Riverstone/Carlyle Banks $6 Billion

The Carlyle Group and Riverstone LLC have quietly closed on around $6 billion for their fourth Global Power & Energy Fund, peHUB has learned. The commitment period has been extended for a few more months, although I’m not sure how much more cash the firms are hoping to get (probably not much, since $6b was the original target).

By the way, it’s worth noting that the official name of this fund is Riverstone/Carlyle Global Power & Energy IV. That is a reversal from the earlier vehicles, which were named Carlyle/Riverstone blah blah. Same flip for the groups’ second Renewable Energy Fund.

Sources say that the change basically reflects how Carlyle is beginning to pull back a bit on the relationship. For example, the Fund IV investment committee includes less Carlyle representation than did earlier funds. Given the hot water that Riverstone may be in over the New York kickback scandal, it’s probably a good move on Carlyle’s part…