Tuesday, 28 March 2017
Last updated 9 hours ago
Sep 8 2006 | 12:00am ET
Private equity firm First Reserve Corporation, which specializes in the energy industry, has closed its latest global private-equity fund, First Reserve Fund XI, with commitments of $7.8 billion. Fund XI is the largest fund ever raised by the firm, which claims that it is the largest of its kind focused exclusively on the global energy industry.
First Reserve has raised more than $12.7 billion for its private-equity buyout-focused funds.
Fund XI’s primary focus is expected to be on equipment, manufacturing and service companies that will benefit from increasing energy infrastructure spending as well as infrastructure assets. The firm’s previous fund, First Reserve Fund X, has $2.3 billion in commitments and is expected to be fully committed at the beginning of the fourth quarter.