Riverstone Holdings

Riverstone was founded by Pierre F. Lapeyre, Jr.{{cite news|url=https://www.nytimes.com/1989/11/19/style/p-f-lapeyre-jrand-miss-hodgesto-wed-in-march.html |title=P. F. Lapeyre Jr.And Miss HodgesTo Wed in March |website=The New York Times |date=1989-11-19 |accessdate=2016-05-21}} and David M. Leuschen, who had been instrumental in the formation of the Goldman Sachs Global Energy & Power Group in the mid 1980s.[https://www.forbes.com/forbes/2009/0413/096-sachs-semgroup-goldman-goose-oil.html Did Goldman Goose Oil?] Forbes, April 13, 2009

The firm is based in New York and has offices in Houston, London, and Mexico City.

Riverstone and Carlyle closed on their first fund with $222 million of commitments in 2001. In June 2004, the firms completed fundraising for Carlyle/Riverstone Global Energy & Power Fund II, with $1.1 billion of investor commitments, almost five times the size of the first fund. In 2006, Riverstone and Carlyle raised a pair of funds, including the third in its series of main funds, Carlyle/Riverstone Global Energy and Power III, which raised $3.8 billion of capital. The two firms also raised their first renewable energy focused fund, Carlyle/Riverstone Renewable Energy Infrastructure Fund I, with $685 Million.{{cite web|url=http://www.carlyle.com/Media%20Room/News%20Archive/2006/item6876.html |title=The Carlyle Group : The Carlyle Group and Riverstone Holdings Raise $4.5 Billion for Two New Energy Funds: Carlyle/Riverstone Global Energy and Power III - $3.8 Billion; Carlyle/Riverstone Renewable Energy Infrastructure Fund I - $685 Million |accessdate=October 6, 2009 |url-status=dead |archiveurl=https://web.archive.org/web/20110708121820/http://www.carlyle.com/Media%20Room/News%20Archive/2006/item6876.html |archivedate=July 8, 2011 }}

Also in 2006, Riverstone was a member of a consortium of private equity firms including Goldman Sachs Capital Partners and Carlyle Group that completed the $27.5 billion (including assumed debt) acquisition of Kinder Morgan, one of the largest pipeline operators in the US. The buyout was backed by Richard Kinder, a former president of Enron.MOUAWAD, JAD. "[https://www.nytimes.com/2006/08/29/business/29kinder.html Kinder Morgan Agrees to an Improved Buyout Offer Led by Its Chairman]." The New York Times, August 29, 2006.

In 2008, Riverstone and Carlyle raised $6 billion for their fourth main energy fund, Riverstone/Carlyle Global Power & Energy Fund IV. Additionally in 2008, the firms raised a $3.4 billion Riverstone/Carlyle Renewable Energy Infrastructure Fund II as a successor to the $685 million fund raised in 2006 to focus on renewable energy investments.{{cite web|last=Centopani |first=Paul |url=http://www.buyoutsnews.com/story.asp?storycode=47144 |title=Buyouts Archive - PE HUB |website=Buyoutsnews.com |date=2016-05-16 |accessdate=2016-05-21}}{{cite web|url=http://www.carlyle.com/Fund/Real%20Assets/Global%20Energy%20Power/item10975.html |title=The Carlyle Group : Portfolio Funds |accessdate=August 30, 2011 |url-status=dead |archiveurl=https://web.archive.org/web/20110930012831/http://www.carlyle.com/Fund/Real%20Assets/Global%20Energy%20Power/item10975.html |archivedate=September 30, 2011 }}

In 2009 the New York Attorney General Andrew Cuomo ordered Riverstone Holdings LLC to pay $30 million in restitution after Riverstone Holdings employed fixers to get them business from pension funds controlled by "corrupt" state officials.{{cite web|url=https://abcnews.go.com/Blotter/story?id=7814827&page=1|title=Pay to Play Scandal in NY Nabs Another Investment Firm|date=11 June 2009|publisher=ABC|accessdate=1 August 2016}}

Then in 2013, Riverstone (operating without Carlyle) raised $7.7 billion for its fifth main energy fund, Riverstone Global Power & Energy Fund V.{{cite web|url=https://www.privateequityinternational.com/riverstone-closes-fund-v-on-7-7bn/|title=Riverstone closes Fund V on $7.7 billion|publisher=Private Equity International|date=19 June 2013|accessdate=21 December 2019}}

In 2016, Riverstone raised $5.1 billion for its sixth main energy fund, Riverstone Global Power & Energy Fund VI.{{cite web|url=https://uk.reuters.com/article/uk-privateequity-energy-riverstone-exclu/exclusive-goldman-backed-riverstone-readies-for-make-or-break-fundraising-sources-idUKKCN1LF17K|archive-url=https://web.archive.org/web/20180830132341/https://uk.reuters.com/article/uk-privateequity-energy-riverstone-exclu/exclusive-goldman-backed-riverstone-readies-for-make-or-break-fundraising-sources-idUKKCN1LF17K|url-status=dead|archive-date=August 30, 2018|title=Goldman-backed Riverstone readies for make-or-break fundraising: sources|publisher=Reuters|date=30 August 2018|accessdate=21 December 2019}}

Also in 2016, Riverstone raised its first flagship credit fund.{{Cite web|url=https://www.privatedebtinvestor.com/riverstone-seeks-750m-second-energy-credit-fund-exclusive/|title=Riverstone seeks $750m for second energy credit fund - exclusive|date=November 29, 2017}} In 2018 Riverstone raised $750 million for its second credit fund.

In October 2020 Riverstone's Decarbonization Plus Acquisition Corporation (Nasdaq: DCRB) priced a $200 million IPO.{{Cite web|url=https://www.prnewswire.com/news-releases/decarbonization-plus-acquisition-corporation-announces-pricing-of-initial-public-offering-301155229.html|title=Decarbonization Plus Acquisition Corporation Announces Pricing of Initial Public Offering|first=Decarbonization Plus Acquisition|last=Corporation|website=www.prnewswire.com}} In February 2021, Riverstone's Decarbonization Plus Acquisition Corporation II (Nasdaq: DCRN) priced a $350 million IPO.{{Cite web|url=https://www.prnewswire.com/news-releases/decarbonization-plus-acquisition-corporation-ii-announces-pricing-of-initial-public-offering-301221678.html|title=Decarbonization Plus Acquisition Corporation II Announces Pricing of Initial Public Offering|first=Decarbonization Plus Acquisition Corporation|last=II|website=www.prnewswire.com}}

As of 2020, Riverstone and Carlyle have six main funds focused on buyouts in energy,{{cite web|url=https://www.reuters.com/article/riverstone-fund-idUSL2N0EV0QM20130619|title=Riverstone raises $7.7 billion for energy fund|publisher=Reuters|date=19 June 2013|accessdate=3 August 2016}} two credit funds, and a renewables investing platform with approximately $41 billion of total raised capital.{{Cite web|url=https://www.riverstonellc.com/en/investment-strategies/|title=Riverstone | Investment Strategies|website=Riverstone LLC}} It also manages Riverstone Energy, a company listed on the London Stock Exchange.{{cite web|url=http://www.proactiveinvestors.co.uk/companies/news/62490/riverstone-energy-confirms-london-ipo-raising-760mln-62490.html |title=Riverstone Energy confirms London IPO raising £760mln|publisher= Proactive|date= 24 October 2013|accessdate=21 December 2019}}

In June 2009, Riverstone/Carlyle acquired renewable energy company Pattern Energy Group LP, representing Riverstone's 10th transaction in the Renewable Energy Sector.{{Cite web|url=https://mergr.com/riverstone-holdings-acquires-pattern-energy-group|title=Riverstone Holdings Acquires Pattern Energy Group | Mergr|website=mergr.com}} Pattern Energy is one of the world’s largest private renewable energy companies, with large operating and development footprints in the United States, Canada, and Japan.{{Cite web|url=https://patternenergy.com/learn/our-company|title=Our Company|website=Pattern Energy}}

In March 2010, Riverstone/Carlyle made an investment in Enviva Partners LP. Enviva is one of the largest suppliers of wood pellets and other processed woody biomass in the world. These products are used by industrial customers.{{cite web|url=http://www.calstrs.com/sites/main/files/file-attachments/green_report_2016.pdf|title=Green Initiative Task Force|accessdate=28 June 2017}}

The AES Corporation and Riverstone Holdings LLC announced on March 25 that they have committed up to 1 billion as a part of a new joint venture to develop a global platform of utility-scale solar photovoltaic projects. Together, these firms have provided $500 million of capital over five years to invest in PV solar projects around the world. This jointly owned entity is known as AES Solar, a developer and operator of utility-scale solar installations that will be connected to power grids that supply businesses. These installations consist of land based solar PV panels that capture sunlight and convert it to electricity in order to feed the power grid.{{cite web|url=http://www.reliableplant.com/Read/11141/riverstone%2C-aes-partner-for-%241b-solar-projects-venture |title=Riverstone, AES partner for $1B solar projects venture |publisher=Reliableplant.com |date= |accessdate=2017-06-28}} In July 2020, Enviva Holdings, LP successfully completed a recapitalization with more than $1 billion of new equity contributions and incremental equity commitments from affiliates of Riverstone.{{Cite web|url=https://www.businesswire.com/news/home/20200722005771/en/Enviva-Holdings-LP-Announces-Recapitalization-and-New-Equity-Commitment-to-Finance-Future-Growth|title=Enviva Holdings, LP Announces Recapitalization and New Equity Commitment to Finance Future Growth|date=July 22, 2020|website=www.businesswire.com}}

In January 2021, Riverstone made a commitment to FreeWire Technologies, in electric vehicle (EV) charging and power.{{Cite web|url=https://www.businesswire.com/news/home/20210125005937/en/FreeWire-Technologies-Secures-50-Million-in-Series-C-Funding-Round-to-Scale-Ultrafast-EV-Charging-Infrastructure|title=FreeWire Technologies Secures $50 Million in Series C Funding Round to Scale Ultrafast EV Charging Infrastructure|date=January 26, 2021|website=www.businesswire.com}} Also in January, Riverstone Energy Limited announced an investment of $25 million in Loanpal, LLC, a sustainable home improvement fintech provider used in over half of U.S. residential solar system sales.{{Cite web|url=https://www.riverstonerel.com/portfolio/loanpal/|title=Loanpal | Riverstone Energy Limited|website=www.riverstonerel.com}}

In February 2021, Riverstone published their second annual ESG report detailing their commitment to ESG and responsible investing.{{Cite web|url=https://www.riverstonellc.com/en/about/responsible-investing/|title=Riverstone | Responsible Investing|website=Riverstone LLC}}

{{Reflist|30em}}

• [https://www.nytimes.com/2003/04/22/business/company-news-williams-to-sell-control-of-energy-unit-for-1.1-billion.html Williams To Sell Control Of Energy Unit For $1.1 Billion]. The New York Times, Tuesday, April 22, 2003
• [http://www.accessmylibrary.com/article-1G1-144715925/carlyle-riverstone-power-up.html Carlyle, Riverstone power up with $4.5b for two funds: firms add more public pensions to LP base]. The New York Times, Private Equity Week, April 10, 2006
• [https://web.archive.org/web/20071019021527/http://www.businessweek.com/globalbiz/content/oct2007/gb20071017_608755.htm Lord Browne's Renewable Career]. Business Week, October 17, 2007

Category:Financial services companies established in 2000

Category:Private equity firms of the United States

Category:Energy companies of the United States

Category:Electric power companies of the United States