Posner to depart First Reserve

David Posner, who is responsible for First Reserve’s international fundraising activities and investor relations, is exiting the energy-focused private equity firm after more than three years.

“I am leaving First Reserve,” Posner said in an interview. He declined further comment. It’s not clear why he is leaving. Executives for First Reserve declined comment.

Posner joined First Reserve in 2012 and was a Managing Director, his bio said. Prior to First Reserve, Posner was an MD with Davidson Kempner Capital Management LLC. Before that, he was CEO and CIO of Calder Capital Partners LLC.

Posner’s departure is the latest change at First Reserve. In April, Caitlyn MacDonald, First Reserve’s director of marketing and communications, left the firm. First Reserve, earlier this year, also shifted its management. President Alex Krueger was promoted to co-chief executive officer, sharing the role with CEO William Macaulay, who also serves as chairman. Krueger retained the title of co-head of buyouts, which he shares with Managing Director Timothy Day. Krueger’s promotion was characterized as the next step in a succession plan.

First Reserve also added Luke O’Keefe to its energy infrastructure team this month.

First Reserve is a private equity and infrastructure investment firm exclusively focused on energy. Last year, the firm closed its 13th flagship fund on $3.4 billion, well below its original target of $6 billion and its reduced goal of $5 billion. The firm raised $9 billion for its 12th fund in 2009, $3 billion below its target.

Fund XIII is producing a -32.44 percent net IRR and a 0.7x investment multiple as of Sept. 30, according to the California Public Employees’ Retirement System.

Fund XII is generating a 4.6 percent net IRR and 1.2x investment multiple, CalPERS said.

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