Top Energy Investor Riverstone Loses Several Senior Executives

Riverstone Holdings, one of the world’s biggest energy-focused private equity firms, is losing at least four of its most senior executives, people familiar with the matter said.

Co-heads of power Alfredo Marti and Carl Williams and partners Chris Hunt and Ken Ryan are departing, the people said, asking not to be identified because the matter isn’t public. They are planning to set up their own venture focused on renewable energy investments, one of the people said.

Ryan served as Riverstone’s head of corporate development and investor relations, while Hunt was primarily focused on sourcing power and renewables investments, according to the firm’s website.

Riverstone has been increasing its exposure to more sustainable forms of energy and raised $1.6 billion for low-carbon investments in the past year, one person said. A representative for Riverstone declined to comment. The executives didn’t immediately respond to requests seeking comment.

The investment firm was founded in 2000 by former Goldman Sachs Group Inc. bankers David Leuschen and Pierre Lapeyre. It is one of the world’s largest energy-focused investors, having raised more than $40 billion. A Goldman Sachs fund bought a 12% stake in Riverstone in 2017, people with knowledge of the matter have said.

Riverstone helped with the landmark $22 billion buyout of oil and gas pipeline operator Kinder Morgan Inc., which was completed in 2007. Decarbonization Plus Acquisition Corp., a blank-check firm backed by Riverstone, agreed last month to merge with fuel cell truck startup Hyzon Motors Inc.

Recent volatility in the energy and power markets has hit some of Riverstone’s portfolio companies. Utex Industries Inc., a maker of sealing products, said in October it would file for Chapter 11 protection after the coronavirus pandemic contributed to a massive slump in oil prices. Power producer Talen Energy Supply LLC may have lost $50 million to $100 million due to the winter storm in Texas, according to a report this month from S&P Global Ratings.

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