LS Power has closed LS Power Equity Partners VI with approximately $6 billion in commitments, substantially exceeding its initial $4 billion fundraising target.
The firm launched Fund VI in January 2026 and said the vehicle was fully allocated against its hard cap by July following strong investor demand.
Fund VI will invest in power and energy infrastructure across North America.
Target areas include renewable energy, conventional power generation, energy storage, distributed energy resources and other critical energy infrastructure.
LS Power has already begun deploying the fund.
Approximately $1.7 billion has been committed to investments associated with LS Power’s pending acquisitions of assets from Constellation Energy that will form a roughly 5 GW gas-fired generation platform.
Those assets span the Mid-Atlantic PJM electricity market and the ERCOT market in Texas.
Fund VI received commitments from pension funds, insurance companies, sovereign wealth funds, asset managers, foundations, endowments, family offices and private wealth investors.
The vehicle received support from existing LS Power investors while also expanding the firm’s investor base into additional international markets.
LS Power’s previous flagship vehicle, Fund V, raised $2.7 billion in 2024 and is now fully deployed.
Across its flagship funds and other investment partnerships, LS Power has raised approximately $19.8 billion in equity commitments since inception.
The firm intends to use Fund VI across both acquisitions and development opportunities as electricity demand, reliability requirements and infrastructure needs continue evolving across North America.
Evercore Private Funds Group, Leader Capital Markets and Magenta Capital Services served as global placement agents.
Willkie Farr & Gallagher served as fund counsel.
KEY QUOTES:
“This fundraise is a strong endorsement of the team, strategy, and platform we have built at LS Power over more than three decades. 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.”
Paul Segal, CEO of LS Power
“Meeting America’s growing need for reliable, affordable power requires more than capital. 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.”
Darpan Kapadia, COO of LS Power
“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.”
David Nanus, President of LS Power Equity Advisors
