LS Power on Oct. 6 announced the successful closing of LS Power Equity Partners VI (Fund VI) with total fund commitments of approximately $6 billion.
Launched in January 2026, Fund VI was oversubscribed and fully allocated against its hard cap by July, which was well in excess of its initial $4 billion target.
"Investor demand was driven by LS Power’s longstanding track record of delivering attractive realized returns across multiple market cycles," it said.
Fund VI will invest in assets, platforms, and companies in the renewables, conventional generation, energy storage, distributed energy resources, and other critical energy infrastructure spaces.
The fund is already being deployed, with a commitment of approximately $1.7 billion for investments associated with LS Power’s pending acquisitions of what will form a 5-gigawatt platform of gas-fired generation assets from Constellation Energy across the Mid-Atlantic (PJM) and Texas (ERCOT) power markets.
“This fundraise is a strong endorsement of the team, strategy, and platform we have built at LS Power over more than three decades,” said Paul Segal, CEO of LS Power. “Our approach has always been to anticipate the evolving needs of the U.S. power and energy system and invest behind them with discipline. Fund VI gives us greater capacity to pursue those opportunities while maintaining the selectivity that has guided us over the years.”
Fund VI attracted commitments from some of the world’s leading pension funds, insurance companies, sovereign wealth funds, asset managers, foundations, endowments, family offices, and private wealth investors, among others.
The fund received strong support from LS Power’s existing investors and investment consultants and expanded the firm’s global investor base into new markets.
LS Power’s previous Fund V, which raised $2.7 billion in commitments in 2024, is fully deployed.
Across its flagship funds and other investment partnerships, LS Power has raised approximately $19.8 billion of equity commitments since inception.
Evercore Private Funds Group, Leader Capital Markets, and Magenta Capital Services acted as global placement agents and Willkie Farr & Gallagher LLP served as fund counsel.
