First Reserve hires ex-Goldman exec for infrastructure

The firm has hired former Goldman executive Tim Vincent ahead of an expected final close on its infrastructure fund on more than $1bn.

First Reserve Corporation has made a senior-level hire to its energy infrastructure team as it prepares to wrap-up its debut fundraising effort in the asset class on more than $1 billion, Infrastructure Investor has learned.

Tim Vincent, a partner at boutique investment bank Greentech Capital Advisors, joined the Connecticut-based private equity firm’s infrastructure team earlier this month as a director. His responsibilities will include deal origination, structuring, execution, monitoring and exit strategy, according to a bio posted on First Reserve’s website.

Vincent’s hire comes on the heels of three professionals – James Berner, Adi Blum and Mark Saxe – who joined First Reserve’s energy infrastructure team in March.

At First Reserve, Vincent will re-join a former Goldman Sachs colleague, Mark Florian. The duo worked together at Goldman Sachs’ Public Sector and Infrastructure Investment Banking Group, which was headed by Florian prior to his departure in 2008 to head up First Reserve’s Energy Infrastructure team.

The energy infrastructure team is close to wrapping up fundraising for its energy infrastructure fund. The fund is expected to reach final close at the end of the month with more than $1 billion in total commitments, according to a market source.

Several US pensions active in infrastructure have made commitments to the fund, including the $8.9 billion Maine Public Employees Retirement System and the $95.7 billion Teacher Retirement System of Texas. Maine committed $50 million to the fund on 30 June 2010, according to a pension document, while Texas approved a $250 million commitment in 2009, according to a document.

Maine’s other infrastructure commitments include Carlyle Infrastructure Partners ($50 million), Global Infrastructure Partners ($75 million) and Alinda Infrastructure Fund II ($50 million), according to the document, while Texas has also backed SteelRiver Infrastructure Partners, Zachry Hastings Infrastructure Partners and the EnCap Energy Infrastructure Fund.