First Reserve Corporation, an energy-focused buyout firm based in Greenwich, Conn., has adopted the United Nations’ Principles for Responsible Investing. The principles consist of “a set of global investment best-practices that incorporate environmental, social and governance criteria into investment decision making.”
First Reserve Corporation, the largest and leading private equity firm specializing in the energy industry, today announced it has adopted the United Nations’ Principles for Responsible Investment (PRI), becoming the first energy-related private equity firm, and one of a handful of private equity firms, to adopt the Principles. First Reserve has also been appointed to a member of the PRI’s private equity steering committee.
Launched in 2006, the Principles are a set of global investment best-practices that incorporate environmental, social and governance criteria into investment decision making with the objective of directly influencing companies to improve performance in these areas.
As part of its commitment to the Principles, First Reserve will, in the course of its examination of a potential investment, consider the ethical, social and environmental integrity of the target investment.
“As a global energy investor, environmental, social and corporate governance issues have always been a meaningful component in our due diligence and investment decision-making processes. We believe that it is imperative to identify and manage ESG issues to mitigate risk and ensure long-term and sustainable value in our portfolio companies” said First Reserve’s Managing Director and Chief Marketing Officer, Cathleen Ellsworth. “Transparency and environmental and social governance is becoming increasingly more important to our investors and broader stakeholders. We believe that First Reserve’s participation with the UN PRI further demonstrates our commitment and leadership in this effort.”
First Reserve recently announced the closing of its global buyout fund, First Reserve Fund XII, L.P. With total commitments of close to $9 billion, Fund XII is the largest buyout fund ever raised in the energy sector and is the largest raised by First Reserve.
About First Reserve
First Reserve is the world’s leading private equity firm in the energy industry, making both private equity and infrastructure investments throughout the energy value chain. For more than 25 years, it has invested solely in the global energy industry, and has developed an unparalleled franchise, utilizing its broad base of specialized energy industry knowledge as a competitive advantage. First Reserve invests strategically across a wide range of energy industry sectors, developing a portfolio that is diversified across the energy value chain, backing talented management teams and building value by building companies. Further information is available at www.firstreserve.com.