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LS Power Equity Advisors Raises $2 Billion for Third Private Equity Fund

LS Power Equity Advisors Raises $2 Billion for Third Private Equity Fund

February 26, 2014

Oversubscribed Fund Exceeds Initial Target

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 III, L.P. (“Fund III”) at a hard-cap of $2.075 billion, exceeding its initial target of $1.5 billion. Evercore Private Funds Group acted as the global placement agent for the fundraising with Magenta Capital Services supporting the effort in the Middle East and Asia. Kirkland & Ellis, LLP served as legal advisor.

Fund III launched in July 2013 and closed within just seven months, following a first close completion in December 2013 of $1.52 billion. Fund III was oversubscribed, attracting commitments from a globally diverse group of returning and new investors to LS Power, including U.S. and European public and private pension plans, insurance companies, corporations, not-for-profit organizations, endowments, foundations, family offices, and Asian and Middle Eastern sovereign wealth funds.

Paul Segal, Chief Executive 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 III.”

Richard Anthony, Chief Executive Officer of the Private Funds Group at Evercore commented, “We are delighted that Fund III generated such high demand. The sheer level of investors’ interest and, moreover, their willingness to move quickly to secure an allocation are undoubtedly testaments to the strength and quality of the LS Power team and track record in an attractive sector.”

Jim Bartlett, President of LS Power Equity Advisors, LLC commented, “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.”

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.