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First Reserve begins marketing second infrastructure fund

by Reg Clodfelter

First Reserve has a second infrastructure fund, First Reserve Energy Infrastructure Fund II, in the market, with a $2.5 billion fundraising goal, according to a filing with the SEC.

A recent investment is a $100 million commitment from the Maine Public Employees Retirement System. The $11.7 billion pension fund previously committed $50 million to FREIF I. First Reserve’s latest commingled fund will continue its predecessor’s strategy of investing in the “midstream” infrastructure sector, namely energy-related properties built to process, store and transport electric, gas, wind and solar power. First Reserve plans to invest the fund’s capital globally.

FREIF I was launched in January 2010 and closed in April 2011 after raising $1.2 billion in capital from investors such as the California State Teachers’ Retirement System and the Teacher Retirement System of Texas.

First Reserve, founded in 1983, is an energy-focused private equity and infrastructure investment firm. To date, the firm has raised $23.1 billion of capital that it has invested across the globe.

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