First Reserve promotes Steen to managing director and Sierra to technical director

Steen joined First Reserve in 2011 and Sierra came on board in 2019.

  • Prior to joining First Reserve, Steen worked as an analyst at Credit Suisse
  • Before First Reserve, Sierra held positions at Guggenheim Partners, BP and SLB
  • Founded in 1983, First Reserve has raised more than $32 billion of aggregate capital since inception

First Reserve has promoted Paul Steen to managing director and Carolina Sierra to director, technical. The appointments are effective January 1, 2023.

Steen joined the firm in 2011. As managing director, Steen will continue to drive investments in both private equity and real assets. Prior to joining First Reserve, he worked as an analyst at Credit Suisse.

Sierra joined First Reserve in 2019. Sierra provides a technical reservoir engineering perspective across the firm’s upstream and midstream investments and assists with early theme and trend identification throughout the energy value chain. Prior to joining First Reserve, she held positions at Guggenheim Partners, BP and SLB.

Alex Krueger, president and CEO of First Reserve, said in a statement, “At First Reserve, our team is one of our greatest strengths, and we pride ourselves on cultivating a deep bench of homegrown investment talent with sector expertise throughout the energy, infrastructure, and general industrial markets. We believe that our approach to partnership, entrepreneurship, and discipline begins with our internal team and extends throughout our industry network. On behalf of First Reserve’s senior leadership, I am pleased to congratulate Paul and Carolina, and we look forward to continuing to work with them and the entire First Reserve team to drive value creation on behalf of our investors.”

First Reserve is focused on investing across diversified energy, infrastructure, and general industrial end-markets. Founded in 1983, First Reserve has raised more than $32 billion of aggregate capital since inception.