First Reserve related stories
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Oregon: New relationships likely off table next yearJay Fewel, OPERF senior investment officer, said over-allocation and the burden of re-upping with existing GPs will leave little money for any group that doesn’t already have an established relationship with the $54.4bn pension.
- Goldman invests in emission credits
The global investment bank and bank holding company has taken an equity stake in climate change offset company Blue Source as part of an alliance in which Goldman Sachs will market credits to its clients.
- Italian firm seeks €500m for energy FoF
Milan’s Advanced Capital will invest with up to 20 fund managers in the energy sector. CEO Robert Tomei said the investments will be split between the developing and developed worlds, as well as between traditional and alternative energies.
- Ontario Teachers' to buy Aquilex
The energy-related company will change private equity sponsors for the third time. New York-based Harvest Partners bought Aquilex from First Reserve last March and grew the company into a $550m industrial service provider.
- Energy buyout firms see ‘unprecedented’ deal flow
Save for the highly leveraged power industry, which has had deal activity all but freeze, GPs speaking at PEI’s Energy Forum in New York today said business is booming and credit conditions are fuelling deal flow.
- Private equity buyouts decrease, shrink in size in 2008
Difficult financing conditions continued to soften global buyout activity for private equity firms, with deal volumes plunging 72 percent in the first nine months of 2008. The oil and gas and mining sectors as well as Japan, India and the Middle East remained bright spots.
- First Reserve seeds nuclear venture
In a bid to consolidate the industry at the start of a ‘nuclear fuel cycle’, the US energy industry specialist has recruited two veterans of nuclear power to form Accord Nuclear Resources, a platform from which to build an integrated nuclear fuel supplier.
- First Reserve in C$596m oil driller take-private
The energy specialist has completed its acquisition of Toronto Stock Exchange-listed Saxon Energy Services for C$7 per share, partnering with Canadian oilfield services company Schlumberger.
- Pennsylvania commits $250m to First Reserve
The Pennsylvania Public School Employees’ Retirement System has also approved €150m for Nordic Capital's latest buyout vehicle.
- US pensions approve $222m in commitments
Pensions in Los Angeles and San Francisco allocated $159m to private equity funds including Apollo's European distressed debt vehicle.