# First Reserve: portfolio, investments and team > First Reserve is a private equity based in United States. 4 investments on record, latest Dec 2014. Portfolio, stages, co-investors and team. Source: https://millionrounds.com/fund/first-reserve (Millionrounds; every figure on the page links to its filing or article) United States · [Investor](https://millionrounds.com/investors) # First Reserve Filed with the SEC to raise a fund in Aug 2026, closing $251M. Last cheque observed Dec 2014. Email Quiet New fund $251M, Aug 2026 Private equity Growth Buyout Energy Utility Industrial Follow First Reserve and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Ffirst-reserve) Cheques on record **0%** of best year **0** **cheques in 12 months**, 4 on record Since the last cheque **4351** days **00** hrs **00** min **00** sec Median round **$104M** Rounds led **0 of 4** Sole investor **4 rounds** Pitch First Reserve ## 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:** Growth Buyout - **Sectors:** Energy Utility Industrial - **Based in:** Stamford, United States - **Cold pitches:** Not stated ## The record Every round we can evidence, newest first **4 appearances** - **2014** 1 round - **Dec** **[Hoover Container Solutions](https://millionrounds.com/company/hoover-container-solutions)** US **Undisclosed** Sole investor - **2011** 1 round - **Sept** **[Amromco Energy](https://millionrounds.com/company/amromco-energy)** US · finsmes.com **Undisclosed** Sole investor - **2002** 2 rounds - **Dec** **[Quanta Services](https://millionrounds.com/company/quanta-services)** Venture · US **$73M** Sole investor - **Oct** **[Quanta Services](https://millionrounds.com/company/quanta-services)** Venture · US **$135M** Sole investor 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 registration **24 named** AG **Alan G. Schwartz** Director of First Reserve Energy Infrastructure GP Limited, the GP of First Reserve Energy Infrastructure GP, L.P., the GP i Filing they signed AT **Alex Townsend Krueger** Director of First Reserve Energy Infrastructure GP Limited, the GP of First Reserve Energy Infrastructure GP, L.P., the GP i Filing they signed AE **Anne E. Gold** Director of First Reserve GP XII Limited, the General Partner of First Reserve GP XII, L.P., the General Partner i Filing they signed BM **Brooks M. Shughart** Director of the Ultimate GP. i Filing they signed CM **Cathleen M. Ellsworth** Director of First Reserve Energy Infrastructure GP Limited, the GP of First Reserve Energy Infrastructure GP, L.P., the GP i Filing they signed CJ **Charles Joshua Rider Weiner** Limited Partner of First Reserve Management, L.P. i Form ADV CJ **Christopher J. Tracey** Executive Officer of the Ultimate GP i Filing they signed CC **Claudi C. Santiago** Executive Officer of the GP of the General Partner i Filing they signed CW **Cornelius W. Dupre II** Director i Filing they signed DE **David E. Fanta** Director i Filing they signed DE **Dod E. Wales** Of the General Partner i Filing they signed DW **Donald W. Young** Director i Filing they signed ET **Edward T. Bialas** Executive Officer and Director of the Ultimate GP i Filing they signed ER **Erica Russell Radcliffe** CCO/General Counsel/Secretary of First Reserve Management, L.P. i Form ADV GD **Gary Duane Reaves II** Executive Officer and Director of the Ultimate GP i Filing they signed GD **Gary Duane Reaves** Limited Partner of First Reserve Management, L.P./Board of Directors Member of First Reserve Management Limited i Form ADV JH **J. Hardy Murchison** Director of First Reserve GP XII Limited, the General Partner of First Reserve GP XII, L.P., the General Partner i Filing they signed J(**J.W.G (Will) Honeybourne** Executive Officer and Director of the Ultimate GP i Filing they signed JW **J.W.G. Will Honeybourne** Director of First Reserve GP XII Limited, the General Partner of First Reserve GP XII, L.P., the General Partner i Filing they signed JK **Jeffrey Kurt Quake** Limited Partner of First Reserve Management, L.P./Board of Directors Member of First Reserve Management Limited i Form ADV JC **Jenniefer C. Zarrilli** Of the General Partner i Filing they signed JC **Jennifer C. Zarrilli** Director of First Reserve Energy Infrastructure GP Limited, the GP of First Reserve Energy Infrastructure GP, L.P., the GP i Filing they signed JA **John Arthur Hill** Director of First Reserve Energy Infrastructure GP Limited, the GP of First Reserve Energy Infrastructure GP, L.P., the GP i Filing they signed JH **John H. Murchison** Director of First Reserve Energy Infrastructure GP Limited, the GP of First Reserve Energy Infrastructure GP, L.P., the GP i Filing 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 **$6.3B** assets it manages Oct 2026 **Registered** investment adviser full 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 equity* 89 investors $1.6B - FR Industrials Opportunities Fund, L.P. (AND ITS Related Investment Vehicles) *Private equity* 39 investors $938M - FR Ascent Co-Investment, L.P. (AND ITS Related Investment Vehicle) *Private equity* 5 investors $776M - First Reserve Fund XIV, L.P. (AND ITS Related Investment Vehicles) *Private equity* 11 investors $724M - First Reserve Refuel Fund, L.P. *Private equity* 32 investors $669M - First Reserve Legacy Opportunities Fund, L.P. (AND ITS Related Investment Vehicles) *Private equity* 56 investors $262M - First Reserve Upstream Annex Fund, L.P. (AND ITS Related Investment Vehicles) *Private equity* 22 investors $203M - First Reserve IOG Resources II, L.P. *Private equity* 2 investors $166M - FR Finalizer, L.P. *Private equity* 2 investors $160M - OLD CLEM Investments, L.P. (AND ITS Related Investment Vehicles) *Private equity* 2 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 System** 3 funds *$1.8B*](https://millionrounds.com/fund/california-state-teachers-retirement-system) Fund Vintage Committed First Reserve Fund XIII 2014 $200M First Reserve Fund XII 2008 $800M First Reserve Fund XI 2006 $800M - [**Washington State Investment Board** 6 funds *$1.4B*](https://millionrounds.com/fund/washington-state-investment-board) Fund 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 Fund** 4 funds *$775M*](https://millionrounds.com/fund/oregon-public-employees) Fund 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*](https://millionrounds.com/fund/california-public-employees) Fund Vintage Committed First Reserve Fund XIII 2014 $400M - [**Minnesota State Board of Investments** 1 fund *$200M*](https://millionrounds.com/fund/minnesota-state-board-of-investments) Fund 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. New fund on file **$251M** raised in Aug 2026 From its SEC filing, not a journalist: a firm that has just raised has money to deploy. ## The cheque Growth Buyout Median round joined **$104M** the round, not its cheque Alone, median **$104M** Led 0 of 4 rounds **0%** - **Sole investor:** 4 rounds - **Last cheque:** Dec 2014 Rounds by stage said on their site - Venture *2* - Growth said *-* - Buyout said *-* Cheques by year Led Joined 2002 2014 **Pitching First Reserve?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque. Add to your CRM *→* ## Quick answers about First Reserve ### 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. ### How active is First Reserve? 4 investments on record, 0 of them in the last 12 months. The most recent was in Dec 2014. ### How big are First Reserve's cheques? The median round it joins is $104M. ### Is First Reserve investing now? No investments in the last 12 months; the latest was in Dec 2014. ### What kind of investor is First Reserve? First Reserve is a private equity firm based in Stamford, United States. ### How much does First Reserve manage? About $6.3B, as regulatory assets under management (Oct 2026). ### Has First Reserve raised a new fund? Its latest fund filing with the SEC was in Aug 2026, reporting $251M raised. ### When was First Reserve founded? First Reserve was founded in 1983. ## Raising now? Find the investors who back rounds like yours, and keep every conversation on one fundraising board. Find similar investorsOpen your CRM Built from the rounds we watched, its filings and its own website, refreshed every night. 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