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Riverstone already eyeing new $8bn flagship vehicle despite $7.7bn fund close last summer

28 Apr 2014

river-canyonEnergy-focused private equity firm Riverstone is reportedly set to head back into fundraising for a new $8bn vehicle less than a year after closing a $7.7bn flagship fund.

The firm is already talking to LPs about its next mammoth fund according to peHUB, which cited three people with knowledge of the situation.

One of those sources said the fund was probably within a quarter of launching, marking a rapid return to fundraising to leverage the success of its most recent fund.

Riverstone beat its $7.5bn hard cap for Global Energy and Power Fund V thanks to commitments including $400m from Californian pension giant CalPERS.

The previous fund, Riverstone/Carlyle Global Energy & Power IV was generating an IRR of 17.2 per cent and a return multiple of 1.5 times as of the end of September last year, according to CalPERS.

Riverstone opted out of its eight-year long partnership with Carlyle when it began marketing its latest fund.

Last November Riverstone tapped its flagship fund to back newly-formed US oil and gas company Liberty Resources II.

The firm provided $300 of the $350m Liberty received in a funding commitment, with $200m of that coming from its multibillion dollar global fund and $100m from Riverstone Energy Limited.

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