First Reserve Corporation
Encyclopedia
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, UK.
The current Vice Present is Ed Fidler.
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 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. Among First Reserve's most notable transactions in the traditional energy sector include:
(the largest single donation in the history of CUNY) to endow The William E. Macaualay Honors College.
In 2002 affiliates of the company helped establish Alpha Natural Resources
which has since become one of the largest US coal companies.
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
firm specializing in leveraged buyouts and growth capital
Growth capital
Growth capital is a type of private equity investment, most often a minority investment, in relatively mature companies that are looking for capital to expand or restructure operations, enter new markets or finance a significant acquisition without a change of control of the business.Companies...
investments in the energy sector
Energy industry
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...
. 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
Greenwich, Connecticut
Greenwich is a town in Fairfield County, Connecticut, United States. As of the 2010 census, the town had a total population of 61,171. It is home to many hedge funds and other financial service companies. Greenwich is the southernmost and westernmost municipality in Connecticut and is 38+ minutes ...
, Houston, Texas
Houston, Texas
Houston is the fourth-largest city in the United States, and the largest city in the state of Texas. According to the 2010 U.S. Census, the city had a population of 2.1 million people within an area of . Houston is the seat of Harris County and the economic center of , which is the ...
and London, UK.
The current Vice Present is Ed Fidler.
Investments
The firm is currently investing out of its twelfth private equity fundPrivate equity fund
A private equity fund is a collective investment scheme used for making investments in various equity 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 investment program with the €261 million acquisition of Gamesa Solar
Gamesa Corporación Tecnológica
Gamesa Corporación Tecnológica , is a manufacturing company principally involved in the fabrication of wind turbines and the construction of wind farms....
. 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. Among First Reserve's most notable transactions in the traditional energy sector include:
- CHC HelicopterCHC HelicopterCHC Helicopter is one of the world’s largest helicopter services company specializing in: Transportation to offshore oil and gas platforms; Civilian search and rescue services; Helicopter maintenance repair and overhaul...
, 2008 - Brand Services, 2007
- Dresser IndustriesDresser IndustriesDresser Industries was a multinational corporation headquartered in Dallas, Texas, United States, which provided a wide range of technology, products, and services used for developing energy and natural resources...
, 2004 - Pride InternationalPride InternationalPride International, Inc. was an offshore oil drilling company headquartered in Houston, Texas, the United States. With over 7000 employees, Pride provided contract drilling and related services to oil and gas companies worldwide. It had positioned its fleet to operate offshore with more than 50...
, 1999 - Enterra Corporation, 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 YorkCity University of New York
The City University of New York is the public university system of New York City, with its administrative offices in Yorkville in Manhattan. It is the largest urban university in the United States, consisting of 23 institutions: 11 senior colleges, six community colleges, the William E...
(the largest single donation in the history of CUNY) to endow The William E. Macaualay Honors College.
In 2002 affiliates of the company helped establish Alpha Natural Resources
Alpha Natural Resources
Alpha Natural Resources is a large American producer of metallurgical and thermal coal. It also provides services relating to equipment repairs, road construction and logistics . It doesn't produce all of the coal it sells, some is purchased and resold. Alpha operates in Virginia, West Virginia,...
which has since become one of the largest US coal companies.
External links
- First Reserve Corporation (official website)
- First Reserve Corporation Profile BusinessWeekBusinessWeekBloomberg Businessweek, commonly and formerly known as BusinessWeek, is a weekly business magazine published by Bloomberg L.P. It is currently headquartered in New York City.- History :...
- Dresser, Inc. profile Hoovers.com