First Reserve Corporation is a

private equity In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a ty ...

firm specializing in

leveraged buyouts A leveraged buyout (LBO) is one company's acquisition of another company using a significant amount of borrowed money ( leverage) to meet the cost of acquisition. The assets of the company being acquired are often used as collateral for the loa ...

and

growth capital Growth capital (also called expansion capital and growth equity) is a type of private equity investment, usually a minority investment, in relatively mature companies that are looking for capital to expand or restructure operations, enter new mark ...

investments in the

energy sector The energy industry is the totality of all of the industries involved in the production and sale of energy, including fuel extraction, manufacturing, refining and distribution. Modern society consumes large amounts of fuel, and the energy indust ...

. First Reserve was founded in 1984 and is the oldest and largest private equity fund dedicated to investments in the energy sector. As of 2017, First Reserve had approximately 155 employees across three offices in

Stamford, Connecticut Stamford () is a city in the U.S. state of Connecticut, outside of Manhattan. It is Connecticut's second-most populous city, behind Bridgeport. With a population of 135,470, Stamford passed Hartford and New Haven in population as of the 2020 ...

Houston, Texas Houston (; ) is the most populous city in Texas, the most populous city in the Southern United States, the fourth-most populous city in the United States, and the sixth-most populous city in North America, with a population of 2,304,580 in ...

and

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

Investments

The firm is currently investing out of its twelfth

private equity fund A private equity fund (abbreviated as PE fund) is a collective investment scheme used for making investments in various equity (and to a lesser extent debt) securities according to one of the investment strategies associated with private equity ...

First Reserve Fund XII LP, raised in 2008 with approximately $8.9 billion of investor commitments, which is the largest energy-focused fund raised to that point. Fund XI was raised in 2006 with $7.8 billion of investor commitments. 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 Renewable energy is energy that is collected from renewable resources that are naturally replenished on a human timescale. It includes sources such as sunlight, wind, the movement of water, and geothermal heat. Although most 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 400 MW in Southern Europe by 2012. Among First Reserve's most notable transactions in the traditional energy sector include: *

PBF Energy PBF Energy Inc. is a petroleum refiner and supplier (Downstream (petroleum industry), Downstream operator) of unbranded transportation fuels, heating oils, lubricants, petrochemical feedstocks, and other petroleum products. Headquartered in Parsi ...

, 2008 *

CHC Helicopter CHC Helicopter is a Texas-based helicopter services company. CHC Helicopter maintains it global headquarters in Irving, Texas and operates more than 250 aircraft in 30 countries around the world. CHC's major international operating units are b ...

, 2008 * Brand Services, 2007 *

Dresser-Rand Dresser-Rand is an American engineering and manufacturing company owned by Siemens Energy. The company designs, manufactures, and services equipment used in the extraction of petroleum and natural gas. The company was formed in 1986 as a joint v ...

, 2004 *

Pride International Pride International, Inc. was an offshore oil drilling company headquartered in Houston, Texas. As of February 2011, it operated 26 drilling rigs. In May 2011, it was acquired by Ensco (now Valaris Limited). History The company was founded in 196 ...

, 1999 * Enterra Corporation, 1994Company News; Enterra to Acquire Total Energy Services
" ''The New York Times'', April 19, 1994.

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 City University of New York ( CUNY; , ) is the Public university, public university system of Education in New York City, New York City. It is the largest urban university system in the United States, comprising 25 campuses: eleven Upper divis ...

(the largest single donation in the history of CUNY) to endow The William E. Macaulay Honors College. In 2002 affiliates of the company helped establish

Alpha Natural Resources Alpha Natural Resources is a large American producer of metallurgical coal ("met coal") for the industrial production of steel and iron and low-sulfur thermal coal ("steam coal") to fuel steam boilers for the production of electrical power. In Nove ...

which has since become one of the largest US coal companies.

References

External links

*
First Reserve Corporation Profile
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BusinessWeek ''Bloomberg Businessweek'', previously known as ''BusinessWeek'', is an American weekly business magazine published fifty times a year. Since 2009, the magazine is owned by New York City-based Bloomberg L.P. The magazine debuted in New York City ...

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Dresser, Inc. profile
Hoovers.com {{Private equity firms Financial services companies established in 1984 Private equity firms of the United States Privately held companies based in Connecticut Companies based in Stamford, Connecticut