Houston’s North Hudson Resource Partners LP launched its inaugural credit fund, North Hudson Energy Credit Partners LP, the energy investment firm said Jan. 31 in a press release.
The credit fund will deploy $275 million of capital to support middle-market North American onshore oil and gas production companies. North Hudson is offering senior secured loans to refinance existing debt, finance acquisitions and fund development. North Hudson Energy Credit will primarily provide senior secured loans between $20 million and $50 million as well as flexible capital solutions for special situations.
Mark Bisso, North Hudson's managing partner, said that with the continued pullback by many capital providers in the oil and gas sector — in particular, commercial banks — “we are pleased to be able to provide solutions for companies seeking to achieve their strategic objectives.”
“The lack of capital available in the oil patch is even more acute for small and mid-sized operators, which is a serious impediment to responsible resource development,” he said.
North Hudson said it has more than $850 million of assets under management and through its private equity platforms own non-operated and operated oil and gas assets. Its current portfolio includes interests in over 4,500 wells primarily located in the Permian, Denver-Julesburg and San Juan basins and the Haynesville Shale.
Kirkland & Ellis served as legal counsel for North Hudson.