About Us


Rice Investment Group (RIG) is a multi-strategy investment fund backed by the Rice family. The Rice brothers founded Rice Energy, an Appalachian Basin focused natural gas operator that later merged with EQT Corporation to form the largest natural gas producer in North America. RIG invests in all verticals of the energy sector and focuses on situations where its technical, operational, and strategic expertise can add shareholder value. The team has also sponsored two SPACs, Rice Acquisition Corp I (combined with Archaea Energy and Aria Energy, later sold to bp for $4bn) and Rice Acquisition Corp II (combined with NET Power for $1.5bn, NYSE: NPWR).

Track Record

Multiple Sector-Defining Companies

The partners of RIG built Rice Energy and Rice Midstream from scratch into a $10bn enterprise. In 2017, EQT acquired Rice Energy creating the largest natural gas producer in the U.S. We generated a 30x return for our initial investors and Rice Energy outperformed its natural gas peers by 95% during its time as a public company.

In 2019, the Rice Team conducted a shareholder campaign to elect a new majority slate of directors to EQT’s board. Over 80% of EQT’s shareholders voted to install our director nominees. The Rice Team, working with the EQT board and management, executed on a 100-day plan to transform EQT into a peer leader. Toby Rice currently serves as CEO of EQT.

RIG led the seed investment in Archaea Energy in 2019. In 2021, Rice Acquisition Corp. combined with Archaea Energy and Aria Energy to create the industry-leading renewable natural gas platform. In 2022, Archaea was acquired by bp (NYSE: BP) for $26 per share in cash, or a total enterprise value of approximately $4.1 billion, generating a >2.5x ROI for SPAC IPO investors and >10x ROI for seed investors.

In 2023, Rice Acquisition Corp. II combined with NET Power (NYSE: NPWR) to accelerate clean natural gas power generation. The transaction capitalized NET Power with >$650 million including $135 million from the Rice family. Danny Rice joined NET Power as CEO and Kyle Derham serves on the Board of Directors.


What Sets Us Apart

RIG is the only multi-strategy fund run entirely by executives of the shale generation. We understand start-ups and how to deploy technology to efficiently scale businesses. Our deep technical understanding of upstream economic drivers has translated into compelling and durable investments across the energy ecosystem. Certain of our team members currently serve in operating roles, demonstrating elevated commitment to shareholder value creation.