First Reserve promotes Krueger to co-CEO

The promotion is part of the firm’s long term succession plan

Global private equity firm First Reserve has appointed Alex Krueger to co-CEO and president, in line with the firm’s succession plan. He will work alongside William Macaulay, existing chairman and now co-CEO.

Krueger has been with First Reserve for 16 years, most recently in a leadership role for the private equity portfolio. In this role, he has been responsible for the development and management of First Reserve's private equity investment team and sits on the investment committees of both the private equity and energy infrastructure portfolios.

Prior to joining First Reserve, Krueger worked in the Energy Group at Donaldson, Lufkin and Jenrette.

The firm has been on a buying spree since closing its latest fund on $3.4 billion. That fund is smaller than predecessor funds and also missed a reduced target of $5 billion. The initial target was $6 billion, according to Private Equity International’s research and analytics division.

In December, the firm acquired Dallas-based Navigator Energy Services with a $250 million investment. Navigator is building the Big Spring Gateway System pipelines from Texas’ Permian Basin. In January, First Reserve also acquired Kingfisher Wind power project in Oklahoma from Apex Clean Energy for an undisclosed sum.