North Hudson Resource Partners, a Houston-based energy investment firm, announced the final closing of its fifth non-operated oil and gas fund, North Hudson Production Partners V LP. The fund closed at its hard cap with $344 million in equity commitments, including the general partner’s commitment. This closing brings the firm’s total assets under management to $1.4 billion.
This fund will target a broad range of non-operated acquisitions in the U.S. and Canada, ranging from $1 million to over $150 million. These transactions are expected to include drilling partnerships with operators, joint-bid acquisitions with both public and private companies, and acquisitions of AFEs, acreage, minerals, and PDP assets. This fund may also target larger-scale transactions.
North Hudson is continuing its successful partnership with Fortuna Operating, who manages the acquisition and development of assets across multiple North Hudson non-operated funds.
In the past five years, North Hudson’s non-operated funds have acquired $1.3+ billion of assets and collaborated with over 30 different operators on the development of their assets. North Hudson believes Production Partners V presents an opportunity for North Hudson to look to build upon the successes of its four prior non-operated funds.
Counsel: Kirkland & Ellis LLP served as legal counsel for Production Partners V.
KEY QUOTE:
“We are grateful for the continued support of our investors and our operating partners as we seek to deploy capital in a creative, low-risk approach to oil and gas investment. We believe our significant asset base, which includes over 1,600 horizontal non-operated wells, in addition to our transaction history and network, have made us an effective partner for operators and working interest owners seeking a partner to enhance their assets. We look forward to continuing to expand those relationships.”
Mark Bisso, Managing Partner
