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Riverstone exceeds $7.5bn hard cap for latest energy fund

19 Jun 2013

dollar 20_sqEnergy-focused private equity firm Riverstone has closed its latest power and energy fund above its $7.5bn hard cap.

The Riverstone Global Energy & Power Fund V has held a final close on $7.7bn, the firm said in a statement.

Co-founder of Riverstone David M. Leuschen said, “We are extremely pleased with the reception of our latest private equity fund, and we are grateful for the continued loyal support of our investing partners.

“We believe this reflects Riverstone’s consistent, long-term performance and our specialization in four critical sectors of the energy industry: exploration & production, midstream, energy services, and power.

“Our model has always been to partner with proven management teams to jointly build companies from the ground up while focusing selectively on buyouts that offer great organic growth potential.

“With this approach and the exceptional opportunities we are seeing, we believe Fund V is well-positioned to capitalize on the revolution that continues to unfold in the growing energy industry.”

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

LPs which have backed the fund to date include California’s largest pension fund CalPERS, which committed $400m earlier this year.

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.

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