First Reserve closes Fund XII at $9bn

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US-based, energy dedicated private equity firm First Reserve Corporation has closed First Reserve Fund XII LP on almost $9bn - short of its $12bn target. The fund had a previous closing in July 2008. Fund XII is larger than its predecessor by more than $1bn, which closed on $7.8bn in 2006.

First Reserve has raised more than $20bn for its private equity buyout-focused funds. Its latest fund is the largest raised by the GP to date, as well as the largest fund raised in the energy sector.

Investors

First Reserve's LP base is predominantly institutional and consists primarily of corporate and public retirement funds, sovereign wealth funds, endowments and foundations. Investors in Fund XII include current, longstanding investors as well as new ones including the California State Teachers' Retirement System, which committed $400m, and CalPERS, which contributed $300m to the fund.

Investments

First Reserve generally targets investments in global energy companies with enterprise values of up to $10bn. Other sectors of interest to the fund are energy equipment, manufacturing and uranium reserves. In early 2008, First Reserve took the UK's drilling operator Abbot Group private in a £1.5bn deal.

Name: First Reserve Fund XII LP

Target: $12bn

Closed: $9bn

April 2009

Focus: Global, buyouts, energy sector

Contact: Cathleen Ellsworth

Address

One Lafayette Place

Greenwich, CT 06830

Tel: +1 203 661 6601

Fax: +1 203 661 6729.