First Reserve Corporation
Private equityHouston · Seed–Growth · 19 people tracked
Investment thesis
First Reserve positions itself as an experienced investor in the evolving energy economy, emphasizing its legacy, network, and sector expertise. The firm targets the energy, utility, and industrial markets, arguing that current challenges demand historic levels of capital across traditional solutions, transitional approaches, and transformational innovation. Its focus spans the full spectrum of the energy transition rather than any single technology.
Source: firm website, verified Aug 18, 2026.
Team · 19 people
from the firm's website
Fund performance · per public LP disclosures · 10
as of Jun 2024| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| First Reserve Legacy Opportunities Fund, L.P.LPs: Santa Barbara County Employees' Retirement System, Maryland State Retirement and Pension System | 2022 | — | 124.5% | 4.66x | 0.52x |
| First Reserve Fund XIII, L.P.LPs: California Public Employees' Retirement System, Washington State Investment Board, Minnesota State Board of Investment +2 more | 2014 | — | -2.1% | 0.91x | 0.60x |
| First Reserve Energy Infrastructure Fund IILPs: Maine Public Employees Retirement System, Michigan Municipal Employees' Retirement System | 2013 | — | 11.1% | 1.20x | 1.01x |
| First Reserve Energy Infrastructure FundLPs: Maine Public Employees Retirement System | 2010 | — | -2.0% | 0.93x | 0.89x |
| First Reserve Fund XIILPs: New York City Employees' Retirement System, Los Angeles City Employees' Retirement System, New York City Police Pension Fund +1 more | 2008 | — | -18.0% | 0.52x | 0.52x |
| First Reserve Fund XII LPLPs: California State Teachers' Retirement System, Washington State Investment Board, Oregon Public Employees Retirement System +13 more | 2008 | — | -18.0% | 0.52x | 0.52x |
| First Reserve Fund XI LPLPs: California State Teachers' Retirement System, California Public Employees' Retirement System, Oregon Public Employees Retirement System +12 more | 2006 | — | -9.4% | 0.70x | 0.69x |
| First Reserve Fund X, L.P.LPs: Washington State Investment Board, California Public Employees' Retirement System, Oregon Public Employees Retirement System +4 more | 2004 | — | 31.1% | 1.80x | 1.83x |
| First Reserve Fund IX, L.P.LPs: Oregon Public Employees Retirement System, Hawaii Employees' Retirement System | 2001 | — | 48.1% | 2.85x | 2.84x |
| First Reserve Fund VIII, L.P.LPs: Washington State Investment Board, Hawaii Employees' Retirement System | 1998 | — | 15.8% | 1.90x | 1.92x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- What stage does First Reserve Corporation invest at?
- First Reserve Corporation invests at the Seed, Growth stages.
- What sectors does First Reserve Corporation focus on?
- First Reserve Corporation focuses on Advanced Manufacturing, Cleantech, Climate Tech, Data & Infrastructure, Energy.
- Where is First Reserve Corporation located?
- First Reserve Corporation is headquartered in Houston, US.
- Does First Reserve Corporation lead rounds?
- Yes, First Reserve Corporation leads investment rounds.
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