First Reserve has closed on its Fund XIII at $3.4 billion in commitments, below its revised $5 billion target. The firm’s initial goal for its 13th flagship vehicle was said to be $6 billion. First Reserve’s previous fund had closed on $9 billion in 2009, claiming a 1.12x TVPI as of June 30. LPs contributing to the latest fund include the Washington State Investment Board and the Virginia Retirement System. Reports have indicated competition in energy-focused fundraising could have contributed to the early close.