Riverstone, Trilantic team up for Trail Ridge deal as fund closes loom


TPrivate equity firms Riverstone Holdings and Trilantic Capital have teamed up to invest in oil and gas exploration company Trail Ridge as both eye final closes for their multibillion-dollar fundraises.

The company, which will be led by experienced oil and gas entrepreneur and petroleum engineer Ron Wade, said it would focus on exploration and production in West Texas’ Permian Basin.

Financial details of the transaction were not disclosed.

Riverstone is eyeing its $7.5bn hard cap for Global Energy & Power Fund V and was hoping to hold a final close in February this year according to an AltAssets LP source, but has made no announcement since

A Riverstone spokesman said the firm had no comment to make on the fundraise.

Last week AltAssets revealed Trilantic, the buyout firm launched four years ago by dealmakers from Lehman Brother’s merchant banking arm, had gathered more than $1.4bn for its North America vehicle.

Hitting its $2bn target would make the fund the joint largest ever raised by the GP, which was bought by the management team and Richemont spin-out Reinet amid Lehman Brothers’ collapse in 2008.

Funds targeting the US energy sector have seen strong interest from LPs thanks to the opportunity created by the advances in fracking technology to access gas deposits.

Earlier today it emerged Energy focused private equity firm First Reserve had slashed its fundraising ambitions in the wake of the financial crisis by targeting $5bn for its latest vehicle.

But the firm believes it can complete the fundraise for First Reserve Fund XIII within the next 12 months according to a US regulatory filing, mirroring a string of successful multibillion-dollar energy vehicles raised in recent months.

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