First Reserve private equity co-head leaves firm

  • Tim Day was co-head of buyouts
  • Buyouts co-head Alex Krueger promoted to co-CEO earlier this year
  • Series of personnel changes at the firm

Tim Day, managing director and co-head of buyouts at First Reserve Corp, left the firm on October 31 as part of a series of personnel changes at the energy and infrastructure specialist, according to a person familiar with the firm.

Day’s departure was first reported by Fortune magazine.

Day had shared the post with Alex Krueger, who was named co-CEO of First Reserve in February.

Day started at First Reserve in 2000 as vice president and worked as co-head of buyouts since 2011. He will continue to serve on the boards of three First Reserve portfolio companies: Diamond S, TNT Crane & Rigging and TPC Group, the source said.

Several members of First Reserve’s fundraising team left recently, including Investor Relations Manager Neil Horn and Vice President William Pearce, Buyouts reported in September.

Others who departed include David Posner, a managing director who ran the firm’s international investor relations, left over the summer for a job at Farallon Capital Management LLCCaitlyn MacDonald, director of marketing and communications, who left in March, according to her LinkedIn profile; and Chris Hearn, an executive on the firm’s infrastructure team, who left earlier in 2015 and co-founded Strata Energy Investments

Meanwhile, First Reserve has announced some promotions and other changes. The firm has been returning to its core investment strategy in a move to “go back to the basics” in energy and infrastructure, the source said.

In July, Paul Steen and Doug Vaccari were each promoted to vice president. A month earlier, the firm named 30-year industry veteran Luke O’Keefe to its energy infrastructure team. O’Keefe formerly worked at General Electric Co’s Energy Financial Services unit.

Last December, First Reserve promoted Eduard Ruijs and Mark Sace each to managing director on its energy infrastructure funds team. (Mark Florian heads up First Reserve’s infrastructure fund unit.)

Last July, First Reserve promoted Jesse Krynak and David McFarland each to vice president on its buyout funds team.

First Reserve raised $3.4 billion for First Reserve Fund XIII in 2014, below its original target. In June 2014, the firm’s second energy infrastructure fund raised $2.5 billion, above its $2 billion target.

Action item: See First Reserve’s executive line-up here:

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