Riverstone fund reaches final close on $500m

PDI has learned that Riverstone Holdings recently reached a final close of $500 million on its energy credit fund. 

The Riverstone Credit Partners fund seeks to invest in the debt of stressed and distressed energy companies and was previously reported to be targeting $1 billion for the debut fund.

A Riverstone representative declined to comment on the lower final close figure

Riverstone's energy credit team was formed in July of 2014 when the company hired a three-person team who had previously worked together at UBS Investment Bank. The Riverstone Credit Opportunities portfolio company was launched in January 2015 to explore opportunities from capital relief and direct investments in an energy sector challenged by declining oil prices. The effort was backed by $250 million from Riverstone's Global Energy and Power Fund and $125 million from Riverstone Energy Limited.

In February of this year, the Credit Partners fund received a $50 million commitment from the New Hampshire Retirement System.