Breakwall Capital and Vitol Announce the Closing of Valor Upstream Credit Partners II

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NEW YORK & HOUSTON--(BUSINESS WIRE)--Feb 24, 2026--

Breakwall Capital LP (“Breakwall”), 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.”

Vinson & Elkins LLP served as legal counsel to Vitol and Latham & Watkins LLP served as legal counsel to Breakwall in connection with VCP II.

Please direct all business development inquiries to [email protected].

About Vitol
Vitol is a leader in energy and commodities. Vitol produces, manages and delivers energy and commodities, including metals, to consumers and industry worldwide. In addition to its primary business, trading, Vitol is invested in infrastructure globally, with $10+ billion invested in long-term assets. Vitol’s customers include national oil companies, multinationals, leading industrial companies and utilities. Founded in Rotterdam in 1966, today Vitol serves its customers from some 40 offices worldwide. Revenues in 2024 were $331 billion. For more information, please visit Vitol’s website at www.vitol.com.

About Breakwall Capital
Breakwall Capital is a leading energy specialist focused on direct lending capital solutions to middle-market and developing energy companies. As an independent asset manager and employee-owned firm, Breakwall seeks to fill the gap that other financing providers appear reluctant to service. Breakwall is led by Christopher Abbate, Jamie Brodsky, and Daniel Flannery and since 2014, the Breakwall team has built a credit investment franchise that focuses exclusively on energy credit. During its 12-year history, the team has committed approximately $7 billion to energy and energy-related companies or projects across more than 70 transactions. Breakwall is headquartered in New York with offices in Texas and Rhode Island. For more information, please visit Breakwall’s website at www.breakwallcap.com.

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CONTACT: Val Mack/Kyla MacLennan

[email protected]

KEYWORD: TEXAS NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER ENERGY UTILITIES OIL/GAS ENERGY FINANCE ASSET MANAGEMENT

SOURCE: Breakwall Capital LP

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PUB: 02/24/2026 09:32 AM/DISC: 02/24/2026 09:32 AM

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