First Reserve related stories
All articles and analysis
Private equity-backed Cobalt signs Angolan JVCobalt, which is backed by Riverstone, Goldman Sachs and First Reserve, has tied up with Sonangol, the national oil company of Angola, to let the oil and gas exploration firm access Africa's third largest oil producing nation.
- First Reserve closes Fund XII on $9bn
The buyout industry’s energy-focused veteran continues to prove LPs are keen on energy, topping its own record for the largest energy fund raised to date. The final close comes less than a year after it went to market, though is less than its $12bn target and $16bn hard-cap.
- Virginia commits $300m to Hellman, First Reserve
The $41.8bn pension will invest $150m each to Hellman & Friedman VII, targeting $10bn, and First Reserve XII, targeting $12bn.
- First Reserve sells 10.75% stake in $2bn power project
The global energy buyout firm reportedly committed $500m of equity toward the Longview Power Plant’s construction from its Fund XI.
- First Reserve promotes Christopher Ortega
The former Greenhill investment banker will join the ranks of five other directors at the global energy buyout firm, which is in the midst of raising its 12th energy fund targeting $12bn. Ortega joined First Reserve in 2007 and worked as a vice president.
- UK investment levels decline
The UK buyout market has seen deal flow drop 40% in the fourth quarter, according to recent data.
- Report: First Reserve reaches $8bn for 12th fund
The fund’s committed capital already eclipses the firm’s 11th energy buyout fund, which closed on nearly $8bn in 2006. The target is $12bn, which would make it the largest ever private equity fund to focus on the sector.
- First Reserve receives $35m break-up fee
Publicly listed energy producer Reliant Energy has concluded the termination of a $350m agreement for a sale of stock to the energy specialist. Reliant also called off a $650m loan agreement with Goldman Sachs.
- Quantum reaches $2bn for fifth fund
The Houston-based energy investor started marketing the fund in the second quarter of 2008 and is targeting $2.75bn in total commitments. A first close was held in July, with subsequent closings since then.
- MIG invests €15m in aviation services
The Athens Stock Exchange-listed mega-fund is the latest private equity firm to move into the aviation sector, purchasing just less than half of medical evacuation-focused Flight Ambulance International.