Fundraising

$2.5bn target for First Reserve fund

FREIF II is the second energy infrastructure offering from the private equity firm, which raised $1.2bn for its debut fund in the space.

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First Reserve Corporation's First Reserve Energy Infrastructure Fund II (FREIF II) has a target of $2.5 billion, a regulatory filing has confirmed.

FREIF II is the successor to First Reserve Energy Infrastructure Fund I (FREIF I), which closed in mid-2011 on $1.2 billion.

Energy industry investor First Reserve is a private equity firm with $23 billion in assets under management (AUM) headquartered in Greenwich, Connecticut.

First Reserve disclosed the target size for FREIF II in a filing with the US Securities and Exchange Commission (SEC) in Washington, D.C. The $2.5 billion target is divergent from previous reports suggesting FREIF II had set a target of $1.25 billion. A spokeswoman with a media relations agency declined to comment on behalf of First Reserve.

US state pension fund Maine Public Employees Retirement System (MainePERS) has committed $100 million to FREIF II. Andrew Sawyer, chief investment officer for MainePERS in Augusta, Maine, could not be reached for comment.

MainePERS, with $11 billion in AUM, in 2010 made a $50 million commitment to FREIF I, which also secured investments from the likes of CalSTRS (the California State Teachers’ Retirement System) and the Teacher Retirement System of Texas (TRS).

 

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