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Riverstone targets $7.5bn for sixth flagship fund

20 May 2014

Energy and power-focused private equity firm Riverstone is seeking to raise $7.5bn for its latest vehicle, Riverstone Global Energy and Power Fund VI.

The fund will pursue investments in the exploration & production, midstream, energy services and power & coal subsectors of the energy industry, the firm said.

It was recently reported to be close to a return to fundraising, less than a year after closing a $7.7bn flagship 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.

Last November the firm tapped its $7.7bn fifth global fund to back newly-formed US oil and gas company Liberty Resources II.

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