Energy-focused private equity giant Riverstone Holdings has been bulking up its investor relations staff this year, growing the group from just 3 to around 10. Included have been several hires from Advent International (including new group lead Bob Brown), and this week Cristina Forcina emailed friends and colleagues to say she was joining Riverstone after more than 10 years as an executive director of fund placements with UBS.
On the surface, it would seem that Riverstone is simply adding resources to help raise its sixth flagship fund, which has a whopping $8 billion target. But sources familiar with the situation tell Fortune that the bulked-up team soon may do much more than just manage Riverstone’s fundraising and LP relations.
Two sources familiar with the situation say that Riverstone’s IR pros eventually will help raise funds and formulate ongoing IR strategies for non-Riverstone private equity firms. No direct competitors (i.e., no energy-focused funds), but otherwise comparable firms whose in-house fundraising and LP relations function is as thin as Riverstone’s used to be. Kind of like what Blackstone-affiliated Park Hill Group does, except that the Riverstone version would expect to still spend a majority of its time on Riverstone business (whereas Park Hill’s outside work outweighs its Blackstone-specific work).
It remains unclear when this effort would formally begin, as the details are still being worked out (including the pursuit of a broker-dealer license). Also unclear is if professionals like Brown and Forcina would remain as Riverstone employees, or if a legally-separate organization would be created.
Riverstone declined comment.
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