OFFSHORE MERCHANT PARTNERS COMPLETES FUNDRAISING FOR THE OFFSHORE MERCHANT PARTNERS ASSET YIELD FUND
Offshore Merchant Partners ("OMP"), established and owned by HitecVision, is pleased to announce the completion of the fundraising for its Asset Yield Fund with USD 381 million in commitments, exceeding the target of USD 300 million.
OMP has received commitments of USD 381 million for its Asset Yield Fund (the "Fund") from a diversified and global investor base comprising pension funds, financial institutions, and family offices.
The completion of the fundraising for the first Fund is an important milestone for OMP’s strategy to become a leading financing provider to the offshore oil & gas industry.
The Fund is targeting privately negotiated long-term credit financing solutions for modern, high quality, standardised assets in the offshore oil & gas industry. Target investments will typically be between senior debt and core equity in the capital structure. The objective of the Fund is to build a diversified portfolio of cash-yielding investments, with long-dated, stable total return.
The Fund has to date invested about 20% of the Fund in multiple modern offshore assets through leveraged leases, preference equity and junior debt structures, most recently a sale & leaseback transaction with Petroleum Geo-Services ASA.
Commenting on the closing of the Fund, the Chairman of OMP and Senior Partner at HitecVision, Alf C. Thorkildsen said "Despite the challenging offshore markets, the successful completion of the fundraising illustrates that the investors, including HitecVision with its commitment to OMP and the Fund, have strong conviction in the OMP team’s ability to create long term value."
Adding to Mr. Thorkildsen, CEO Carl Petter Finne said "Many of the offshore oil & gas companies are faced with limited access to capital as a result of more restrictive banks and capital markets practically being closed. OMP provides the industry with long-term capital solutions. We have seen a solid increase in interest for privately negotiated transactions during this year, and expect activity level to remain high going forward. We focus on being a provider of sustainable financial solutions to the benefit of all stakeholders in the companies we do business with."
About Offshore Merchant Partners
Offshore Merchant Partners is an independent specialty finance company providing financing solutions to the global oil & gas related offshore asset markets. The company offers bespoke long-term credit financing solutions primarily through sale-leaseback structures and junior debt instruments, drawing on more than 130 years of combined relevant industrial and financial expertise in the team.
Offshore Merchant Partners is headquartered in Oslo and presently employs ten professionals with significant sector-specific expertise and relationships with leading companies and institutions globally. Offshore Merchant Partners is structured as a portfolio company of HitecVision VI L.P.
HitecVision is Europe’s leading private equity investor focused on the upstream offshore oil and gas industry. HitecVision is headquartered in Stavanger, the center of the Norwegian oil and gas industry, and has offices in Oslo and Houston. Since 1994, HitecVison have invested in, acquired or established more than 150 companies (including add-on acquisitions). HitecVision manages five private equity funds with a total committed equity base of USD 5 billion.
Alf C. Thorkildsen – Senior Partner in HitecVision and Chairman of Offshore Merchant Partners
Tlf: +47 977 50 833
Carl Petter Finne – CEO of Offshore Merchant Partners
Tlf: +47 97 04 69 27
Oslo, 9th December 2015