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<ul class="summary-list"><li><keyword id="11963841" type="UNKNOWN" weightage="60" keywordseo="riverstone-holdings" source="Orion">Riverstone Holdings</keyword>, which made a fortune betting on American shale, is now pushing <keyword id="11963839" type="UNKNOWN" weightage="60" keywordseo="clean-energy" source="Orion">clean energy</keyword> SPAC deals, according to a report from the Wall Street Journal.</li><li>All told, Riverstone is set up to make as much as $240 million from sponsoring four SPACs.</li><li>But Riverstone's 2006 renewable energy fund, the company's first-ever, lost 90% of its value for clients including California's public pension.</li></ul>Riverstone Holdings, which made a fortune betting on American shale, is now pushing $1.3 billion in clean energy <a href="https://markets.businessinsider.com/news/stocks/spac-mergers-competition-intensifying-260-blank-check-firms-facing-deadlines-2021-6">SPAC deals</a>, according to a report from the <a href="https://www.wsj.com/articles/oil-financier-goes-green-and-hopes-its-clean-energy-past-doesnt-repeat-11629970381?mod=markets_lead_pos3">Wall Street Journal</a>.Riverstone has so far participated in four green SPACs - some of which are still pending - including a hydrogen-powered truck company, an EV battery charging company, and another battery firm making solid-state cells, an alternative to lithium-ion.The investment firm's most recent SPAC in August raised $315 million to take a decarbonization-focused company public, though the hunt is still ongoing. All told, Riverstone is set up to make as much as $240 million from sponsoring the four SPAC deals, NYU law professor Michael Ohlrogge told the Journal.What is odd about Riverstone's recent green successes is that some of its most successful deals have historically been in <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> and gas - and some of its previous clean-energy deals have ended in disaster.Riverstone's 2006 renewable energy fund, the company's first-ever, lost 90% of its value for clients including California's public pension plan, according to the Journal."You'd think a monkey couldn't have lost that much money," Riverstone co-founder David Leuschen said in a later interview.Where Riverstone has previously struck gold is in oil-and-gas drilling, particularly in the wake of the shale boom. It took out stakes in risky wildcat drillers and lent to pipelines, attracting billions in investor funds. A 2016 SPAC investing in West Texas oil doubled in value.But even those fossil fuel successes proved somewhat illusory. The 2016 SPAC lost much of its gains as the shale market was slammed by a supply glut. A different SPAC investing in Oklahoma extraction filed for bankruptcy in 2019 before being liquidated, according to the Journal.Ultimately, what matters for SPAC sponsors is whether they can hold on to their cut of the deal. On that count, Riverstone has been a smashing success of late. Its recent hydrogen-powered truck SPAC earned Riverstone a $56 million incentive package - more than eight times the costs of creating the deal.

An investment firm that made big bets on the US shale boom is courting investors for clean energy SPACs

Hi, Aaron Weinman here. Let's talk quantitative traders, or "quants." They're arguably Wall Street's most-prized mathematicians.They ply their trade at hedge funds or high-frequency trading firms, and they're known to pocket a pretty penny.Take Daniel Morillo — he spent decades developing quant-trading research but in 2020 he became chief investment officer at Opendoor Technologies, the online buyer and seller of homes.Morillo is the latest "quantrepreneur" in <a href="https://www.businessinsider.com/quantrepreneurs-wall-street-quant-traders-build-silicon-valley-unicorn-2022-3">Insider's series</a> about quants who ditched Wall Street for startups.Let's dig into <a href="https://www.businessinsider.com/why-daniel-morillo-left-citadel-to-supercharge-ibuying-at-opendoor-2022-6">his story</a>.If this was forwarded to you,<a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street"> sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/why-daniel-morillo-left-citadel-to-supercharge-ibuying-at-opendoor-2022-6"></a>1. Daniel Morillo helped supercharge the algorithmic homebuying business at Opendoor. His experience in algorithmic trading, data science, and modeling for quant-trading research has helped the antiquated online homebuying industry morph into a marketplace for a raft of property owners.But his move to Opendoor came out of left field.Born and raised in Ecuador, Morillo came to the US in the mid-1990s. He worked at PanAgora Asset Management, BlackRock, and in 2015 he joined Ken Griffin's Citadel. He was head of equity-quant research and had strong relationships at the hedge fund, where he managed 70 people.And despite multiple attempts by Bay Area friends to snare Morillo's services, a move to the disruptive tech world seemed out of the question.He was skeptical of some startups, and questioned whether they were truly innovative.But Opendoor was different. It offered Morillo a chance to apply algorithmic trading to an industry in need of technological change.Here's why Morillo — one of Wall Street's top quants — ditched the lucrative hedge-fund space for Opendoor, and <a href="https://www.businessinsider.com/why-daniel-morillo-left-citadel-to-supercharge-ibuying-at-opendoor-2022-6">helped turn the homebuyer into a market maker in its own right.</a>In other news:<a href="https://www.businessinsider.com/how-to-get-job-crypto-exchange-binance-secretive-investigations-regulation-2022-6"></a><div type="image" title="Binance" height="2559" width="3412" msid="92363908" hostid="261" sizebytes="451996"></div>2. As the crypto market dips at a mile-a-minute pace, Binance has built a 150-person investigations team. Top government agents who have taken down criminals have flocked to the crypto exchange, and here they share <a href="https://www.businessinsider.com/how-to-get-job-crypto-exchange-binance-secretive-investigations-regulation-2022-6">what it takes to get in on the secretive group</a>.3. Crypto lender Babel <keyword id="11895316" type="UNKNOWN" weightage="100" keywordseo="finance" source="Orion">Finance</keyword> has stopped letting users take out their holdings. Hong Kong-based Babel said it was freezing withdrawals due to "liquidity pressures," becoming <a href="https://www.businessinsider.com/crypto-lending-babel-freeze-withdrawals-for-users-celsius-bitcoin-selloff-2022-6">the second platform</a> to do this after <a href="https://www.businessinsider.com/celsius-crypto-lending-customers-frozen-withdrawals-liquidity-defi-2022-6">Celsius</a> halted withdrawals earlier this month.4. Trading firm Jump, however, is doing the opposite to most crypto businesses. Jump Crypto is hiring, not firing folks, and everyone's energized as summer interns arrive, <a href="https://www.bloomberg.com/news/articles/2022-06-17/jump-trading-prowls-for-edge-with-crypto-winter-hammering-peers?sref=ipW5reFz">according to Bloomberg</a>.5. Deutsche Bank has started installing Movius, an app that helps track communications, on its bankers' phones, the <a href="https://www.ft.com/content/79475094-11da-43ca-ab1e-6951b241594a?accessToken=zwAAAYF9ie6Hkc95R1CUEdpDytOrHmlRskFZSg.MEQCIDD7UiTf7XwP2IBEzhLpI11jyvLFTKmYZKZhpf1k8KN8AiAZfIvXlSw8Jk1Uue8HEASLTk_P19lIRu_B3XXxL4fgRQ&amp;sharetype=gift?token=5294232a-f108-4ee3-8bab-f5eaf5d0a42e">Financial Times reported</a>. The installation is in response to regulatory probes that have bankers fretting over how they use their cell phones, particularly communications on unauthorized messaging <a href="https://www.businessinsider.com/credit-suisse-anthony-kontoleon-removal-messaging-app-06-2022">apps like WhatsApp</a>.6. Klarna is in talks with investors about a deal that values the firm at about $15 billion, <a href="https://www.wsj.com/articles/fintech-giant-klarna-slashes-fundraising-ambition-11655417674">according to the Wall Street Journal</a>. The valuation — a significant dip from $46 billion last June — comes after the BNPL <a href="https://www.businessinsider.com/klarna-updated-severance-package-layoffs-similar-to-airbnb-2022-6">fintech laid off about 10% of its staff in May</a>.7. Slaughter and May is letting its lawyers bring their doggos to work. The London-based "magic circle" firm is implementing the pooch policy amid <a href="https://www.businessinsider.com/magic-circle-law-firm-lets-lawyers-bring-dogs-to-work-2022-6">a tussle for top legal talent</a>.8. On the subject of pets, Lex the horse was seized in a tax fraud case. But it was sold back to its owner after the authorities realized how <a href="https://www.businessinsider.com/authorities-sold-seized-horse-back-to-owner-cost-keeping-it-2022-6">costly it is to maintain a stallion</a>.9. A former partner at Apollo talked about the inner workings of private equity. But in the book "Two and Twenty," the author <a href="https://www.businessinsider.com/sachin-khajuria-apollo-global-book-review-two-and-twenty-2022-6">failed to support his argument with the relevant data</a>, Jonathan A. Knee writes in this Insider opinion piece.10. Wall Streeters are back on the road and are rekindling their love for frequent-flyer programs. Here are a few reviews, offers, and rewards for <a href="https://www.businessinsider.com/personal-finance/best-credit-cards">21 of the best credit cards of June 2022</a>.Done deal:<ul><li>Targa Resources will <a href="https://www.globenewswire.com/news-release/2022/06/16/2464369/0/en/Targa-Resources-Corp-to-Acquire-Lucid-Energy-from-Riverstone-Holdings-and-Goldman-Sachs-Asset-Management-for-3-55bn-Provides-Updated-2022-Standalone-Financial-Outlook.html">acquire natural gas processor Lucid Energy</a> from Riverstone Holdings and Goldman Sachs Asset Management for $3.55 billion.</li></ul>Keep up with the latest business news throughout your day by checking out <a href="https://newsletter.businessinsider.com/click/28123302.82840/aHR0cHM6Ly9saW5rLmNodGJsLmNvbS90aGVyZWZyZXNoP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/5cf970723f92a452082ea752B6c914e3a" target="_blank" rel="noopener">The Refresh from Insider</a>, a dynamic audio news brief from the Insider newsroom. <a href="https://newsletter.businessinsider.com/click/28123302.82840/aHR0cHM6Ly9saW5rLmNodGJsLmNvbS90aGVyZWZyZXNoP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/5cf970723f92a452082ea752C6c914e3a" target="_blank" rel="noopener">Listen here.</a>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Jordan Parker Erb and Lisa Ryan in New York.

The quant who left Citadel for Opendoor

<ul class="summary-list"><li><keyword id="8695" type="COUNTRY" weightage="60" keywordseo="Malaysia">Malaysia</keyword>'s rubber glove industry has become so profitable during the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> pandemic that it has minted five new <keyword id="6393637" type="UNKNOWN" weightage="60" keywordseo="Billionaires">billionaires</keyword>, <a href="https://www.bloomberg.com/news/articles/2020-08-16/gloves-juggernaut-creates-fifth-billionaire-as-skepticism-grows?sref=BLKWHazc">Bloomberg</a> reports.</li><li>The newest <keyword id="25931" type="COMPANY" weightage="60" keywordseo="billionaire">billionaire</keyword>, Riverstone Holdings Ltd. cofounder Wong Teek Son, now has an estimated net worth of <a href="https://www.bloomberg.com/news/articles/2020-08-16/gloves-juggernaut-creates-fifth-billionaire-as-skepticism-grows?sref=BLKWHazc">$1.2 billion</a> after shares of his company skyrocketed to six-times their March price. A company spokesperson declined Bloomberg's request for comment regarding Wong's new net worth.</li><li>But the new glove billionaires could fall out of the three comma club as quickly as they joined it if the number of COVID-19 cases falls, reducing demand for <keyword id="1676024" type="PERSON" weightage="60" keywordseo="PPE">PPE</keyword>. Their firms' stock prices plummeted when <a href="https://www.businessinsider.com/putin-russia-has-coronavirus-vaccine-daughter-despite-concerns-development-2020-8">Russia announced its coronavirus vaccine</a> last week.</li><li>Malaysia produces 65% of the world's rubber gloves, but the industry was "low-key" before the pandemic, <a href="https://www.bloomberg.com/news/articles/2020-08-16/gloves-juggernaut-creates-fifth-billionaire-as-skepticism-grows?sref=BLKWHazc">Bloomberg</a> reports. Many of the country's largest fortunes stemmed from the palm oil and banking industries.</li></ul>

The pandemic has minted 5 new rubber gloves billionaires in Malaysia alone

<div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="REUTERS/Sergei Karpukhin, Michael Crabtree, Luke MacGregor " title_caption="Mikhail Fridman and Secretary of State Ed Davey. " class="zoomin" href="https://static-ssl.businessinsider.com/image/54f43e8add0895295d8b45e8-960/`asf.jpg"></a>REUTERS/Sergei Karpukhin, Michael Crabtree, Luke MacGregor Mikhail Fridman and Secretary of State Ed Davey. </div></div></div>Mikhail Fridman is threatening to sue the British government, after the Department of Energy blocked his purchase of 12 oil and gas fields in the North Sea because of Western sanctions over Ukraine, <a href="http://www.ft.com/cms/s/0/b66feb28-c015-11e4-a71e-00144feab7de.html#axzz3TDaL3RXH" target="_blank">the FT reports</a>. Until a few months ago, Fridman had focused on strengthening his position in Russia's domestic energy industry, but in August last year he bought RWE Dea, the oil and gas division of German utility giant RWE. <a href="http://www.bloomberg.com/news/articles/2014-08-22/germany-backs-6-8-billion-rwe-unit-sale-to-russian-group" target="_blank">According to Bloomberg</a>, Fridman's investment group, LetterOne, spent £3.7 billion (€5.1 billion) to buy RWE Dea, which include several North Sea fields among its assets. To complete the purchase, Fridman and his business partner German Khan founded a new energy company, <a href="http://letterone.lu/l1-energy/" target="_blank">L1 Energy</a>, and planned to have it chaired by Lord Browne, the former CEO of BP and a top figure in the British energy industry. The German government had given the OK to the purchase of RWE Dea, but the British Department of Energy blocked the sale. Fridman's name is on the black list of Russian oligarchs hurt by economic sanctions over the conflict in Ukraine. <a href="https://www.gov.uk/government/news/secretary-of-states-decision-on-rwe-letter-one-transaction" target="_blank">In a statement published on February 28</a>, Secretary of State for Energy Ed Davey expressed his concerns about the effect that further sanctions could have on LetterOne, L1 Energy parent company. In the letter, Davey wrote that "if the proposed acquisition were to proceed in its current form, he [Davey] would be minded to require the companies to arrange for a further sale to a suitable third party."Despite British opposition, LetterOne said it is committed to the acquisition anyway, and <a href="http://www.nytimes.com/2015/03/03/business/international/john-brown-bp-l1-energy.html?_r=0" target="_blank">would possibly try to use a Dutch company to overcome British sanctions</a> according to the New York Times. Fridman is planning to invest almost £300 million ($450 million) in the North Sea, and was confident the partnership with Lord Browne would play in his favour. The former BP chief, who <a href="http://www.nytimes.com/2015/03/03/business/international/john-brown-bp-l1-energy.html?_r=0" target="_blank">said he would give up his partnership at Riverstone Holdings to chair L1 Energy</a>, described Fridman as "one of the shrewdest and most focused businesspeople that I know." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/crossfit-upper-body-exercise-workout-2015-2">3 hardcore exercises to build muscle super-fast</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="dxNTcxbDo6AUBxdXW1sS4LjVERhl2lSN" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "riverstone holdings" and got 4 results

An investment firm that made big bets on the US shale boom is courting investors for clean energy SPACs

Ethan Wu

The quant who left Citadel for Opendoor

Aaron Weinman

The pandemic has minted 5 new rubber gloves billionaires in Malaysia alone

Taylor Nicole Rogers

A Russian oligarch wants to sue Britain because he is blacklisted from investing in North Sea Oil

Stefano Pozzebon

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