LS Power Announces Final Closing of LS Power Equity Partners II at $3.085 Billion
NEW YORK (May 21, 2007) The LS Power Group ("LS Power") announced today the final closing of LS Power Equity Partners II ("Fund II"), the firm's second private equity fund formed to make investments in the power industry. Fund II closed at its stated cap of $3.085 billion in a rapidly completed and oversubscribed fundraising. The original target was $2.5 billion. LS Power raised $1.2 billion in 2005 for its first private equity vehicle.
Mike Segal, Chairman and CEO of LS Power, commented: "We are grateful for the continued confidence and support of our existing investors and we appreciate the opportunity to build long-term relationships with our new partners."
Jim Bartlett, President of LS Power Equity Advisors, the manager of the private equity funds, added: "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."
Fund II attracted considerable interest from a diverse group of endowments, foundations, pension plans, corporations and family offices. LS Power was advised by Credit Suisse as placement agent and Mayer, Brown, Rowe & Maw LLP as legal counsel.
LS Power Group
LS Power was founded in 1990 and is a fully integrated development, investment and asset management group of companies with over 100 professionals focused on the power industry. LS Power maintains offices in New York, New Jersey, Missouri, California, Florida and Massachusetts.