Carlyle/Riverstone Raises $1.1 Billion Energy Fund Nearly Half of Fund Already Committed

New York, NY – Riverstone Holdings and The Carlyle Group today announced they have raised a $1.1 billion buyout fund, Carlyle/Riverstone Global Energy & Power Fund II, LP. Carlyle/Riverstone makes investments globally throughout the energy and power industry with primary focus on the midstream, upstream, power, and oilfield service sectors. This is Carlyle/Riverstone’s second fund; Carlyle/Riverstone Global Energy & Power Fund I, LP closed at $222 million in February 2001.

David Leuschen, co-founder and co-head of Riverstone, said, “We continue to see great opportunities for private equity in the energy and power sectors as evidenced by the strength of our current portfolio. Though this is the final close, we’ve already committed nearly half the fund to seven promising investments.”

Pierre Lapeyre, co-founder and co-head of Riverstone, said, “We are thankful for the continued confidence our investors have placed in us. We look forward to further developing these relationships and providing our investors with great returns.”

Daniel A. D’Aniello, Carlyle co-founder and Managing Director said, “The final size of this energy-focused fund is indicative of the faith our LPs place in the outstanding Carlyle/Riverstone team, led by David and Pierre. We see significant opportunity in the energy sector, and with these additional resources the team will have even greater flexibility in the type and size of deals it pursues.”

Carlyle/Riverstone Global Energy & Power Fund II, LP’s current portfolio includes:

1. Legend Natural Gas, LP – U.S. natural gas exploration and production company; invested 1/03
2. CDM Resource Management, Ltd. – U.S. natural gas compression services company; acquired 5/03
3. Magellan Midstream Partners, LP – U.S. energy transportation, storage, and distribution company; acquired with Madison Dearborn 6/03
4. Mariner Energy, Inc. – U.S. oil and gas exploration and production company; acquired 3/04
5. Glenmoor Acquisition Corp – Acquisition of the Buckeye Pipeline Partners LP general partner (pending close)
6. Capital C – Investment in a U.S-based oil and natural gas exploration and production company (pending close)
7. Texas Generation Portfolio – Acquisition of approximately 3000 MW of coal, gas and hydro power generation assets from AEP jointly with Sempra Energy (pending close)

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