Breakwall Capital, an independent energy-focused asset management firm, announced the initial close of $125 million for its flagship vehicle, Breakwall Energy Credit Partners Fund (BEC I). The fund will provide senior secured first lien direct lending to companies operating across energy infrastructure, infrastructure services, and the energy transition subsectors, supporting both conventional and next-generation energy businesses.
The close marks a significant milestone for Breakwall, which was formed in January 2024 following the spinout of the managing partners and co-founders of Riverstone Credit Partners into an employee-owned firm. The newly independent team assumed sub-advisory responsibilities for the legacy Riverstone credit vehicles and established a strategic partnership with Vitol, one of the world’s largest energy trading firms. Together, they have launched Valor Upstream Credit Partners and are developing Valor Mining Credit Partners, expanding Breakwall’s platform to cover a broader range of energy and natural resource investments.
BEC I aims to address a growing gap in energy finance by providing customized, asset-based lending solutions at a time when many traditional financing markets and generalist lenders have scaled back exposure to the sector. The fund’s strategy is designed to facilitate growth, modernization, and sustainability across the energy ecosystem — from conventional fuel operators to renewable and emerging clean-energy innovators.
The fund’s first close was anchored by institutional investors, including New Mexico Educational Retirement Board (ERB). Its early portfolio includes two cornerstone investments:
- A Green Loan to Silfab Solar (November 2024), and
- A First Lien Sustainability-Linked Loan to Alliance Energy Services (April 2025).
Both transactions were initially financed through a $250 million warehouse facility provided by a top-tier asset management and advisory firm, alongside strategic co-investment partners. Portions of these deals will be transferred to BEC I in accordance with fund concentration limits.
Since its founding, Breakwall Capital has executed over $1.4 billion in new deal activity, underscoring its strong origination capabilities and deep industry relationships. The firm has also realized more than $725 million in returns from legacy Riverstone credit vehicles, demonstrating consistent portfolio performance.
The firm’s team has grown from five to 12 professionals across offices in New York, Texas, and Rhode Island, with a pipeline exceeding $650 million in actionable direct lending opportunities. Breakwall expects to complete fundraising for BEC I at $500 million by 2026.
Support: Latham & Watkins served as legal counsel to Breakwall Capital for the transaction.
KEY QUOTE:
“The formation of Breakwall and the first close of BEC I reflect the strength of our relationship, solidified over the last two decades, and the foundation we have built to support middle-market and developing-energy companies while driving returns for our investors. It is also a testament to the conviction of both longstanding investors and new LPs partnering with us on our inaugural fund. Our vision is to build an employee-owned credit investment platform that is the lender of choice for borrowers innovating and driving the energy future. This close marks a significant step toward achieving this vision. We are grateful for our team and investors; with their trust and support, we will continue to address the significant demand for capital and investment opportunity presented by an evolving energy ecosystem and play a meaningful role in responsibly financing future energy needs.”
Christopher Abbate, Jamie Brodsky, and Daniel Flannery, Managing Partners, Breakwall Capital LP
