Riverstone Holdings, an energy and power investment firm, has closed its latest conventional energy private equity fund, Riverstone Global Energy and Power Fund V, with total commitments of USD7.7bn.
The fund’s original target was USD6bn.
Fund V will pursue the same investment strategy that Riverstone was founded on 13 years ago and has followed ever since—building energy and power businesses around the world with exceptional management teams. To date, Fund V has invested USD2.3bn in 19 companies, including eight repeat management teams.
David M Leuschen and Pierre F Lapeyre, Jr, co-founders of Riverstone, say: "We are extremely pleased with the reception of our latest private equity fund, and we are grateful for the continued loyal support of our investing partners. We believe this reflects Riverstone’s consistent, long-term performance and our specialisation in four critical sectors of the energy industry: exploration & production, midstream, energy services, and power. Our model has always been to partner with proven management teams to jointly build companies from the ground up while focusing selectively on buyouts that offer great organic growth potential. With this approach and the exceptional opportunities we are seeing, we believe Fund V is well-positioned to capitalise on the revolution that continues to unfold in the growing energy industry."
Elizabeth K Weymouth, partner responsible for capital raising and investor relations at Riverstone, says: "Investors are the lifeblood of our business. By providing global and diversified exposure to the energy industry while maximising risk-adjusted returns, Riverstone strives to help our limited partners meet their investment objectives. With Fund V, we have been fortunate to build upon our existing relationships with many of the world’s leading investors while significantly expanding our limited partner base with new strategic investment partners. We look forward to growing all of these relationships in the future."
