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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:

LS Power is a development, investment, and operating company focused on the North American power and energy infrastructure sector. Since its inception in 1990, LS Power has developed, constructed, managed, or acquired more than 46,000 MW of power generation, including utility-scale solar, wind, hydro, natural gas-fired, and battery energy storage projects, of which ~17,000 MW are currently operating. LS Power’s Energy Transition Platforms include CPower Energy Management, Endurant Energy, EVgo, Rise Light & Power, and REV Renewables, as well as Waste-to-Energy initiatives. In addition, LS Power developed and operates over 680 miles of high-voltage transmission, with an additional 100+ miles and multiple substations under construction. Across these efforts, LS Power has raised $50 billion in debt and equity financing to support North American infrastructure. Through 2021, assets under LS Power control avoided 80.67 million metric tons of CO2e, equivalent to nearly 187 million barrels of oil not consumed or over 17.5 million cars taken off the road for one year. For more information, please visit www.LSPower.com.