Hull Street Secures $2.2 Billion Fund as Power Sector Evolves
Hull Street Energy has completed the final close of its third investment fund, Hull Street Energy Partners III, raising $2.2 billion. The fund is designed to pursue strategic opportunities within North America’s rapidly changing power sector. This amount nearly doubles the size of its predecessor, Hull Street Energy Partners II, which secured $1.125 billion at its hard cap in March 2022.
Bethesda, MD-based Hull Street Energy surpassed its fundraising targets in roughly one year. It garnered support from a broad array of institutional investors, including foundations, insurance companies, pension plans, asset managers, and family offices.
The fund received $250 million from the New York State Common Retirement Fund and $150 million each from the New Mexico State Investment Council and the Florida State Board of Administration.
“In today’s power industry, we are all working to enhance sustainability while maintaining reliability, growth, and affordability,” said Sarah Wright, founder and managing partner of Hull Street Energy. “HSE deploys capital where it best advances this mission.”
Since its founding, Hull Street Energy has raised over $5 billion in equity and debt capital. Recent transactions include acquiring the Elwood Energy gas-fired plant near Joliet, IL, and four thermal power plants on Long Island from J-Power USA Generation, as well as selling its stake in Basin Creek HoldCo, a 53-megawatt facility in Butte, MT.
Campbell Lutyens acted as global placement agent for the fund, with DLA Piper serving as fund counsel.
