Alaska Sovereign Wealth Fund Wades into Riverstone IPO

November 07, 2013 by Simon Meads

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SOMETIMES INVESTMENT opportunities have the power to forge new bonds between former adversaries. Seven years ago John Browne — now Baron of Madingley and a member of the U.K. Parliament’s House of Lords — was in charge of global oil company BP when it admitted criminal negligence for spilling more than 200,000 barrels of crude into Alaska’s Prudhoe Bay. The spill caused huge environmental damage to the pristine Arctic coast, but state sovereign wealth fund Alaska Permanent Fund Corp. (APFC) appears to bear BP’s former group CEO no ill will. In October one of the fund’s affiliates, AKRC Investments, backed New York–based private equity firm Riverstone Holdings — where Browne now works as a senior investment partner — by paying £209 million ($336.6 million) for a 25 percent stake in its newly listed energy investment vehicle, Riverstone Energy. The firm’s initial public offering, which raised £760.3 million, was the…

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