First Reserve closes second infrastructure fund on $2.5bn

The Connecticut-based private equity firm has closed its second infrastructure fund on its $2.5 billion hard-cap.  

First Reserve, a global private equity and infrastructure firm has closed its second energy infrastructure fund, First Reserve Energy Infrastructure Fund II on the $2.5 billion hard-cap. First Reserve launched the fund just eight months ago, and it was oversubscribed.

First Reserve now has over $4 billion dedicated to investing in energy infrastructure opportunities.

Fund II will continue the strategy of the first infrastructure fund and focus on developed energy infrastructure investments including assets like pipelines, contracted power generation, regulated transmission, and storage facilities. The fund expects to continue to emphasize strategic joint ventures, a format often used by First Reserve.

“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,” William Macaulay, Chairman and Chief Executive Officer of First Reserve, said in a statement.

The firm lost Anastasia Deulina, a director, in May. She left to join FlowStream Commodities as chief commercial officer, PEI reported at the time.

First Reserve is also in the market for its Fund XIII which launched last year with a $5 billion target, according to Private Equity International’s Research and Analytics division.  The firm has raised more than $26 billion in aggregate capital since inception.