Consolidation has entered the world of ship finance. Hudson Structured Capital Management (HSCM) has acquired the key business assets of Northern Shipping Funds, a leading provider of alternative capital to shipping.

The companies did not disclose the terms of the transaction but said the combined platform will manage shipping and transport investments across the capital structure. Both firms are based in Stamford, Connecticut.

Northern, led by Sean Durkin and Sybren Hoekstra, has been providing alternative capital to the industry since 2008 and is pursuing opportunities under its $636m Northern Shipping Fund IV, which was closed in February 2021.