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LS Power Equity Advisors Raises $2.25 Billion for Fourth Private Equity Fund

LS Power Equity Advisors Raises $2.25 Billion for Fourth Private Equity Fund

May 01, 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 Equity Advisors

LS Power Equity Advisors, LLC is an established investment manager that has raised $8.6 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 LS Power:

Founded in 1990, LS Power is a premier development, investment, and operating company focused on the North American power and energy infrastructure sector, with leading platforms across generation, transmission and energy transition solutions. Since inception, LS Power has developed or acquired over 47,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. Through LS Power Grid, the firm has built and operates approximately 680 miles of high-voltage transmission and has another 200+ miles and multiple grid infrastructure projects currently under construction or development. Across its efforts, LS Power actively invests in and scales businesses that are accelerating the energy transition, including electric vehicle charging, demand response, microgrids, renewable fuels and waste-to-energy platforms. Over the years, LS Power has raised $53 billion in debt and equity capital to support North American infrastructure.