United States · What does First Reserve invest in?
First Reserve invests most often at Venture (100% of the rounds on record), in sectors such as Energy, Utility and Industrial.
First Reserve highlights
- 01
4 rounds on record
- 02
Mostly Venture: 100% of its rounds
- 03
Sole investor in 4 rounds, median $104M
What they do
We are a leading middle-market investment firm providing private capital solutions across the diversified energy and related industrial markets.From their own website
- Type
- Private equity
- Cheque size
- Not stated
- Stages
- GrowthBuyout
- Sectors
- EnergyUtilityIndustrial
- Based in
- Stamford, United States
- Cold pitches
- Not stated
The record
Every round we can evidence, newest first4 appearances
- 2014
1 round
- Dec
- 2011
1 round
- Sept
- 2002
2 rounds
- Dec
- Oct
An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.
The team
Named by the firm itself, on a filing, its Form ADV or its company registration24 named
AGAlan G. SchwartzDirector of First Reserve Energy Infrastructure GP Limited, the GP of First Reserve Energy Infrastructure GP, L.P., the GPiFiling they signed
ATAlex Townsend KruegerDirector of First Reserve Energy Infrastructure GP Limited, the GP of First Reserve Energy Infrastructure GP, L.P., the GPiFiling they signed
AEAnne E. GoldDirector of First Reserve GP XII Limited, the General Partner of First Reserve GP XII, L.P., the General PartneriFiling they signed
BMBrooks M. ShughartDirector of the Ultimate GP.iFiling they signed
CMCathleen M. EllsworthDirector of First Reserve Energy Infrastructure GP Limited, the GP of First Reserve Energy Infrastructure GP, L.P., the GPiFiling they signed
CJCharles Joshua Rider WeinerLimited Partner of First Reserve Management, L.P.iForm ADV
CJChristopher J. TraceyExecutive Officer of the Ultimate GPiFiling they signed
CCClaudi C. SantiagoExecutive Officer of the GP of the General PartneriFiling they signed
CWCornelius W. Dupre IIDirectoriFiling they signed
DEDavid E. FantaDirectoriFiling they signed
DEDod E. WalesOf the General PartneriFiling they signed
DWDonald W. YoungDirectoriFiling they signed
ETEdward T. BialasExecutive Officer and Director of the Ultimate GPiFiling they signed
ERErica Russell RadcliffeCCO/General Counsel/Secretary of First Reserve Management, L.P.iForm ADV
GDGary Duane Reaves IIExecutive Officer and Director of the Ultimate GPiFiling they signed
GDGary Duane ReavesLimited Partner of First Reserve Management, L.P./Board of Directors Member of First Reserve Management LimitediForm ADV
JHJ. Hardy MurchisonDirector of First Reserve GP XII Limited, the General Partner of First Reserve GP XII, L.P., the General PartneriFiling they signed
J(J.W.G (Will) HoneybourneExecutive Officer and Director of the Ultimate GPiFiling they signed
JWJ.W.G. Will HoneybourneDirector of First Reserve GP XII Limited, the General Partner of First Reserve GP XII, L.P., the General PartneriFiling they signed
JKJeffrey Kurt QuakeLimited Partner of First Reserve Management, L.P./Board of Directors Member of First Reserve Management LimitediForm ADV
JCJenniefer C. ZarrilliOf the General PartneriFiling they signed
JCJennifer C. ZarrilliDirector of First Reserve Energy Infrastructure GP Limited, the GP of First Reserve Energy Infrastructure GP, L.P., the GPiFiling they signed
JAJohn Arthur HillDirector of First Reserve Energy Infrastructure GP Limited, the GP of First Reserve Energy Infrastructure GP, L.P., the GPiFiling they signed
JHJohn H. MurchisonDirector of First Reserve Energy Infrastructure GP Limited, the GP of First Reserve Energy Infrastructure GP, L.P., the GPiFiling they signed
We also hold 84 people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.
What the register says
From the firm's own filings with the SEC, which it must file accurately by law
$6.3Bassets it managesOct 2026
Registeredinvestment adviserfull reporting to the SEC
- Legal name
- First Reserve Management, L.P.
- SEC number
- CRD 157056
Funds on its Form ADV
21 private funds, $6.1B in gross assets · filed May 2024
- First Reserve Fund XIII, L.P. (AND ITS Related Investment Vehicles)Private equity89 investors$1.6B
- FR Industrials Opportunities Fund, L.P. (AND ITS Related Investment Vehicles)Private equity39 investors$938M
- FR Ascent Co-Investment, L.P. (AND ITS Related Investment Vehicle)Private equity5 investors$776M
- First Reserve Fund XIV, L.P. (AND ITS Related Investment Vehicles)Private equity11 investors$724M
- First Reserve Refuel Fund, L.P.Private equity32 investors$669M
- First Reserve Legacy Opportunities Fund, L.P. (AND ITS Related Investment Vehicles)Private equity56 investors$262M
- First Reserve Upstream Annex Fund, L.P. (AND ITS Related Investment Vehicles)Private equity22 investors$203M
- First Reserve IOG Resources II, L.P.Private equity2 investors$166M
- FR Finalizer, L.P.Private equity2 investors$160M
- OLD CLEM Investments, L.P. (AND ITS Related Investment Vehicles)Private equity2 investors$124M
And 11 more on the filing.
Who backs their funds
5 LPs on record in First Reserve's funds
- Committed
- $4.6B
- Funds
- 6
- Vintages
- 1998 to 2014
The institutions that put money into its funds, which the firm then invests in companies.Source: the pension's own report, latest Jun 2026.
- California State Teachers Retirement System3 funds$1.8B
Fund Vintage Committed First Reserve Fund XIII 2014 $200M First Reserve Fund XII 2008 $800M First Reserve Fund XI 2006 $800M 
Washington State Investment Board6 funds$1.4BFund Vintage Committed First Reserve Fund XIII 2014 $400M First Reserve Fund XII 2008 $400M First Reserve Fund XI 2006 $300M First Reserve Fund X 2004 $200M First Reserve Fund IX 2001 $100M First Reserve Fund VIII 1998 $50M 
Oregon Public Employees Retirement Fund4 funds$775MFund Vintage Committed First Reserve Fund XII 2008 $300M First Reserve Fund XI 2006 $300M First Reserve Fund X 2004 $100M First Reserve Fund IX 2001 $75M California Public Employees' Retirement System (CalPERS)1 fund$400M
Fund Vintage Committed First Reserve Fund XIII 2014 $400M 
Minnesota State Board of Investments1 fund$200MFund Vintage Committed First Reserve Fund XIII 2013 $200M
What they claim to have backed
From their own portfolio page (on their website)
0 of 1 we have independently watched raise
Transparency in Coverage
Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.