas projects beyond traditional energy-focused funds.
Geographic considerations influence Leopoldo Alejandro Betancourt López’s investment outlook.
“If I had to bet on something that will be a winner, it’s the gas industry, because the gas industry has attractiveness, it’s cleaner than oil, it’s something that fulfills the energy demands for electric generation,” he explained.
Regions with established pipeline networks possess advantages over those requiring new transportation infrastructure, creating location-specific investment opportunities.
The data center boom exemplifies unexpected demand drivers for gas-fired generation. Artificial intelligence computing requirements have created an electricity demand growing faster than renewable capacity additions.
Major technology companies, despite renewable energy commitments, increasingly rely on gas plants to power facilities requiring 24/7 reliability.
This disconnect between corporate sustainability goals and operational requirements creates investment opportunities for pragmatic capital allocators.
Leopoldo Alejandro Betancourt López’s perspective reflects broader realities about energy transitions occurring over decades rather than years.
“Renewable energy depends a lot on subsidies or regulation. Either or both,” he observed, highlighting the economic challenges facing alternatives to gas.
His investment philosophy examining where value emerges in industry chains and positioning ahead of shifts suggests natural gas infrastructure will generate substantial returns as the world gradually decarbonizes.
The gas-centric strategy that Betancourt López advocates challenges both fossil fuel absolutists and renewable energy purists.
Yet his track record of identifying value chain transitions before competitors, from accumulating Spanish ride-sharing licenses to building African banks, suggests his natural gas thesis deserves serious consideration from investors seeking exposure to the evolving energy sector.
