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Lord Browne Joins Riverstone Holdings

Riverstone Holdings, a private equity firm specialising exclusively in the energy and power sectors, has appointed Lord Browne of Madingley, the former chief executive of BP, as a managing

Riverstone Holdings, a private equity firm specialising exclusively in the energy and power sectors, has appointed Lord Browne of Madingley, the former chief executive of BP, as a managing director and managing partner of Riverstone Europe.

Riverstone says it will be opening a London office where Lord Browne will be based. Browne is stepping down as chairman of the advisory board of private equity firm Apax Partners on September 1.

‘We’ve known, worked with and respected John Browne for nearly 25 years,’ say David M. Leuschen and Pierre F. Lapeyre, co-founders of Riverstone Holdings. ‘He is a legend in the energy industry and we are very excited about him joining Riverstone.

‘He is without question one of the most visionary, experienced and talented executives in the energy industry with an unparalleled global understanding. We are looking forward to Lord Browne helping us expand our existing energy practice and identifying new opportunities in the alternative and renewable energy markets.’

Browne says: ‘Since its founding in 2000, Riverstone has emerged as one of the leading and most respected private equity firms in the energy industry. This is an opportunity for me to return to the energy industry full-time, which will enable me to best apply my life-long skills and experience.

‘I continue to believe it is a unique and important time in the energy industry and I am quite excited to actively participate in Riverstone’s growth strategy to identify and manage attractive investment opportunities.’

Earlier this month Riverstone appointed Elizabeth K. Weymouth, a veteran of the private banking industry, as a managing director to oversee Riverstone’s investor relations and communications functions and lead the firm’s fundraising efforts. She will also participate in the firm’s investment committee and in the oversight of portfolio companies.

Weymouth, 39, joins Riverstone from JPMorgan Private Bank, where she was most recently a managing director and head of investment business in the US north-east, the private bank’s largest region in terms of revenues and assets under management, where she was responsible for overseeing USD83bn in client assets and 70 investment professionals focused on serving ultra high net worth private clients.

Weymouth, who joined JPMorgan in 1994, worked in London from 1989 to 1992 for Willis Corroon as an associate in the oil and gas division≤ responsible for negotiating insurance coverage for Fortune 50 energy companies with underwriters at Lloyd’s of London as well as other insurance companies in the London market.

Leuschen and Lapeyre say: ‘We have long recognised the importance of maintaining a true partnership with our investors, particularly by providing them with timely, high-calibre information and high-level access. In Elizabeth, we believe we have found the right person to lead our investor relations, communications and fundraising functions, which are critical in supporting the continued success of the firm.’

Weymouth says: ‘Riverstone has a stellar reputation for making smart, well-timed investments that yield strong returns for its investors. I am delighted to be joining this talented and experienced team.’

New York-based Riverstone conducts buyout and growth capital investments in the midstream, upstream, power, oilfield services and renewable sectors of the energy industry. To date, the firm has committed more than USD6bn to more than 41 investments in these five sectors, representing companies with nearly USD50bn in assets. Riverstone and the Carlyle Group are the co-general partners of Carlyle/Riverstone Global Energy and Power Funds.

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