Riverstone Energy Limited Announces Quarterly Portfolio Valuations
Subsector (Drilling Technique)
Committed Capital ($mm)
Gross Unrealized Value ($mm)1
7 Nov 2013
Exploration & Production ("E&P") (Unconventional)
13 Dec 2013
E&P (Conventional / Unconventional)
13 Mar 2014
Eagle Ford, Utica and Permian (U.S.)
13 Mar 2014
Gulf of Mexico Shelf (U.S.)
27 Mar 2014
Deep Basin (Canada)
Percentage of total REL capital3
REL will release a Half-Year Report for the 6 month period from
REL is a closed-ended investment company that invests exclusively in the global energy industry, with a particular focus on the exploration & production and midstream sectors. The company is uniquely positioned to benefit from the large number of investment opportunities being driven by the North American energy revolution and the continued growth in global energy demand. REL aims to capitalize on the opportunities presented by Riverstone's energy investment platform. REL is a member of the FTSE 250 and its ordinary shares are listed on the
For further details, see www.RiverstoneREL.com
Neither the contents of
The Investment Manager is charged with the responsibility of valuing the assets held by REL and the Partnership. The Partnership has directed that securities and instruments be valued at their fair value. REL's valuation policy follows the IFRS accounting standards and IPEV Valuation Guidelines. Riverstone values each underlying investment in accordance with the Riverstone valuation policy, the IFRS accounting standards and IPEV Valuation Guidelines. The value of REL's portion of that investment is derived by multiplying its ownership percentage by the value of the underlying investment. If there is any divergence between the Riverstone valuation policy and REL's valuation policy, the Partnership's proportion of the total holding will follow REL's valuation policy and the Fund V proportion will follow the Riverstone valuation policy. Valuations determined by Riverstone are disclosed quarterly to investors.
Riverstone values its investments using common industry valuation techniques, including comparable public market valuation, comparable merger and acquisition transaction valuation, and discounted cash flow valuation.
For development-type investments, Riverstone also considers the recognition of appreciation of subsequent financing rounds, if any, or if subsequent financing rounds are below original cost, the investment is valued at the "down round". For those early stage privately held companies where there are other indicators of a decline in the value of the investment, Riverstone will value the investment accordingly even in the absence of a subsequent financing round.
Riverstone reviews the valuations on a quarterly basis with the Riverstone investment committee as part of the valuation process.
1 Gross MOIC is Multiple of
2 The commitment to Eagle II is
3 Based on total capital raised of
This information is provided by RNS