Market updates and sector developments

Riverstone Holdings co-founders have launched a new independent energy focused asset-manager, Breakwall Capital, dedicated to supporting energy companies through the complexities of the energy transition. The new firm will be led by Riverstone co-founders and colleagues of close to 20 years, Christopher Abbate, Jamie Brodsky and Daniel Flannery.

Breakwall will support conventional, renewable and ‘next generation’ energy companies in meeting the rising demand for energy while simultaneously reaching and advancing on global decarbonisation targets. The team will also manage the Riverstone and Vitol collaboration, Valor Upstream Credit Partners, which makes structured credit investments in upstream oil and gas companies in North America.

The new venture will remain centred on the same principle as Riverstone of supporting energy companies across the energy value chain, and will continue to focus on short duration, first lien senior secured loans to middle-market and developing energy companies. Investments will be sought in the following areas: increasing efficiency, sustainability, and decarbonisation of energy infrastructure; waste-to-value and the circular economy; next generation fuels and the electronification of transport; the stabilisation of the power grid; and responsibly sourced natural resources.

With offices in New York, Rhode Island, and Houston (led by md Walt Hughes), Breakwall will continue to support former partners at Riverstone on the winding down of all existing Riverstone Credit vehicles.

Claudia Lewis