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Lord Browne's Riverstone seeks to raise £1.5bn for new energy launch
by Sarah Miloudi on Sep 25, 2013 at 10:47
Riverstone - which counts former BP chief executive Lord Browne among its partners - is looking to raise up to £1.5 billion for a new global energy launch.
The company has already secured a string of cornerstone investors, including the Alaska Permanent Fund, Moore Capital investment vehicle KFI, Hunt Oil Company, McNair Group and European family office Casita. Some £550 million in binding commitments has been raised from the investors, including a pledge from Riverstone management.
The planned fund, Riverstone Energy, will come to market as a London-listed investment company and will seek to generate long-term capital growth by investing in the mainstream global resources sector.
The investment company will be managed by Riverstone, which was founded in 2000 and has previously raised $25 billion across seven private investment funds.
According to Numis, the firm has delivered a gross overall internal rate of return (IRR) of 29% on all realised and unrealised investments and a net IRR of 58%.
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