FIRST RESERVE
FIRST RESERVE is a Series C+ and buyout fund in the US, global, Australia and Europe writing $50M–$1.5B checks into Climate, Developer Tools, utilities, industrial-tech, energy-storage, transportation and alternative-energy.
- Stages
- Series C+, buyout
- Sectors
- Climate, Developer Tools, utilities, industrial-tech, energy-storage, transportation, alternative-energy
- Check size
- $50M–$1.5B
- Invests in
- US-wide, global, Australia, Europe
- Round role
- Leads rounds
- Actively investing
- Yes
- Founded
- 1983
- Assets under management
- $6.1B
Thesis
First Reserve is a global private equity firm established in 1983, with a primary focus on the energy, utility, and industrial sectors. Their investment strategy revolves around 'Infrastructure Solutions,' 'Value-Added Infrastructure,' and 'Resources.' They target companies providing specialty services, engineered products, and logistics/distribution solutions to infrastructure operators, as well as value-added infrastructure assets like energy storage, transportation, and alternative energy. The 'Resources' strategy involves investing in critical resources for the evolving energy economy, emphasizing responsible production and sustainability. Geographically, First Reserve operates globally, with significant investments in Australia, Europe, and the United States. They primarily engage in equity and equity-related investments, often leading deals, and their instrument types include leveraged buyouts and growth capital. The firm has raised over $34 billion in aggregate capital since inception and had approximately $6.1 billion in AUM as of May 2026. Their typical equity investments range from $50 million to $1.5 billion.
Common questions
Does FIRST RESERVE invest at the Series C+ stage?
Yes. FIRST RESERVE lists Series C+ and buyout among the stages it invests in.
What check size does FIRST RESERVE write?
FIRST RESERVE writes $50M–$1.5B checks.
Where does FIRST RESERVE invest?
FIRST RESERVE invests in the US, global, Australia and Europe.