US power and energy infrastructure manager LS Power Equity Advisors has held the final close of LS Power Equity Partners III at a hard-cap of USD2.075bn, exceeding its initial target of USD1.5bn.
Evercore Private Funds Group acted as the global placement agent for the fundraising with Magenta Capital Services supporting the effort in the Middle East and Asia. Kirkland & Ellis served as legal advisor.
Fund III launched in July 2013 and closed within just seven months, following a first close completion in December 2013 of USD1.52bn. Fund III was oversubscribed, attracting commitments from a globally diverse group of returning and new investors to LS Power, including US and European public and private pension plans, insurance companies, corporations, not-for-profit organisations, endowments, foundations, family offices, and Asian and Middle Eastern sovereign wealth funds.
Paul Segal, chief executive officer of LS Power, says: "We appreciate the continued support from our existing investors and the vote of confidence from our new partners. We are very excited about the potential of Fund III."
Richard Anthony, chief executive officer of the private funds group at Evercore, says: "We are delighted that Fund III generated such high demand. The sheer level of investors' interest and, moreover, their willingness to move quickly to secure an allocation are undoubtedly testaments to the strength and quality of the LS Power team and track record in an attractive sector."
