The energy-focused private-equity firm First Reserve Corp. closed its second energy infrastructure fund, known as First Reserve Energy Infrastructure Fund II LP, the company said June 16.
The fund, launched eight months ago, closed at a $2.5 billion hard cap and was oversubscribed, having passed its initial $2 billion target, the firm said.
The fund was backed by a group of limited partners that included new investors worldwide, the firm added.
The fund will support “long-lived energy infrastructure investments” in the midstream sector, First Reserve said, noting that this will include LNG facilities. It will also support power generation and other energy assets, the company said.
Joint ventures, the firm noted, will be a key area the fund will support.
"First Reserve initially launched an energy infrastructure investment program to enable our team to offer broader and more strategic solutions to both our wide network of corporate partners and our investors. We are thrilled at how the strategy has played out, meeting our expectations of delivering long-term contracted revenues. The success of this most recent fundraise is a testament to our investors' belief in our investment model and the strong execution of our infrastructure investment team," said William Macaulay, chairman and CEO.
"With a fully dedicated infrastructure investment team that has deepened substantially since the first fund, we believe we remain well-positioned to continue generating attractive, proprietary opportunities. By drawing on the vast base of experience in both the infrastructure team and the larger First Reserve platform, we feel we have distinguished ourselves as a value-add strategic partner. We are both honored and excited to be able to continue prosecuting these kinds of opportunities on behalf of our limited partners in both funds," added Mark Florian, the managing director and head of infrastructure.
First Reserve Corp. is based in Greenwich, Conn. It has raised more than $26 billion in capital in more than 30 years, and has completed more than 475 transactions worldwide.
Its energy infrastructure investment sector has more than $4 billion in assets.
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