Hull Street Energy Closes First Institutional Fund
BETHESDA, Md., May 14, 2019-- Hull Street Energy, LLC ("HSE") announced the final closing of Hull Street Energy Partners I, L.P. (the "Fund"), exceeding its fundraising target with over $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 $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 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.
About Hull Street Energy: Hull Street Energy is a private equity firm that acquires, optimizes and grows middle market power businesses through the application of industry-leading risk management, efficiency enhancements and contract structuring. HSE was established by a team with extensive, long-standing expertise in the power industry. They bring a unique combination of deep technical and commercial knowledge of the electricity industry and top-tier financial investment expertise to the firm's investment activities. Headquartered in Bethesda, Maryland, the team leverages its decades of experience and unique knowledge of North American electricity infrastructure, including fuel inputs, renewable and fossil powered generation assets, transmission and distribution systems, and electricity demand-side businesses to build value for our investors and stakeholders. For further information about Hull Street Energy, please see www.hullstreetenergy.com.
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