LS Power Closes $6 Billion Fund VI

EmitenTrust.com The fund was significantly oversubscribed amid strong investor demand for LS Power's differentiated strategy

NEW YORK, Oct. 6, 2026 /PRNewswire/ -- LS Power, a leading development, investment, and operating company focused on the North American power and energy infrastructure sector, today 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.

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."

"Meeting America's growing need for reliable, affordable power requires more than capital," said Darpan Kapadia, COO of LS Power. "Our hands-on development and operating experience across generation, transmission, and other energy infrastructure informs how we underwrite investments, execute complex transactions, and improve the assets and businesses we own. That combination gives us flexibility to pursue opportunities across technologies, geographies, and market environments."

David Nanus, President of LS Power Equity Advisors, said, "We believe that the scale of the opportunity has never been greater, and our team has never been stronger. We are grateful to our investors for their trust and continued support. We look forward to deploying Fund VI behind compelling opportunities where LS Power's capital, capabilities, and industry relationships can help our counterparties achieve their objectives while creating value for our investors."

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.

About LS Power Equity Advisors

Since LS Power Equity Advisors, LLC's inception in 2005, LS Power's investment partnerships have raised approximately $19.8 billion of equity capital to invest primarily in power and energy infrastructure assets, platforms, and companies, drawing on LS Power's investment, development, and operational capabilities to drive value. Investments have included the acquisition of more than 39,000 MW of power generation capacity, as well as assets and businesses that are meeting the growing needs of the energy expansion, including electric vehicle charging, demand response, microgrids, and renewable fuel platforms.

About LS Power

Founded in 1990, LS Power is a premier development, investment, and operating company focused on the North American power and energy infrastructure sector, with leading platforms across generation, transmission, and energy expansion solutions. Since inception, LS Power has developed or acquired more than 50,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. Through its transmission business, LS Power Grid, the company operates 7 transmission utilities and has built 780+ miles of high-voltage transmission, with another 400+ miles currently in construction or development. Over the years and across its investment partnerships, projects, and businesses, LS Power has raised more than $95 billion in debt and equity capital to support North American infrastructure. For information, please visit www.lspower.com.

Media Contact

Prosek Partners for LS Power
Pro-LScomms@prosek.com.

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SOURCE LS Power