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Energy - MAY 15, 2019

Family offices invest in $700m North American power sector fund

by Released

Hull Street Energy (HSE) has held a final close, raising $700 million for it Hull Street Energy Partners I.

The fund exceeded its fundraising target of $500 million. It will 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.

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.

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.

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