Energy-focused private equity firm Riverstone has raised £5billion ($7.7billion) from investors for a new fund aimed at building energy and power businesses around the world.
The New York-based company split from a collaboration with Carlyle Group two years ago, having previously worked on six funds since 2000 with their Washington counerparts. The new fund represents its first since the companies parted ways.
Riverstone, which recently hired former Anadarko chief executive James Hackett as a partner, has already committed more than £22billion to almost 100 investments in the midstream, power, renewable and exploration and production sectors.