Fundraising

LS Power Equity Partners V will invest in power and energy infrastructure assets, platforms, and companies.

Hull Street Energy was founded in 2014 by managing partner Sarah Wright, who previously held senior roles at ECP and Goldman Sachs.

Fund III's limited partners include private and public pensions, endowments and foundations.

'This is the best time ever for investing – and yet it’s hard to get capital,' Ryan Hinkle, managing director of Insight Partners, told Buyouts.

Big step-ups in the firm's recent fund sizes may be due to greater LP appetite for co-investing as a way to build private equity exposure on a no-fee, no-carried interest basis.

The new flagship offering's target size is 12% larger than Fund IX, which closed in 2021 on $5.6bn.

The transaction has been backed by capital from long-term yield-oriented institutions and not traditional secondaries firms, PEI understands.

Combining Dover Street XI and its co-investment vehicle Secondary Overflow Fund V, the manager has raised $18.5bn to deploy into secondaries deals.

Also, the firm closed its fifth secondary overflow fund at $3.4 billion.

TPG Partners X is expected to roll out in the first half of 2025, while Apollo Investment Fund XI is expected to debut by the end of next year.