Specialising in investing in the power and energy sectors, Riverstone will be hoping to draw on Lord Browne’s experience and reputation in the industry, which included occupying the role of chief executive at BP, where he played a key role in launching the oil giant’s alternative energy business. Lord Browne leaves Apax just months after walking away from his role at BP in April this year, the company he joined in 1966 as an apprentice .
David M. Leuschen and Pierre F. Lapeyre, Jr, co-founders of Riverstone, said: “We’ve known, worked with and respected John Browne for nearly 25 years. He is a legend in the energy industry and we are very excited about him joining Riverstone. He is without question one of the most visionary, experienced and talented executives in the energy industry with an unparalleled global understanding. We are looking forward to Lord Browne helping us expand our existing energy practice and identifying new opportunities in the alternative and renewable energy markets.”
Lord Browne said: “Since its founding in 2000, Riverstone has emerged as one of the leading and certainly one of the most respected private equity firms in the energy industry. This is an opportunity for me to return to the energy industry full-time, which will enable me to best apply my life-long skills and experience. I continue to believe it is a unique and important time in the energy industry and I am quite excited to actively participate in Riverstone’s growth strategy to identify and manage attractive investment opportunities.”