BlackGold Capital Management Raises $165M For Second Private Energy Credit Fund

Nov 1 2017 | 9:31pm ET

BlackGold Capital Management has raised $165 million in capital commitments for its second private energy credit fund.

The new fund, BlackGold Private Energy Partners II, will primarily invest in credit-oriented securities of companies in energy and energy-related industries, the company said in a statement. It will also participate in direct lending, invest in private and illiquid securities and other special situation opportunities in the energy markets.

“This new private structure fund is a significant milestone for our firm,” said Erik Dybesland, managing partner of BlackGold, in a statement. “This new partnership provides us with additional resources to take advantage of the attractive market for energy credit and to deliver strong risk-adjusted returns for our partners.”

Fund II secured commitments from strategic institutional investors with global operations spanning the U.S., U.K., Europe, Asia, and Latin America, the statement added. 

BlackGold’s platform invests across the entire capital structure of energy companies, in both public and private markets, focused primarily on North American upstream, midstream, and oilfield service sectors.  The firm also leverages its industry expertise by adding value to companies seeking capital solutions, debt re-financings or balance sheet restructurings.

Evercore Group LLC served as a placement agent for Fund II and Akin Gump LLP provided legal advice.

Founded in 2006, BlackGold is focused on opportunistic catalyst-driven investments in the energy industry. The company manages $1.2 billion in capital across its investment platform, which includes public and private commingled strategies as well as managed accounts. KKR owns a 24.9% passive minority interest in the firm. 

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