First Reserve, a Greenwich, Connecticut-based private equity firm that invests in the energy sector, announced the appointment of three new managing directors today. Tim Day, Joe Bob Edwards, and Hardy Murchison were promoted from within the firm.
Before joining First Reserve in 2000, Day worked at Houston-based SCF Partners, a private equity firm that specializes in energy, as well as Credit Suisse First Boston and Salomon Brothers. As managing director, Day will focus on the downstream segment of the energy industry with a focus on the global natural gas chain and services for the hydrocarbon processing industry.
Murchison was previously vice president of corporate development at Range Resources, an oil and gas company. Before that, he worked at Simmons & Company International, an investment banking firm specializing in the energy services market. He joined First Reserve in 2001. In his new role, Murchison will focus on growing the firm’s E&P effort for North America.
Edwards also came from Simmons & Company to join the firm in 1998. He will lead the firm’s oilfield services investment effort and build the firm’s position in the shipping industry. He will also be responsible for the firm’s associate program.
The promotions are the latest in a period of expansion for First Reserve. In January the firm promoted eight professionals: six to vice president, one to chief administrative officer and one to director of investor relations. The firm raised its largest ever fund in August of last year, the $7.8 billion (€6.1 billion) First Reserve XI, which it is currently investing. Recently, the firm joined Riverstone Holdings and Lehman Brothers Co-investment Partners to buy infrastructure products maker Dresser for an undisclosed amount.
Founded in 1983, First Reserve manages approximately $12.5 billion in capital and has four active funds.