First Reserve promotes two in buyout team while targeting $7.5bn for new funds


Gary Reaves First ReserveEnergy-focused private equity firm First Reserve has promoted two executives in its buyout team as fundraising continues for up to $7.5bn across two new vehicles.

Gary Reaves, pictured, has been made a managing director and Will Brown to director after seven years at the firm.

Reaves, who will continue to work primarily in the firm’s midstream and downstream sector, recently spearheaded the sale of Brand Energy and the purchase of TNT Crane & Rigging.

Former investment banker Brown will focus on global opportunities in the energy equipment and services sector, and was a key figure in the firm’s sale of Acteon last year.

President Alex Kreuger said, “These two individuals have played an important role in First Reserve’s success to date and will be key figures in the future of the Firm.

“They exemplify the intellectual vigor, diverse capabilities and strong work ethic that we have across our investment team.”

First Reserve is currently targeting $5bn for its latest flagship fundraise, well below the $9bn it gathered for First Reserve XII in 2009.

It is also looking to collect up to $2.5bn for a second dedicated infrastructure fund according to filings with the US securities regulator.

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