North Hudson finalises fifth non-operated oil and gas fund
North Hudson Resource Partners, a Houston, US-based energy investment firm, has announced the final closing of its fifth non-operated oil and gas fund, Production Partners V.
The fund closed at its hard cap with $344m in equity commitments, including the general partner’s commitment, bringing the firm’s total assets under management to $1.4bn.
Production Partners V will target a broad range of non-operated acquisitions in the US and Canada, with transaction values ranging from $1m to more than $150m.
The fund’s strategy includes drilling partnerships with operators, joint-bid acquisitions with both public and private companies, and acquisitions of authorised for expenditure, acreage, minerals and proved developed producing assets.
North Hudson, potentially in collaboration with other affiliates, may also pursue larger-scale transactions.
Managing partner Mark Bisso said: “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.
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By GlobalData“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.”
Fortuna Operating will continue its partnership with North Hudson, managing the acquisition and development of assets across multiple North Hudson non-operated funds.
Over the past five years, North Hudson’s non-operated funds have acquired more than $1.3bn of assets and partnered with over 30 different operators on the development of their assets.
With Production Partners V, North Hudson aims to build upon the successes of its four previous non-operated funds.
Legal counsel for Production Partners V was provided by Kirkland & Ellis.
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