First Reserve names new energy infra VP

The energy-focused private equity firm has promoted Doug Vaccari to vice president alongside buyout specialist Paul Steen.

First Reserve, a private equity firm exclusively focused on the energy sector, has promoted Doug Vaccari, a member of the firm’s energy infrastructure team, to vice president, the Connecticut-based firm said on Monday.

Vaccari joined First Reserve in 2011. According to the statement, he has had substantial involvement in the energy midstream space, including First Reserve’s portfolio companies Caliber Midstream, First ECA Midstream and Navigator Energy Services.

First Reserve has also promoted Paul Steen, who joined the firm’s private equity team in 2011, to vice president. He has been active in all three of the firm’s buyout funds' core activity areas – resources, equipment and services, and midstream/downstream, the firm said in a statement.

“Our investment team is one of First Reserve’s strongest differentiating factors as energy investment specialists,” First Reserve’s co-chief executive and president Alex Krueger said. “I continue to be proud of the team we have built, and these promotions demonstrate our ongoing focus on performance and talent development.”

Based in Greenwich, Connecticut, First Reserve has raised more than $30 billion since its inception in 1983. The firm has completed more than 550 transactions, including platform investments and add-on acquisitions, across six continents.

In June 2014, the firm closed its second energy infrastructure fund on its hard cap of $2.5 billion. Like its predecessor, First Reserve Energy Infrastructure Fund II focuses on contracted power, including conventional generation and renewable power; contracted midstream; contracted energy assets; and regulated transmission and distribution.