Breakwall Capital LP , an independent asset management firm specializing in the energy industry, and Vitol, a leader in energy and commodities, announced today the closing of Valor Upstream Credit Partners II, L.P. (“VCP II”).

The closing of VCP II follows the full deployment of Breakwall and Vitol’s inaugural partnership, Valor Upstream Credit Partners, L.P., which invested more than $1 billion of capital in just over a two-year period. VCP II pursues a strategy consistent with its predecessor, seeking to make structured credit investments in North American upstream oil and gas companies. The Fund primarily targets event-driven financing opportunities, including debt refinancing, acquisition financing, and development capital, providing companies with flexible capital solutions to accelerate growth and enhance shareholder value.

VCP II is managed by Breakwall, which has an established track record of successfully investing credit capital across the energy and energy-adjacent value chains and supporting the growth and improvement of conventional, renewable, and next-generation energy companies.

VCP II represents the third energy-focused credit partnership between Breakwall and Vitol. In July 2025, the firms announced the closing of Valor Mining Credit Partners, L.P., which focuses on credit investments in mining companies across the Americas and has invested nearly $500 million since inception.

Christopher Abbate, Jamie Brodsky, and Daniel Flannery, the Managing Partners of Breakwall, stated: “We are thrilled to continue our partnership with Vitol. Over the past several years, we have deployed substantial capital in the upstream sector through innovative structures and continue to see strong demand for tailored credit solutions.”

Ben Marshall, Head of the Americas, Vitol, added: “The rapid deployment of VCP I underscores the strength of our partnership with Breakwall and the sustained demand for flexible, structured capital in North American upstream. With VCP II, we are well positioned to build on that momentum and provide differentiated capital solutions across the sector.”