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Riverstone increases Fund V hard cap to $7.5bn amid strong fundraise

3 Dec 2012

Energy-focused private equity firm Riverstone Holdings has reportedly increased the hard cap on its latest fund to $7.5bn following strong interest from investors.

Dow Jones reported the news, citing unnamed sources.

The firm is preparing to break through its original $6bn target thanks to a strong take-up from LPs, and plans to continue fundraising through to mid-February, two sources told AltAssets last week.

Riverstone is understood to have already called $3bn from Global Energy & Power Fund V.

The firm had gathered that amount for its first close in February this year, and will now look to beat the $6bn it collected its last mega buyout fund in 2008,which was raised in tandem with Carlyle following a partnership agreement established in 2000.

Riverstone chose to opt out of the partnership when it began marketing its latest fund.

The firm, which invests in the midstream, exploration and production, oil-field services, refining and power sectors, had been indicating its desire to spin out from the partnership for a number of years

Carlyle informed investors that it planned to wind down its joint venture with Riverstone last summer. The firm reportedly entered talks to acquire rival firm Energy Capital Partners around about the same time.

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