Private Equity Manager of the Year

- 09/25/2008

First Reserve Corporation

William Macaulay

When deal making slowed down, First Reserve Corporation didn't miss a beat. The Greenwich, Conn. firm, a long-time favorite of endowments and foundations, has been doing deals at torrid pace despite the credit crunch. Led by Chairman William Macaulay, the firm also gets props for its global outlook, which differentiates itself from other private equity firms focusing on the energy sector. "They have been consistently successful in a highly specialized segment of the market and have evolved with the markets into a truly global player," noted Mauricia Geissler, cio of Amherst College.

First Reserve has accounted for roughly a quarter of the deal volume in North America and Europe since the credit markets convulsed one year ago. One of its investments, Czech coal miner New World Resources, was one of the largest initial public offering so far this year on the London Stock Exchange.

First Reserve's plays include roughly $1 billion in recently announced renewable energy deals, key to many nonprofit investors with an eye to clean technology investments. The firm's renewable investments span across several sub-sectors, including wind, solar, barley based ethanol and municipal waste to power. It is also involved in energy-related investments, such as providing $720 million for Torus Insurance Holdings, which will insure onshore and offshore energy projects.

The firm raised a record $7.8 billion in 2006, a phenomenal sum for an energy-dedicated private equity fund, and is now in the market for a new fund to eclipse that.

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