Fundraising FoxFirst Reserve Corporation
Private equityHouston · Growth–Late Stage · 42 people tracked
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Investment thesis
First Reserve invests across the evolving energy economy, spanning traditional, transitional and transformational solutions in the energy, utility and industrial markets. It pursues complementary strategies through primary and opportunistic investment vehicles in Infrastructure Solutions, Value-Added Infrastructure and Resources. The firm leverages a decades-long legacy, extensive network and deep sector expertise across the entire investment lifecycle from sourcing to exit, partnering with management teams to accelerate transformational growth.
Source: firm website, verified Sep 29, 2026.
Team · 42 people
from the firm's website & public directories
What they invest in
from 11 of 19 portfolio companiesEnergy ×10Advanced Manufacturing ×4Hardware ×4Cleantech ×3Climate Tech ×2IoT ×2Deep Tech ×1Defense Tech ×1
HQs:United States×3United Kingdom×1Netherlands×1
Investments · 19 tracked
founders shown can be your intro pathBy year:2018 · 12017 · 23 dated
IOG Resources is an energy sector investment and advisory firm focused on the upstream oil and gas value chain.
EnergyDallas, US
Marcus Rowland(Manager and Chief Executive Officer)Thomas C. Woolley, Jr.(Executive Vice President)Charles F. Shufeldt(President)Noam P. Berk(Executive Vice President)Tim Woolley
BoardMichael France(Manager)
Allen Steam Turbines is a legacy brand of Trillium Flow Technologies that provides maintenance, repair, and custom engineering of steam turbines for industrial and defense applications across Europe.
Advanced ManufacturingDefense TechEnergyHardwareIoT
Douglas Kitani(Chief Executive Officer)David Paradis(CEO)in
Co-investorsIntersaction
AFG Holdings is a technology and manufacturing specialist that combines precision engineering and OEM processes with innovation to develop solutions for clients worldwide.
Advanced ManufacturingDeep TechHardware
Co-investorsStellex Capital Management
Ascent Resources is a privately held oil and natural gas exploration and production company, and the largest natural gas producer in the state of Ohio.
EnergyOklahoma City, US
Jeffrey A. Fisher(Executive Officer)John K. Reinhart(Executive Officer)
Blue Racer Midstream provides midstream services — including gathering, processing, fractionation, and NGL transportation — for natural gas produced from the Utica Shale and southwestern Marcellus Shale.
Energy
Dresser Utility Solutions makes engineered meters, digital instrumentation, software, and pressure/flow control and repair equipment for utility infrastructure.
Advanced ManufacturingEnergyHardware
Intero provides inspection, environmental, and industrial services for critical infrastructure, helping customers measure methane emissions, ensure pipeline integrity, and manage workplace safety.
CleantechClimate TechEnergyEnterprise SoftwareIoTRoboticsSector Agnostic
Rienk de Vries(CEO)in
Co-investorsRivean Capital
Island Energy Services is an energy company operating in Hawaii.
EnergyHonolulu, US
Jon Mauer(President and CEO)
Co-investorsOne Rock Capital Partners
Lamons is a manufacturer and distributor of custom gaskets, fasteners, hoses, and engineered sealing and attachment solutions, serving industrial customers including the renewable energy and hydrogen sectors.
Advanced ManufacturingEnergyNew Materials
Lindsey Systems supplies systems, hardware, and sensors for the transmission and distribution of electricity, including switchgear sensors, grid resiliency, and smart grid products.
CleantechEnergyHardware
Venterra Group is an offshore wind energy services company that provides engineering, construction, and operations support across the full lifecycle of offshore wind farms.
CleantechClimate TechEnergy
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
AP4Hoover Circular Solutions Ltd.Palmdale SolutionsRefuelTexas American Resources Company II, LLCVitesse Energy, Inc.Vitesse Energy, Inc. (Formerly Lucero Energy Corp.)WGI
Portfolio news
latest coverage across their companiesLindsey Systems · prnewswire.com · Apr 7, 2026
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
- How many investments has First Reserve Corporation made?
- First Reserve Corporation has 19 tracked investments.
- What stage does First Reserve Corporation invest at?
- First Reserve Corporation invests at the Growth, Late Stage 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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