Monday, 4 May 2015
Last updated 9 hours ago
Jun 21 2013 | 11:49am ET
Riverstone Holdings has raised $7.7 billion for its latest fund, its largest ever.
The energy-focused private-equity firm had sought $6 billion for its seventh fund. The vehicle is also the first Riverstone has raised independently of the Carlyle Group, which backed Riverstone's 2000 debut.
Riverstone Global Energy and Power Fund V has already invested $2.3 billion.
Riverstone's announcement comes four years after it was embroiled in a "pay-to-play" scandal at New York's main public pension fund. The firm was not accused of wrongdoing but paid $30 million to settle with the state. Co-founder David Leuschen also paid $20 million.
The scandal helped to cool Carlyle's ardor for Riverstone, according to The New York Times.
"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," Leuschen and co-founder Pierre Lapeyre said. "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."
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…