LS Power Equity Advisors LLC, a power and energy infrastructure manager, has closed its fourth fund at $2.25 billion, beating its $2 billion target. LS Power Equity Partners IV’s limited partners include U.S., European, Middle Eastern and Asian public and private pension plans, insurance companies, corporations, not-for-profit organizations, endowments, foundations, family offices and sovereign wealth funds. Evercore Private Funds Group was the placement agent for the fundraising with Magenta Capital Services supporting the effort in the Middle East and Asia. Kirkland & Ellis was the legal adviser.
New York, May 1, 2018 – U.S. power and energy infrastructure manager LS Power Equity Advisors LLC (together with its affiliates, “LS Power”) announced the final close of LS Power Equity Partners IV, L.P. (“Fund IV”) at $2.25 billion, exceeding its initial target of $2 billion. Evercore Private Funds Group acted as the global placement agent for the fundraise with Magenta Capital Services supporting the effort in the Middle East and Asia. Kirkland & Ellis, LLP served as legal advisor.
Fund IV launched in late September 2017 and held its first close in December 2017 on $1.5 billion. Fund IV attracted commitments from a globally diverse group of returning and new investors to LS Power, including U.S., European, Middle Eastern and Asian public and private pension plans, insurance companies, corporations, not-for-profit organizations, endowments, foundations, family offices, and sovereign wealth funds.
Darpan Kapadia, Chief Operating Officer of LS Power said, “We appreciate the continued support from our existing investors and the vote of confidence from our new partners. We are very excited about the potential of Fund IV.”
Dave Nanus and Joe Esteves, Co-Heads of Private Equity for LS Power Equity Advisors, issued a joint statement noting, “We are very pleased with the outcome of the fundraising process. This capital, coupled with our capabilities, positions us well for the opportunities to come.”
Richard Anthony, Chief Executive Officer of Evercore Private Funds Group said, “We are delighted that Fund IV generated such high demand. The sheer level of investors’ interest and their willingness to move quickly are undoubtedly testaments to the strength and quality of the LS Power team and track record in an attractive sector.”
ABOUT LS POWER
Founded in 1990, LS Power is an employee-owned, independent power company with offices in New York, New Jersey, Missouri, California and Texas. LS Power is a developer, owner, operator and investor in power generation and electric transmission infrastructure throughout the United States. Since inception, LS Power has developed, constructed, managed or acquired more than 39,000 MW of competitive power generation and 660 miles of transmission infrastructure, for which it has raised over $39 billion in debt and equity financing. For more information, please visit www.LSPower.com
LS Power Equity Advisors, LLC is an established investment manager that has raised $8.59 billion in equity commitments across its four private equity funds. Its focus is to acquire operating power generation and related energy infrastructure assets and utilize its development, operations, power marketing and financial expertise to improve their physical operations and commercial performance. Since LS Power Equity Advisors, LLC’s inception in 2005, its private equity investment funds have acquired over 31,000 MW of power generation capacity.
ABOUT EVERCORE PRIVATE FUNDS GROUP & MAGENTA CAPITAL SERVICES
Evercore Private Funds Group: Evercore’s Private Funds Group (“PFG”) provides comprehensive, global advisory services on capital raising and private equity investment activities for select private fund sponsors. PFG’s clients include general partners pursuing a wide spectrum of alternative investment strategies and asset classes, including leveraged buyouts, growth equity investment, distressed assets, mezzanine capital, infrastructure investment, real estate investment, and venture capital.
Employing a distinct and rigorous due diligence process, PFG advises and executes on all aspects of the fundraising process, including competitive positioning and market assessment, preparation of marketing materials, investor introductions and negotiations, and documentation.
Magenta Capital Services: Magenta Capital Services is an alternative investments advisory firm providing capital raising and related services across private equity, infrastructure and real estate with a focus on sovereign and institutional investors in the Middle East and Asia.