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Riverstone could put up to $1bn into new commodities venture

21 May 2013

mining strip commodity commodities mineUS energy-focused private equity firm Riverstone is reportedly leading talks to invest up to $1bn in a new commodities venture designed to take advantage of a bank lending gap within the industry.

The new venture, TrailStone, will be launched with between $500m an $1bn later this year according to founder and former Deutsche Bank commodities head David Silbert, the FT said.

It said the new venture would look to acquire or lease refineries, power plants and midstream assets amid an environment in which many natural resources companies are in need of scarce capital.

Riverstone is currently flush with LP capital following a strong fundraise which has seen it approach its $7.5bn hard cap, although it is not clear if that funding can be put towards the commodities venture.

The energy-focused private equity firm is believed to be nearing a final close for its Global Energy & Power Fund V thanks to strong interest from investors such as CalPERS, which had about $242bn under management at the end of October 2012.

AltAssets learned in December that Riverstone was preparing to break through its original $6bn target for the vehicle and planned to continue fundraising until mid-February.

But the firm has been silent on the fundraise since.

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