First Reserve Closes Second Energy Infrastructure Fund
June 18, 2014
First Reserve has announced the close of its second energy infrastructure fund at $2.5 billion, its hard cap. Formally launched eight months ago, the fund was oversubscribed beyond its initial $2 billion target. It will focus on contracted midstream infrastructure, regulated transmission and distribution, and contracted energy assets, among other investments. Its predecessor was nearly half the size, amassing $1.23 billion in 2011 and logging an IRR of 13.22% as of September 30, 2013.