Fundraising

First Reserve promotes Christopher Ortega

The former Greenhill investment banker will join the ranks of five other directors at the global energy buyout firm, which is in the midst of raising its 12th energy fund targeting $12bn.

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Energy private equity firm First Reserve has promoted Christopher Ortega to director. He was previously a vice president at the Greenwich-based firm.

Ortega joined First Reserve in 2007 from Greenhill Capital Partners and specialises in the mining and oil field service sectors.

Chris Ortega

Most recently, he was active on the firm’s acquisition of DOF Subsea, a Norwegian provider of offshore subsea vessel construction and vessel-related services, for a total enterprise value of $2.55 billion. That deal, announced in September 2008, closed last month.

First Reserve has 67 investment professionals worldwide, including 11 directors and 14 managing directors.

The firm is currently in the midst of raising its 12th energy fund which is targeting $12 billion with a hard cap of $16 billion, according to Probitas Partners’ 2008 Private Equity Deskbook. It has already held an interim close in $8 billion, according to various media reports.

If the fundraising is successful, it will become the largest ever private equity fund to focus on energy assets.