Riverstone Holdings

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Riverstone Holdings
TypePrivate
IndustryPrivate equity, Energy & Power
Founded2000
Founder(s)Pierre F. Lapeyre, Jr.
David M. Leuschen
Headquarters712 5th Avenue
New York, New York, United States
ProductsLeveraged buyout, Growth capital
Total assets$17 billion
Employees75+
Websitewww.riverstonellc.com
 
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Riverstone Holdings
TypePrivate
IndustryPrivate equity, Energy & Power
Founded2000
Founder(s)Pierre F. Lapeyre, Jr.
David M. Leuschen
Headquarters712 5th Avenue
New York, New York, United States
ProductsLeveraged buyout, Growth capital
Total assets$17 billion
Employees75+
Websitewww.riverstonellc.com

Riverstone Holdings is a private equity firm focused on leveraged buyout and growth capital investments in the energy and power sectors. The firm focuses on oil and gas exploration, midstream pipeline, electric generation, energy and power services as well as energy and power technology. The firm is an investor in renewable energy infrastructure and technology.

Riverstone operates primarily through a joint venture with the Carlyle Group. The firm manages a family of six funds through its joint venture with Carlyle and has raised approximately $17 billion since inception.[1]

The firm, which is based in New York City, was founded in 2000. With offices in New York, London and Houston, Riverstone has committed approximately $15.9 billion to 78 investments in North America, South America, Europe and Asia.[2]

History[edit]

Riverstone was founded by Pierre F. Lapeyre, Jr.[3] and David M. Leuschen, who had been instrumental in the formation of the Goldman Sachs Global Energy & Power Group in the mid 1980s.[4]

Partners at Riverstone include John Browne, Baron Browne of Madingley, who was previously the Chief Executive Officer of BP Plc from December 31, 1998 through May 1, 2007.[5][6]

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.[7]

History of private equity
and venture capital
Objectivist.jpg

Early history
(Origins of modern private equity)

The 1980s
(Leveraged buyout boom)

The 1990s
(Leveraged buyout and the venture capital bubble)

The 2000s
(Dot-com bubble to the credit crunch)

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, the company's co-founder and a former president of Enron who was ousted after a dispute with Enron’s founder, Kenneth L. Lay.[8]

In 2008, Riverstone and Carlyle raised $6 billion for their fourth main energy fund, Riverstone/Carlyle Global Power & Energy Fund IV, exceeding the $3.8 billion the firms had raised in 2006. 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.[9][10] With the combined 2008 fund raises, Riverstone stands as the largest energy-dedicated private equity fund.[11]

In September 2013, Riverstone Holdings announced plans to list a new energy vehicle on the LSE in an initial public offering that could raise up to 1.5 billion pounds. The new company, Riverstone Energy Limited (REL), said it had already secured 550 million pounds worth of commitments. It plans to invest in energy companies and assets worldwide, focusing on exploration and production of oil and gas, and their storage and transportation.[12]

New York State investigation[edit]

In 2009, Riverstone and The Carlyle Group came under investigation by New York State Attorney General Andrew Cuomo as part of a larger probe of the New York State Common Retirement System. Cuomo's investigation scrutinized payments made by Riverstone to a number of placement agents that had political connections in the state. Cuomo alleged that these payments were directly in relation to approximately $530 million in commitments from the New York State pension fund between 2003 and 2005 that were made to various private equity funds raised by the Carlyle/Riverstone joint venture.[13] In June 2009, Riverstone agreed to pay $30 million to resolve its role in the Cuomo investigation.[14][15]

Investments[edit]

Riverstone's investment portfolio includes the following:

References[edit]

  1. ^ USA Compression LP Form S-1. June 09, 2011
  2. ^ USA Compression LP Form S-1. June 09, 2011
  3. ^ P. F. Lapeyre Jr. Laurie Lee Hodges. New York Times, November 19, 1989
  4. ^ Did Goldman Goose Oil? Forbes, April 13, 2009
  5. ^ Lord Browne returns to oil sector August 25, 2007
  6. ^ Lord John Browne
  7. ^ The Carlyle Group and Riverstone Holdings Raise $4.5 Billion for Two New Energy Funds. April 5, 2006
  8. ^ MOUAWAD, JAD. "Kinder Morgan Agrees to an Improved Buyout Offer Led by Its Chairman." New York Times, August 29, 2006.
  9. ^ Riverstone Hits Target For One Fund, Nearing Close On Another. Reuters Buyouts, April 3, 2009
  10. ^ Riverstone/Carlyle Renewable Energy II.
  11. ^ Carlyle in talks with energy buyout shops New York Times, July 07, 2011
  12. ^ http://www.reuters.com/article/2013/09/24/us-riverstone-ipo-idUSBRE98N0FQ20130924
  13. ^ Go-Between Tied Funds to Carlyle. New York Times, May 14, 2009
  14. ^ Equity Firm Pays $30 Million in Pension Fund Case. New York Times, June 11, 2009
  15. ^ 4 Firms Agree to Settlement in New York Pension Fund. New York Times, September 17, 2009
  16. ^ 4Gas Holding B.V.- Retrieved 2011-12-31
  17. ^ Riverstone Partners for $1 Billion on Solar. Red Herring, March 26, 2008
  18. ^ Amaizeingly Green Products- Retrieved 2011-12-31
  19. ^ Barra Energia do Brasil Petróleo e Gás- Retrieved 2011-12-31
  20. ^ Belden & Blake Corporation- Retrieved 2011-12-31
  21. ^ Bottle Rock Power - Retrieved 2011-12-31
  22. ^ Buckeye Partners- Retrieved 2011-12-31
  23. ^ C/R Energy Jade, LLC- Retrieved 2011-12-31
  24. ^ CanEra Resources Inc.- Retrieved 2011-12-31
  25. ^ CanEra Resources Inc. II- Retrieved 2011-12-31
  26. ^ CDM MAX - Retrieved 2011-12-31
  27. ^ CDM Resource Management- Retrieved 2011-12-31
  28. ^ CNAA- Retrieved 2011-12-31
  29. ^ Coastal Carolina Clean Power- Retrieved 2011-12-31
  30. ^ Cobalt International Energy- Retrieved 2011-12-31
  31. ^ CODA Holdings- Retrieved 2011-12-31
  32. ^ Cuadrilla Resources Holdings Ltd.- Retrieved 2011-12-31
  33. ^ Davenport Newberry Holdings, LLC - Retrieved 2011-12-31
  34. ^ Dresser Industries- Retrieved 2011-12-31
  35. ^ Dynamic Offshore Resources- Retrieved 2011-12-31
  36. ^ Dynamic Offshore Resources, LLC- Retrieved 2011-12-31
  37. ^ Eagle Energy Company of Oklahoma, LLC- Retrieved 2011-12-31
  38. ^ Emerald Clean Power LLC- Retrieved 2011-12-31
  39. ^ Enduro Resource Partners LLC - Retrieved 2011-12-31
  40. ^ Ensus Ethanol- Retrieved 2011-12-31
  41. ^ Enviva LP- Retrieved 2011-12-31
  42. ^ Foresight Reserves- Retrieved 2011-12-31
  43. ^ Frontier Drilling ASA- Retrieved 2011-12-31
  44. ^ Gibson Energy- Retrieved 2011-12-31
  45. ^ Green Earth Fuels, LLC- Retrieved 2011-12-31
  46. ^ Hestya Energy- Retrieved 2011-12-31
  47. ^ HongHua Co.- Retrieved 2011-12-31
  48. ^ Hudson Products Corporation- Retrieved 2011-12-31
  49. ^ ILX Holdings- Retrieved 2011-12-31
  50. ^ InTANK- Retrieved 2011-12-31
  51. ^ International Logging- Retrieved 2011-12-31
  52. ^ Kinder Morgan- Retrieved 2011-12-31
  53. ^ Kramer Junction- Retrieved 2011-12-31
  54. ^ Legend Natural Gas I, II & III- Retrieved 2011-12-31
  55. ^ Legend Production Holdings LLC- Retrieved 2011-12-31
  56. ^ Liberty Resources LLC- Retrieved 2011-12-31
  57. ^ Magellan Midstream Partners- Retrieved 2011-12-31
  58. ^ Mariner Energy- Retrieved 2011-12-31
  59. ^ Mistral Energy Inc.- Retrieved 2011-12-31
  60. ^ Niska Gas Storage- Retrieved 2011-12-31
  61. ^ Northern Blizzard Resources Inc.- Retrieved 2011-12-31
  62. ^ Patagonia BioEnergia S.A.- Retrieved 2011-12-31
  63. ^ Pattern Energy Group LP- Retrieved 2011-12-31
  64. ^ Niska Gas Storage- Retrieved 2011-12-31
  65. ^ Northern Blizzard Resources Inc.- Retrieved 2011-12-31
  66. ^ Patagonia BioEnergia S.A.- Retrieved 2011-12-31
  67. ^ Pattern Energy Group- Retrieved 2011-12-31
  68. ^ Permian Tank- Retrieved 2011-12-31
  69. ^ Petroplus Holdings AG- Retrieved 2011-12-31
  70. ^ Phoenix Exploration Company- Retrieved 2011-12-31
  71. ^ Quintana Shipping Ltd.- Retrieved 2011-12-31
  72. ^ Quorum Business Solutions, Inc.- Retrieved 2011-12-31
  73. ^ R/C Sugarkane, LLC- Retrieved 2011-12-31
  74. ^ "Exelon Agrees to Sell Three Maryland Coal Plants to Raven Power Holdings LLC" (Press release). Exelon. Aug 9, 2012. Retrieved 2012-08-13. 
  75. ^ Red Technology Alliance- Retrieved 2011-12-31
  76. ^ ReEnergy Holdings- Retrieved 2011-12-31
  77. ^ Sapphire Power Holdings- Retrieved 2011-12-31
  78. ^ Seabulk Intl- Retrieved 2011-12-31
  79. ^ Seajacks International- Retrieved 2011-12-31
  80. ^ SemGroup- Retrieved 2011-12-31
  81. ^ Shelter Bay Energy- Retrieved 2011-12-31
  82. ^ Stallion oilfield services acquired- Retrieved 2011-12-28
  83. ^ Stallion Oilfield Services- Retrieved 2011-12-28
  84. ^ Targe Energy- Retrieved 2011-12-31
  85. ^ ThermaSource LLC- Retrieved 2011-12-31
  86. ^ Three Rivers Operating Company LLC- Retrieved 2011-12-31
  87. ^ Titan Operating- Retrieved 2011-12-31
  88. ^ Titan Specialties- Retrieved 2011-12-31
  89. ^ Topaz Power Group, LLC- Retrieved 2011-12-31
  90. ^ Turbine Air Systems, Ltd.- Retrieved 2011-12-31
  91. ^ USA Compression- Retrieved 2011-12-31
  92. ^ Vantage Energy, LLC- Retrieved 2011-12-31
  93. ^ Velocita Energy Developments Ltd- Retrieved 2011-12-31

External links[edit]