Louis Bacon is to become one of the cornerstones of a new
oil investment project in Alaska. Alaska's sovereign wealth fund has invested
hundreds of millions of pounds into the project which in marks a return to the
London stock market for Lord Browne, the former BP chief.
The Alaska Permanent Fund Corporation invests on behalf of
the public in the area and has named Riverstone Holdings, a renewable energy
assets firm, as another crucial partner.
It is estimated that Louis Bacon will invest heavily into
the fund which is expected to raise investment between £135m and £250m in
return for a stake of up to 27%. Other investors include Hunt Oil, a group
headed by Ray L Hunt, a Texan oil tycoon.
The listing is expected to be launched on September 23 and
could see Riverstone Holdings raise between £500m and £1bn, according to
bankers.
The listing will provide Riverstone with a potentially
open-ended supply of funding to conclude deals as investors pour money into
opportunities triggered by the US shale oil and gas boom.
Louis Bacon, whose hedge fund Moore Capital is one of the
largest on Wall Street, will also sit on the board with a number of directors
with links to Goldman Sachs, which alongside JP Morgan is preparing the
Riverstone Energy flotation.
Coupled with Louis Bacon’s financial expertise and his
environmental interests through his charity, the Moore Charitable Foundation,
it makes the hedge fund manager uniquely placed to provide advice on a wide
range of issues within the investment.
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