Hull Street Energy has raised over $500 million for its first institutional fund. The fund’s limited partners include endowments and foundations, insurance companies, consultants, corporate pension plans, funds of funds and family offices. HSE targets middle-market power deals. Eaton Partners was the placement agent for the fundraising.
ROWAYTON, Conn., May 14, 2019 – Eaton Partners, one of the world’s largest capital placement agents and fund advisory firms and a wholly owned subsidiary of Stifel Financial Corp. (NYSE: SF), is pleased to have acted as the exclusive placement agent for Hull Street Energy’s (“HSE”) first institutional fund.
HSE exceeded 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 more than $700 million in aggregate for its current investment program.
In the wake of ongoing industry decentralization, HSE targets middle market power transactions allowing it to take advantage of opportunities that are generally too small for large energy-focused firms.
“We believe the capital markets play a significant role in shaping the power industry, and look forward to working with our investors, employees and customers to enhance the performance of the grid in a decarbonizing world,” said Sarah Wright, Founder and Managing Partner at Hull Street Energy LLC. “We are grateful to the team at Eaton Partners for helping spread our story to the investment community.”
Hull Street Energy was represented by Hogan Lovells as legal counsel to the Fund.
“It was our pleasure to work with one of the most successful and long-standing teams in the power industry”, said Jeff Eaton, Partner at Eaton Partners. “Collectively, the principals at Hull Street Energy have more than 100 years of energy industry experience, including a uniquely detailed knowledge of how regional U.S. electricity markets work, and a proven track record of executing transactions and maximizing the profitability of power assets through multiple commodity cycles. Congratulations on a successful fund raise.”
About Eaton Partners
Eaton Partners, a Stifel Company, is one of the world’s largest capital placement agents and fund advisory firms, having raised more than $100 billion across more than 125 highly differentiated alternative investment funds and offerings. Founded in 1983, Eaton advises and raises institutional capital for investment managers across alternative strategies – private equity, private credit, real assets, real estate, and hedge funds/public market – in both the primary and secondary markets. Eaton Partners maintains offices and operates throughout North America, Europe and Asia.
Eaton Partners is a division of Stifel, Nicolaus & Company, Incorporated, Member SIPC and NYSE. Eaton Partners subsidiary Eaton Partners (U.K.) LLP is authorized and regulated by the Financial Conduct Authority (FCA). Eaton Partners subsidiary Eaton Partners Advisors (HK) Limited is approved as a Type 1-licensed company under the Securities and Futures Commission (SFC) in Hong Kong. Eaton Partners and the Eaton Partners logo are trademarks of Eaton Partners, LLC, a limited liability company. ® Eaton Partners, 2019.
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. Hull Street Energy 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.
Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners business division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; Century Securities Associates, Inc., and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com.
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