LS Power Group announced the close of its latest fund, LS Power Equity Partners V, with commitments of $2.7 billion, exceeding its $2.5 billion target.
LS Power Equity Partners V will invest in power and energy infrastructure assets, platforms, and companies.
LS Power’s previous fund, Fund IV, closed with $2.25 billion of commitments.
To date, Fund V has invested or committed approximately $1.6 billion across renewable and gas-fired generation, renewable fuels, and green hydrogen.
Recent investments include the announced acquisition of Algonquin Power & Utilities Corp.’s North American renewable energy business, comprised of 3 GW of operating projects and an 8 GW development pipeline spanning 12 states, 4 provinces, and 5 U.S. power markets.
Darpan Kapadia, Chief Operating Officer of LS Power, said: “The success of this fundraise is a testament to our team’s deep expertise and strong track record through multiple market cycles. We are grateful to our investors, both new and long-standing, for their partnership.”
Investors in Fund V include some of the world’s leading pension funds, insurance companies, sovereign wealth funds, asset managers, foundations, endowments, and family offices, among others.
LS Power has raised $60 billion in debt and equity capital and developed and acquired more than 47 GW and 160 power generation projects.
LS Power Grid has also developed 16 transmission projects, including 6 utilities in operation across 5 ISO/RTOs that serve 185 million people. These projects include 780+ miles of high voltage transmission, beyond which LS Power Grid has another 350+ miles in development.