First Reserve closes second energy infrastructure fund at US$2.5 billion

First Reserve has announced the closing of its second energy infrastructure fund, First Reserve Energy Infrastructure Fund II, L.P (FREIP II).

Formally launched in November 2013, the fund was oversubscribed beyond its initial target of US$2 billion, ultimately closing at its US$2.5 billion hard cap. First Reserve now has over US$4 billion dedicated to investing in energy infrastructure opportunities.

FREIF II will continue to focus on long-lived energy infrastructure investments throughout the energy value chain, including contracted midstream, such as pipelines, storage and LNG facilities; contracted power, which includes both renewable and conventional generations; regulated transmission and distribution; and contracted energy assets including floating storage facilities and other essential large-scale energy infrastructure assets.

William Macaulay, Chairman and Chief Executive Officer of First Reserve, stated:

First Reserve initially launched an energy infrastructure investment program to enable our team to offer broader and more strategic solutions to both our wide network of corporate partners and our investors. We are thrilled at how the strategy has played out, meeting our expectations of delivering long-term contracted revenues. The success of this most recent fundraise is a testament to our investors’ belief in our investment model and the strong execution of our infrastructure investment team.

The fund expects to continue to emphasize strategic joint ventures, a format often used by First Reserve given its 30-year stature as an energy industry specialist. To date, First Reserve Energy Infrastructure Fund I, L.P. has been privileged to form exclusive partnerships on nearly all its portfolio investments, utilizing its in-house investment and asset management expertise to deliver ongoing yield to its LPs.

First Reserve is the largest global private equity and infrastructure investment firm exclusively focused on energy. With over 30 years of industry insight, investment expertise and operational excellence.