Print Friendly, PDF & Email

Northern Shipping, a leading alternative c[ds_preview]apital provider, has completed a final closing for an new maritime fund with total investor commitments of 505 mill. $.

The oversubscribed maritime credit fund, managed by Northern Shipping, exceeded its initial target of 400 mill. $. The Fund received commitments from institutional investors including public and private pension plans and other institutions, as well as high net worth family offices and shipping executives.

Led by Sean Durkin and Sybren Hoekstra, the Fund will continue the strategy of originating, structuring and maintaining a diversified portfolio of investments within the maritime sector.

»We believe that a favorable investment climate exists for our alternative credit strategy as the maritime sector continues to suffer from the retrenchment of traditional lending from European banks,« said Sybren Hoekstra, Managing Partner of Northern Shipping.

Northern Shipping Fund III will offer loans and sale-and-leaseback services to small and middle-market companies. According to press reports, it will look for between 15 and 30 investments, ranging between 5 mill. $ and 50 mill. $. The funds were raised with the assistance of the private equity companies Eaton Partners and Manor Private Capital.

Only a few days ago, Oaktree Capital Management and Petros Pappas‘ Oceanbulk launched the new finance vehicle Meerbaum Capital Partners in order to finance ships or a fleet in amounts ranging from 5 mill. $ to 40 mill. $. Meerbaum will serve as an alternative lender to small- and medium-sized owners.