Hull Street Energy closes first institutional fund

Hull Street Energy has reached the final closing of Hull Street Energy Partners I, L.P. (the Fund), exceeding its fundraising target with over US$500 million of capital commitments, including parallel funds and co-investment vehicles, to invest in the North American power sector as the grid evolves to a more sustainable footprint. 

HSE received strong interest from a diverse, highly regarded group of institutional investors that includes endowments and foundations, insurance companies, leading consultants, corporate pension plans, funds of funds and family offices.  Including existing supplemental co-investment allocations, the firm has sourced a total of over US$700 million for the Fund's investment program. 

HSE was established to target middle-market power transactions, allowing it to take advantage of opportunities that are generally too small for large energy-focused firms.  As the U.S. industry continues to decentralize over the coming decades, it is expected that the number of such opportunities will increase.   

HSE is composed of a veteran investment team, including Sarah Wright, Michael Booth, Mark Orman, Matthew Willis, Steve Morris, and David Meeker, many of whom originally worked together as a result of a joint venture that was established by Goldman Sachs and Constellation Energy Group in 1997.  The firm is differentiated by its deep understanding of local and regional physical electricity markets and grid operations, and a highly quantitative approach to evaluating and managing power sector assets.

Concurrent with fundraising, the Fund, and its investors acquired 21 power plants in the Northeast, Mid-Atlantic, and the Midwestern United States, including renewable and strategically positioned gas, fired power plants, which are managed through the Fund's portfolio companies Central Rivers Power and Milepost Power Holdings.

Eaton Partners served as global placement agent for the Fund and Hogan Lovells served as fund counsel.