News / Riverstone energy raises 760 3 million in London IPO

Riverstone energy raises 760 3 million in London IPO

🕔 October 28, 2013
US$3 billion final close for Macquarie Super Core Infrastucture Fund Series 1

Riverstone Energy,  founded by former Goldman Sachs bankers David Leuschen and Pierre Lapeyre,  plans to invest in energy companies and assets worldwide, focusing on the exploration, production, storage and transportation of oil and gas.

The company, which had aimed to raise between £670 million and £1.5 billion in the offering, sold the shares at £10 each.

The firm has been spun off from private equity firm Riverstone Holdings. Ex-BP chief executive Lord Browne sits on its board. Browne, who spent 41 years at BP, has been a partner at Riverstone Holdings since 2007 and is also joint head of its renewable energy funds.

In a joint statement, Leuschen and Lapeyre said:

"Riverstone Energy will provide a unique entry point into differentiated exploration and production and midstream investments across the global energy sector, including those benefitting from the North American energy revolution."

Goldman Sachs and JP Morgan ran the offering and acted as joint bookrunners with Deutsche Bank and Morgan Stanley.

Five cornerstone investors who promised to buy shares, for a value of  £550 million, along with the parent company Riverstone are AKRC, an affiliate of the Alaska Permanent Fund Corp., KFI, a private investment vehicle of hedge fund manager Louis Bacon, Hunt Oil Co., Casita LP, and the McNair Group, a Sept. 24 statement said.

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