On Tuesday, American private equity fund Riverstone Holdings said it has IPO plans for its new energy investment company. Riverstone Energy Ltd. would be listed on the London Stock Exchange in late October and would raise GBP1.5 billion or USD2.4 billion, according to Riverstone Holdings.

The October listing would allow Riverstone Holding to expand its international presence. The private equity fund has been focusing on energy investments in the United States and Canada. However, it does have an arm in Europe headed by former executive BP John Browne. It has investments in British shale gas company Cuadrilla Resources, of which Browne currently chairs, and United States-based exploration company Cobalt International Energy that had made some discoveries deepwater.

The IPO would be marketed to institutional investors in the UK. Riverstone Energy would be making investments alongside its USD7.7 billion Global Energy and Power Fund V.

Riverstone had been founded by two former Goldman Sachs bankers David Leuschen and Pierre Lapeyre Jr. back in 2000. It has since raised USD25 billion and had a 20% overall rate of return.