First Reserve Corporation has bested its previous fund by $1 billion and has again raised the largest energy-focused private equity fund to date with the closing of Fund XII on $9 billion. Its prior fund closed on $7.8 billion in 2006.
Energy remains a large, dynamic and complex industry.
Fund XII, which had been marketed with a $12 billion target and $16 billion hard-cap, has held several interim closes, the first of which was in July 2008. Both returning and new investors made commitments during the “compressed timetable” for raising such a mega-fund, First Reserve said.
Its LPs include US public pensionsThe Virginia Retirement System, The Pennsylvania Public School Employees’ Retirement System, The Teachers’ Retirement System of Louisiana and the The Florida Retirement System.