First Reserve Corp. held the final close of its latest fund. First Reserve Energy Infrastructure Fund LP secured than $1.2 billion in capital commitments. The Greenwich, Conn.-based firm invests in energy and natural resource industries.
First Reserve Corporation, a leading global private investment firm with a single focus in the energy and natural resource industries, today announced the closing of its latest fund, First Reserve Energy Infrastructure Fund, L.P. (“The Fund”). The closing of the Fund follows the successful close of its most recent buyout fund, First Reserve Fund XII, in 2009 at approximately US$9 billion.
First Reserve has invested exclusively in the energy and natural resource industries for nearly three decades and has over $20 billion of assets under management.
The Fund’s infrastructure investments will be focused on long lived assets in three energy verticals: (1) contracted midstream, which includes pipelines, storage and LNG facilities; (2) contracted power, which includes renewable generation and conventional generation; and (3) regulated transmission and distribution, including electric and gas utilities. Geographically, the Fund will focus on investments in North America and Western Europe.
“The advancement of our infrastructure investment program enables our team to offer broader and more strategic solutions to our energy industrial partners, and at a size and scale that is relevant,” said William Macaulay, Chairman and Chief Executive Officer of First Reserve.
The Fund expects to continue to emphasize strategic joint ventures, a format often used by First Reserve. The first investment in the Fund is a joint venture with SunEdison LLC called SunEdison Reserve formed to own utility scale solar photovoltaic power generation facilities.
Mark Florian, Managing Director and Infrastructure Group Head added, “With a fully dedicated infrastructure investment team, we believe we are well positioned to choose amongst the most attractive deal flow opportunities that originate through First Reserve’s deep energy industry relationships. First Reserve’s in-house market insight developed over three decades and our experience working in the joint-venture format will continue to set us apart and reinforce our position as a value-added strategic investment partner.”
The Fund’s Limited Partner base is made up of a diverse group of longstanding and new institutional investors.
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About First Reserve Corporation
First Reserve is a leading private investment firm in the energy and natural resource industries, making both private equity and infrastructure investments throughout the energy value chain. For 28 years, it has invested solely in the global energy industry, and has developed a preeminent franchise, utilizing its broad base of specialized energy industry knowledge as a competitive advantage. The firm is currently investing its most recent private equity fund, which closed in 2009 at approximately US $9 billion. 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.
SOURCE First Reserve Corporation