Investments
The firm is currently investing out of its twelfth private equity fund 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:
- CHC Helicopter, 2008
- Brand Services, 2007
- Dresser Industries, 2004
- Pride International, 1999
- Enterra Corporation, 1994
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“In youth, love and art. In age, investments and antiques.”
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