New York, NY-based energy investment firm Riverstone Holdings LLC closed its latest conventional energy private equity fund, Riverstone Global Energy and Power Fund V LP (Fund V), with total commitments of $7.7 billion. The fund’s original target was $6 billion.
Fund V will make investments in energy and power business around the world. To date, Fund V has invested $2.3 billion in 19 companies, including eight repeat management teams.
David M. Leuschen and Pierre F. Lapeyre, Jr., co-founders of Riverstone, said, “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 specialization 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 capitalize on the revolution that continues to unfold in the growing energy industry.”
Last week, the private investment firm added former Anadarko Petroleum executive James T. Hackett as a partner and co-head of the Houston office. From 2003 to 2012, Hackett was CEO of Anadarko Petroleum, where he served as chairman of the board of directors from 2006 to 2013.