Energy firm First Reserve has closed its thirteenth fund on $3.4 billion, below the $6 billion target.
The fund has been in market since 2012, although recent reports suggest that investors were less interested following tepid performance from the predecessor fund.
The firm held a final close for the fund on 29 September.
SEC filings last year indicated that the fund had a $5 billion target.
The firm has also had some recent turnover including the loss of director Anastasia Deulina who left to join FlowStream Commodities as chief commercial officer in May, PEI reported at the time. Prior to that Mark McComiskey, head of the buyouts group left in 2012, according to a Bloomberg report.
The firm closed its second energy infrastructure fund on its hard-cap of $2.5 billion in June, according to Private Equity International’s research and analytics division.