German asset manager MPC Capital has teamed up with Norwegian investor Morten Astrup’s Storm Capital Management to launch a new shipping investment platform, kicking off with a $35m first close.
The platform, dubbed MPC Storm Maritime Opportunities (MSO), has secured backing from a small group of seasoned maritime investors and is targeting more than $70m in total commitments. Capital will be deployed across multiple shipping segments, with a bias towards modern second-hand tonnage.
MSO is set up to pursue opportunities in dry bulk, tanker, container and offshore shipping, with exposure ranging from spot market trading through to long-term chartered assets. Typical ownership stakes are expected to range between 20% and 50%, supported by conservative financing structures.
Storm Capital founder Astrup said the platform gives him a scalable base for shipping investments across the cycle.
“I have been looking for a solid platform for my shipping investments and have found it in MSO,” Astrup noted. “MPC Capital is a highly reputable maritime industrial partner, and together we are creating a differentiated platform to capture attractive opportunities.”
MPC Capital chief executive Constantin Baack (pictured) said the partnership builds on the group’s experience structuring maritime investments alongside industrial partners.
“With Storm Capital, we are taking the next step in institutionalising and scaling our approach,” Baack said, adding that MSO is designed to grow through additional investors and a widening pipeline of assets.
The first close was anchored by a club of maritime investors, including Klaveness Marine, Portline and Uthalden. Both MPC Capital and Astrup have also committed significant co-investment alongside external backers.
The platform is targeting a net internal rate of return of around 15% per year, alongside running yield depending on asset structure. MSO is currently structured as a private partnership and is expected to transition to a Luxembourg-regulated vehicle at the second close.
