Oil and gas profits have risen as crude prices hover at high levels, but volatile profitability and a difficult political climate have created a split among the biggest private equity firms over whether investing in the sector is worth the headache.

Many public pension funds and funds that invest in private equity funds are putting pressure on their managers to stop supporting fossil fuel producers and invest more in cleaner energy sources. The boom and bust cycles of the energy market have also resulted in poor long-term investment returns.

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