First Reserve adds three to energy infra team

Former executives from General Electric, Loews Corporation, and High Road Capital Partners have joined the energy investor.

First Reserve Corporation, the US-based energy investment firm, has appointed three new executives from disparate backgrounds to its energy and infrastructure team.

The three new hires will be “highly relevant to the execution of our infrastructure investment strategy”, Mark Florian, managing director of First Reserve, said in a statement.

A spokesperson for First Reserve said the new appointments will focus on the contracted midstream, contracted power and regulated transmission and distribution sectors in the US, Western Europe and Canada. All three hires will be based in  Greenwich, Connecticut.

Two of the new appointments have previously worked for major US conglomerates. James Berner, a former managing director at General Electric Capital Energy Financial Services (GE), has been appointed director at First Reserve. At GE, Berner covered the US utility sector as well as project finance in London and other investment activities in Singapore, according to a statement.

He will be joined by Mark Saxe, a former director at Loews Corporation who was involved with the company’s investment in Boardwalk Pipeline Partners, a US natural gas storage and transport provider.

Adi Blum was formerly a vice president at High Road Capital Partners, a mid-market private equity firm based in New York. The firm’s portfolio companies include All Current Electrical Sales, a US electrical parts reseller.

Both Blum and Saxe will be appointed vice presidents, according to a statement.

Earlier this year, GE acquired Dresser, an energy infrastructure equipment and service provider, from funds managed by First Reserve and Riverstone Holdings for $3 billion.

First Reserve also opened its first regional office in Hong Kong last month. First Reserve added two new appointments from Candover and said it would also be transferring an existing team to Hong Kong over the course of the year.