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LS Power completes electric fundraise with $2bn-plus final close

26 Feb 2014

nuclear-cooling-towers-powerUS electricity generation and infrastructure investor LS Power has surged to a final close of more than $2bn for its latest private equity fund.

The hard-cap close followed a lightning seven-month fundraise, which saw the firm exceed its initial $1.5bn target in December last year.

LS Power picked a conservative target compared to the $3bn it gathered for its second vehicle in 2007, leaving it well-placed to up the size of the fund when commitments started flooding in.

LS Power develops, operates and invests in power generation and electric transmission infrastructure across the US.

The new fund will be exclusively focused on investments in operating power plants.

Since its launch in 1990 it has developed, managed and bought 27,000 MW of competitive power generation and 470 miles of transmission infrastructure and has raised $22bn in debt and equity financing, according to its website.

Evercore Private Funds Group acted as a global placement agent for the fundraise, with Magenta Capital Services supporting the effort in the Middle East and Asia.

Richard Anthony, CEO of Evercore’s Private Funds Group, said, “We are delighted that Fund III generated such high demand.

“The sheer level of investors’ interest and, moreover, their willingness to move quickly to secure an allocation are undoubtedly testaments to the strength and quality of the LS Power team and track record in an attractive sector.”

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