US alternative financier Hudson Structured Capital Management (HSCM) has raised $719m for its latest shipping vehicle, marking the Connecticut-based firm’s largest maritime fund to date.
The new fund, Hudson Northern Shipping Fund V (HNSF V), exceeded its $700m target, underscoring continued investor appetite for ship finance outside traditional banking channels.
Based in Stamford, HSCM said the fund will primarily invest in senior loans and capital leases secured by vessels, targeting opportunities across the blue-water shipping market. The investor base includes a mix of public pension plans and insurance companies, with both new and returning backers participating in the round.
As part of the offering, HSCM structured a rated note feeder vehicle for the fund — capitalised through the issuance of notes, most of which were granted investment-grade ratings by an independent agency.
“The final closing of HNSF V reflects a major milestone for the Hudson Northern Shipping strategy, as it is our largest fund vintage to date,” said Jason Braunstein, co-chief investment officer at HSCM, adding: “Demand for non-bank lending has continued to grow, and we are excited to have broadened our investor base to meet that need.”
Managing partner Michael Millette noted that the new note vehicle “allows fresh investors to access this lightly correlated sector,” helping diversify capital sources for the maritime industry.
