LS Power Group (LS Power), an investment manager focused on the North American power and energy infrastructure sector, has closed its latest fund, LS Power Equity Partners V, with total commitments of approximately $2.7bn, exceeding its $2.5 billion target.
Fund V will invest in power and energy infrastructure assets, platforms, and companies.
Since its inception, LS Power has raised $60bn in debt and equity capital and developed and acquired more than 47 GW and 160 power generation projects to support North American energy infrastructure. In addition, LS Power Grid has developed 16 transmission projects, including six utilities in operation across 5 ISO/RTOs that serve 185 million people. These projects include 780+ miles of high voltage transmission, beyond which LS Power Grid has another 350+ miles in development.
To date, Fund V has invested or committed approximately $1.6bn across renewable and gas-fired generation, renewable fuels, and green hydrogen, with an extensive pipeline of additional opportunities. Recent investments include the announced acquisition of Algonquin Power & Utilities Corp.’s North American renewable energy business, comprised of 3 GW of operating projects and an 8 GW development pipeline spanning 12 states, four provinces, and five US power markets.
Investors in Fund V include some of the world’s leading pension funds, insurance companies, sovereign wealth funds, asset managers, foundations, endowments, and family offices, among others. Many previous LS Power fund investors returned as investors for Fund V, and the firm also added new global investors. LS Power’s previous fund, Fund IV, closed with $2.25bn of commitments.
Evercore Private Funds Group, Leader Capital Markets, and Magenta Capital Services acted as the global placement agents and Willkie Farr & Gallagher LLP served as fund counsel.
