First Reserve promotes CFO

The energy-focussed private equity firm has promoted chief financial officer Jennifer Zarrilli to managing director.

Connecticut-based First Reserve Corporation has promoted its chief financial officer, Jennifer Zarrilli, to managing director.

Zarilli’s promotion brings the number of managing directors at the energy-focussed firm to 12. The firm previously promoted Tim Day, Joe Bob Edwards and Hardy Murchison to managing director in June 2007.

Jennifer Zarilli

“Jenny Zarrilli has been an integral part of the First Reserve team for 10 years,” said chief executive Bill Macauley in a statement.

Jenny joined the firm in 1998 after spending six years at private equity firm Quadrant Management where she was a financial executive. She was brought into First Reserve shortly after the firm had closed Fund VIII on $812 million to help “take the firm to the next level in terms of accounting”, Zarrilli said.

Over the last 10 years, Zarrilli has built the back office accounting team from “two or three” to 10 people. She also notes growth among the other back office groups including marketing, legal and IT.

In her new role, she will focus more on “integrating the back office into the office in general”.

First Reserve is among the largest private equity firms in the world investing solely in the energy industry. Its most recent fund, First Reserve Fund XI, closed on nearly $8 billion in 2006, and the firm is now raising its 12th fund, targeting $12 billion.