LS Power Group raises $2.25bn

The New-York based asset management firm closed its fourth energy fund above target.

LS Power Group held a final close for its LS Power Equity Partners IV at $2.25 billion, exceeding its initial $2 billion target. The firm was launched in late September 2017 and held its first close in December 2017 on $1.5 billion.

Some of the investors in the fund include Oregon State Treasury, Teachers’ Retirement System of Louisiana, New York State Teachers’ Retirement System (NYSTRS), Alaska Permanent Fund, Virginia Retirement System and San Mateo County Employees’ Retirement Association.

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.

The firm will use the capital to make investments in the energy sector in North America.