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First Reserve Corporation
Type Private Ownership
Founded 1984
Headquarters Flag of the United States.svg Greenwich, Connecticut Flag of the United States.svg Houston, Texas
Industry Private Equity, Energy industry
Products Leveraged Buyout (energy sector)
Total assets $13 billion [1]
Employees 55+ (2007)
Website www. firstreserve.com

First Reserve Corporation is a private equity firm specializing in leveraged buyouts and growth capital investments in the energy sector. First Reserve was founded in 1984 and is the oldest private equity dedicated to investments in the energy sector..

As of the end of 2007, First Reserve had approximately 55 employees across three offices in Greenwich, Connecticut, Houston, Texas and London, England.

Contents

Investments

The firm is currently investing out of its eleventh private equity fund First Reserve Fund XI LP, raised in 2006 with approximately $7.8 billion of investor commitments, which is the largest energy focused fund raised to that point.[2] Fund XI was more than $5.5 billion larger (and three times the size) of Fund X which closed with $2.3 billion in 2004. First Reserve's fundraising has benefited from the recent focus on the energy industry in the broader market.

In 2008, First Reserve advanced its renewable energy investment program with the €261 million acquisition of Gamesa Solar. Additionally, First Reserve committed €600 million to form a European renewable energy group with the ability to deliver solar capacity of up to 400MW in Southern Europe by 2012. [3] Among First Reserve's most notable transactions in the traditional energy sector include:

Other notes

In September 2006, First Reserve Corporation Chairman and Chief Executive Officer William E. Macaulay donated $30 million to the City University of New York (the largest single donation in the history of CUNY) to endow The William E. Macaualay Honors College.

References

  1. ^ Capital raised since inception in 1984
  2. ^ Taylor, James. "First Reserve raises record $8bn energy fund." DowJones Financial News, August 9, 2006.
  3. ^ Arnold, Martin. "First Reserve to invest $940m in solar energy." Financial Times, April 28, 2008
  4. ^ First Reserve Buys Infrastructure Services Co. Buyouts, January 22, 2007.
  5. ^ Rozhon, Tracie. "Buyout Firm to Acquire Ingersoll-Rand Unit." New York Times, August 26, 2004.
  6. ^ Acquisition of the sixth-largest United States drilling company. "COMPANY NEWS; PRIDE TO SELL SHARES WORTH $75 MILLION TO FIRST RESERVE." New York Times, May 6, 1999.
  7. ^ "COMPANY NEWS; ENTERRA TO ACQUIRE TOTAL ENERGY SERVICES." New York Times, April 19, 1994.

External links

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