First Reserve closes second energy infrastructure fund
First Reserve has closed its second energy infrastructure fund, First Reserve Energy Infrastructure Fund II, at USD2.5 billion, surpassing its initial target of USD2 billion.
First Reserve now has over USD4 billion dedicated to investing in energy infrastructure opportunities.
The firm received support from a diversified base of limited partners including substantial support from its existing LPs as well as new investors from around the globe.
FREIF II will continue to focus on long-lived energy infrastructure investments throughout the energy value chain, including contracted midstream, such as pipelines, storage and LNG facilities; contracted power, which includes both renewable and conventional generations; regulated transmission and distribution; and contracted energy assets including floating storage facilities and other essential large-scale energy infrastructure assets.
"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," says William Macaulay, chairman and chief executive officer of First Reserve.
The fund expects to continue to emphasise strategic joint ventures, a format often used by First Reserve.
Mark Florian, managing director and head of infrastructure, says: "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 honoured and excited to be able to continue prosecuting these kinds of opportunities on behalf of our limited partners in both funds."
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