First Reserve, the energy-focused global private equity firm based in Connecticut, has reached an interim close on its 12th energy fund on $8 billion, according to media reports.
First Reserve began marketing the fund earlier this year. It is targeting $12 billion, according to Probitas Partners’ 2008 Private Equity Deskbook, with a hard cap of $16 billion. If the fundraising is successful, it will become the largest ever private equity fund to focus on energy assets.
The fundraising already eclipses the firm’s 11th fund, which closed on nearly $8 billion in 2006 and is the largest energy fund raised to date. Prior to that, the firm’s 10th fund closed on $2.4 billion in 2004.
In February, First Reserve agreed to buy CHC Helicopter, the world’s largest provider of helicopter services to the offshore oil industry, for C$3.7 billion (€2.3 billion; $2.9 billion). It was the largest-ever LBO in the oilfield services industry, according to a statement from First Reserve and CHC. First Reserve has invested in the energy sector for 25 years.
A report of the interim close first appeared on PE Insider. A spokesperson for First Reserve declined to comment.