News / First Reserve Energy Infrastructure II targets $2.5 billion for fundraising

First Reserve Energy Infrastructure II targets $2.5 billion for fundraising

🕔 October 23, 2013
US$3 billion final close for Macquarie Super Core Infrastucture Fund Series 1

Energy-focused private equity firm First Reserve could raise up to $2.5 billion for its latest infrastructure fund, more than double the previously reported amount, InfraPPP has learned. First Reserve Energy Infrastructure II has the potential to end up more than twice the size of its 2009 predecessor according to a filing with the US securities regulator.

The firm was targeting roughly $1.25 billion, different sources published in May 2013.

The first fund raised $1.23 billion in 2009 and was focused on investing in power generation, regulated power transmission and distribution, and midstream oil and gas transmission assets. Since its launch, the fund invested in seven companies.

First Reserve paired up with SunEdison, the solar development arm of MEMC Electronic Materials Inc., to acquire solar projects and with the Madrid-based wind developer Renovalia Energy Inc. to buy its wind assets.

In the midstream oil and gas market First Reserve joined with publicly traded oil and gas company Triangle Petroleum Corp . to form Caliber Midstream Partners LP ; and worked with Energy Corporation of Americato form First ECA Midstream , which holds a gas-gathering system in the Marcellus Shale.

Other assets acquired by First Reserve's initial infrastructure fund include the Ft. Detrick power plant in Maryland; First Caribbean Power and Midstream, a platform to own contracted power and midstream assets in the Eastern Caribbean, and a similar company, North American Power, focused on acquiring contracted power assets in the U.S.

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