{{Short description|American private equity firm}} {{Infobox company | logo = FirstReserveLogo.png | name = First Reserve Corporation | type = Private | foundation = {{start date and age|1984}} | location = Stamford, Connecticut | key_people = Alex T. Krueger (chairman) | industry = Private equity | products = Leveraged buyouts, growth capital, venture capital | aum = $14.3 billion<ref name=iapd>[https://www.adviserinfo.sec.gov/IAPD/content/ViewForm/crd_iapd_stream_pdf.aspx?ORG_PK=157056 U.S. Securities and Exchange Commission Form ADV]</ref> | homepage = [http://www.firstreserve.com/ www.firstreserve.com] | num_employees = 155 (2017)<ref name=iapd/> }}
'''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 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, Houston, Texas and London.
==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.<ref>Taylor, James. "[http://www.efinancialnews.com/usedition/index/content/1045333685 First Reserve raises record $8bn energy fund]." DowJones Financial News, August 9, 2006.</ref> 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 400 MW in Southern Europe by 2012.<ref>Arnold, Martin. "[https://www.ft.com/content/e91ef8ce-155a-11dd-996c-0000779fd2ac First Reserve to invest $940m in solar energy]." Financial Times, April 28, 2008</ref> Among First Reserve's most notable transactions in the traditional energy sector include:
* PBF Energy, 2008<ref>{{cite news|title=Petroplus Announces Formation of Growth Vehicle for U.S. Refinery Acquisitions|url=https://www.firstreserve.com/go.asp?Go=!sitestation&x=TPLGen&ResType=Page&ResID=2041&TPL=NewsPageTemplate.htm|publisher=First Reserve|date=27 February 2008|access-date=30 July 2014|archive-url=https://web.archive.org/web/20140808045329/https://www.firstreserve.com/go.asp?Go=!sitestation&x=TPLGen&ResType=Page&ResID=2041&TPL=NewsPageTemplate.htm|archive-date=8 August 2014|url-status=dead}}</ref> * CHC Helicopter, 2008<ref>{{cite web|url=https://www.reuters.com/article/us-chchelicopter-firstreserve/chc-helicopter-to-be-bought-by-private-equity-firm-idUSN2256958920080222 |website=Reuters |title=CHC Helicopter to be bought by private equity firm|date=February 22, 2008}}</ref> * Brand Services, 2007<ref>[http://www.buyoutsnews.com/story.asp?storycode=41244 First Reserve Buys Infrastructure Services Co.]{{Dead link|date=December 2019 |bot=InternetArchiveBot |fix-attempted=yes }} Buyouts, January 22, 2007.</ref> * Dresser-Rand, 2004<ref>Rozhon, Tracie. "[https://query.nytimes.com/gst/fullpage.html?res=940CE4DD133EF935A1575BC0A9629C8B63 Buyout Firm to Acquire Ingersoll-Rand Unit]." ''The New York Times'', August 26, 2004.</ref> * Pride International, 1999<ref>Acquisition of the sixth-largest United States drilling company. "[https://query.nytimes.com/gst/fullpage.html?res=9D01E0DA103CF935A35756C0A96F958260 Company News; Pride to Sell Shares Worth $75 Million to First Reserve]." ''The New York Times'', May 6, 1999.</ref> * Enterra Corporation, 1994<ref>"[https://query.nytimes.com/gst/fullpage.html?res=9F02E0D61431F93AA25757C0A962958260 Company News; Enterra to Acquire Total Energy Services]." ''The New York Times'', April 19, 1994.</ref>
==Other notes== In 2002, affiliates of the company helped establish Alpha Natural Resources which has since become one of the largest US coal companies.{{Cn|date=December 2024}}
==References== {{Reflist}}
==External links== *{{Official website|http://www.firstreserve.com/}} *[https://web.archive.org/web/20090902221307/http://investing.businessweek.com/businessweek/research/stocks/private/snapshot.asp?privcapId=93036 First Reserve Corporation Profile] ''BusinessWeek'' * [http://www.hoovers.com/dresser/--ID__105904--/free-co-factsheet.xhtml Dresser, Inc. profile] Hoovers.com
{{Private equity firms}}
Category:Financial services companies established in 1984 Category:Privately held companies based in Connecticut Category:Companies based in Stamford, Connecticut Category:Private equity firms based in Connecticut