Barclays spins out natural resources unit in MBO

The new firm will focus on global commodities deals, excluding the US oil and gas upstream sector. GNRI holds 15 portfolio companies with $1.7bn in assets.

The deal sees the bank continuing to hold its existing investments, with GNRI administering the portfolio. Qatar's sovereign wealth fund also remains invested.

Mark Brown, who previously led the unit at Barclays, will act as CEO of the new firm. 

GNRI is not the first spin-out of a Barclays private equity arm. In 2011, mid-market buyout-focused Equistone was created through a management buyout from the bank.

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