Energy-focused investor Breakwall Capital LP and commodities leader Vitol have closed Valor Upstream Credit Partners II, L.P. (VCP II), following the full deployment of their inaugural Valor Upstream Credit Partners fund, which invested more than $1 billion over just two years.
VCP II will pursue a similar mandate, targeting structured credit investments in North American upstream oil and gas companies, with a focus on event-driven opportunities such as debt refinancings, acquisition financings and development capital.
“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,” said Breakwall managing partners Christopher Abbate, Jamie Brodsky and Daniel Flannery.
The new fund marks the third energy-focused credit partnership between Breakwall and Vitol. In July 2025, the firms closed Valor Mining Credit Partners, L.P., which has invested nearly $500 million in mining credit opportunities across the Americas since inception.
VCP II is managed by Breakwall, which has built a track record investing credit capital across conventional, renewable and next-generation energy value chains.
Vinson & Elkins LLP served as legal counsel to Vitol and Latham & Watkins LLP served as legal counsel to Breakwall in connection with VCP II.
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