Riverstone Holdings LLC announced on Wednesday that it has acquired $7.7 billion worth of fund called Riverstone Global Energy and Power Fund V. The company stated further that the 'Fund V' is geared towards building energy and power structures across the globe.
The fund reached $1 billion over than the expected target.
Fund V is said to follow the path of previous investment strategies utilized by the company. Currently, Fund V has started investing $2.3 billion in 19 different companies which include eight concurring management teams.
Riverstone co-founders David M. Leuschen and Pierre F. Lapeyre Jr., 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."
"Investors are the lifeblood of our business. By providing global and diversified exposure to the energy industry while maximizing risk-adjusted returns, Riverstone strives to help our limited partners meet their investment objectives," said Elizabeth Weymouth, Riverstone's Partner for capital raising and investor relations.
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