Friday, 19 December 2014
Last updated 49 sec ago
Sep 24 2013 | 10:02am ET
Private-equity firm Riverstone Holdings is set to raise up to US$2.4 billion with a listed permanent-capital vehicle.
The New York-based energy specialist plans an October initial public offering for its Riverstone Energy, which will be listed on the London Stock Exchange. The new vehicle will make investments alongside the firm's Fund 5, which closed earlier this year with US$7.7 billion.
Riverstone will sell at least £670 million worth of shares in the listed vehicle, with the IPO expected on Oct. 29. The firm also has £550 million in commitments from five cornerstone investors, including the Alaska Permanent Fund, Moore Capital Management founder Louis Bacon's private investment vehicle, Hunt Oil Co., Casita LP and the McNair Group.
The share offering is managed by Goldman Sachs and JPMorgan Cazenove.
"This provides public investors a chance to invest alongside private-equity investors in a way that's both unusual and, I hope, highly rewarding," Robert Wilson, Riverstone Energy's chairman, told Bloomberg News. "Going to the public has been an ambition of Riverstone partners for some time to establish a permanent capital vehicle."
Wilson will be joined on the Riverstone Energy board by former BP CEO John Browne and former Andarko Petroleum CEO Jim Hackett.
In deals alongside Riverstone Fund 5, Riverstone Energy will put up one-third of the money and the main fund two-thirds.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.