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Laxman Pai, Opalesque Asia:

Riverstone Holdings, a New York-headquartered multinational private markets firm, has acquired a minority stake in an early-stage venture capital firm Blackhorn Ventures to form a strategic partnership.

For its part, Riverstone will have an entry to Blackhorn's startup market and innovation insights. The investment marks the first time Riverstone has acquired an interest in another fund manager, a rare instance of a private equity firm buying into a venture capital firm, as it seeks to diversify its portfolio and gain access to early-stage investment opportunities.

Riverstone, founded in 2000 by former Goldman Sachs' executives David Leuschen and Pierre Lapeyre, primarily conducts buyout and growth capital investments in the energy and power sectors. It will work with Blackhorn to "accelerate opportunities to decarbonize industrial sectors," a news release said.

Blackhorn is primarily focused on applications in industrial sectors that improve decarbonization and resource efficiency, according to the release.

The financial terms of the deal were not disclosed.

"Riverstone and Blackhorn share the view that decarbonization in all its forms, combined with industrial innovation, will continue to develop at the heart of corporate decision-making in the next decade," said Pierre F. Lapeyre Jr., co-founder and senior managing director of Riverstone.

"As a later-stage investor, they need to have access to earlier-stage deal flow ......................

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