BlackGold seeking capital for next drawdown fund

The firm has raised two closed-end funds dedicated to energy lending under the auspices of the BlackGold Private Energy Partners fund series.

BlackGold Capital Management is in market with its latest private fund, according to Securities and Exchange Commission filings. The firm, which specialises in energy investing, is raising an unspecified amount of capital for BlackGold Private Credit & Distressed Fund.

The Houston-based asset manager has several event-driven energy credit hedge funds, and closed its second private credit fund, which began investing in June 2017, according to a November statement from the same year announcing the vehicle’s final close.

The firm, which could not be reached for comment, generally charges a 1.5 percent management fee and a 15 percent carried interest fee, the firm’s SEC registration statement showed. Evercore Group is acting as the latest vehicle’s placement agent.

Restructuring experts rated the energy sector this year as the area of the economy second most likely to experience financial distress, second only to retail, according to an annual survey of turnaround professionals by Alix Partners. Some 36 percent of respondents expect the energy sector to encounter turbulent times, up from the 31 percent that said the same in 2018.