First Reserve Corporation has promoted eight professionals, just four months after raising its largest ever fund to date, the $7.8 billion (€6.1 billion) First Reserve XI. The Greenwich, Connecticut-based firm focuses on investments in the energy sector.
Two key promotions occurred outside of First Reserve’s deal team. Anne Gold will add the title chief administrative officer to her current one as general counsel. Gold came to the firm in 2005, after almost 20 years at Morgan Lewis & Bockius, a law firm.
In a statement, Ben Guill, president of First Reserve, praised Gold for playing an instrumental role in the closing of First Reserve XI. The fund was three times the size of its previous fund.
In addition, Kristin Custar has become director of investor relations.
Glenn Payne, who joined the firm as vice president in 2003 from Suez Energy where he was director of strategy, becomes a director. At First Reserve, Payne worked on the acquisitions of INGENCO and Blue Source.
Six additional promotions were made. Rahman D’Argenio, Brian Lee, Tim O’Keeffe, Jeff Quake and Josh Weiner were named vice presidents.
First Reserve has raised over $12.7 billion for its 11 buyout-focused funds. The firm recently teamed up with GenPower, which develops electrical generation plants, to invest $1.8 billion in power generation facilities globally.