First Reserve
Stamford, CT · CRD 157056
Private equity manager
First Reserve is an SEC-registered investment adviser based in Stamford, CT that reports managing 25 private funds on Form ADV, including 25 private equity funds. It reports $6.3 billion in regulatory assets under management. Its private funds hold $7.0 billion in gross assets.
- Regulatory assets under management
- $6.3 billionForm ADV Item 5.F
- Gross assets of private funds
- $7.0 billionAll private fund types, Form ADV
- Private funds managed
- 25PE 25 · VC 0 · hedge 0
- Employees
- 38Form ADV Item 5.A
- Registration
- SEC-registered adviserCRD 157056
- Latest Form ADV
- 05/08/2026Disciplinary disclosures: yes, see SEC record
Private equity funds filing Form D (3)
Fund
First sale
Raised
Investors
Minimum
Offering
First Reserve Ascent Opportunities Fund, L.P.
Stamford, CT
First saleSep 2025
Raised$488M
Investors18
MinimumNone set
Offering506(b)
First Reserve Ascent Opportunities Feeder Fund, L.P.
Stamford, CT
First saleSep 2025
Raised$315M
Investors21
MinimumNone set
Offering506(b)
First Reserve IOG Resources III, L.P.
Stamford, CT506(c)
First saleApr 2025
Raised$208M
Investors5
MinimumNone set
Offering506(c)
Matched to this firm by the fund names and related persons in each Form D. The list may be incomplete.
Private funds reported on Form ADV (14)
Fund
Gross assets
Minimum
Owners
Adviser
First Reserve Fund XIII, L.P. (And Its Related Investment Vehicles)
Cayman IslandsPrivate equity fund
Gross assets$1.6B
Minimum$10.0M
Owners89
AdviserFirst Reserve
FR Industrials Opportunities Fund, L.P. (And Its Related Investment Vehicles)
Cayman IslandsPrivate equity fund
Gross assets$938M
Minimum$193K
Owners39
AdviserFirst Reserve
First Reserve Fund XIV, L.P. (And Its Related Investment Vehicles)
Cayman IslandsPrivate equity fund
Gross assets$724M
Minimum$1.0M
Owners11
AdviserFirst Reserve
First Reserve Refuel Fund, L.P.
Delaware, United StatesPrivate equity fund
Gross assets$669M
Minimum$82K
Owners32
AdviserFirst Reserve
First Reserve Legacy Opportunities Fund, L.P. (And Its Related Investment Vehicles)
Delaware, United StatesPrivate equity fund
Gross assets$262M
Minimum$19K
Owners56
AdviserFirst Reserve
First Reserve Upstream Annex Fund, L.P. (And Its Related Investment Vehicles)
Delaware, United StatesPrivate equity fund
Gross assets$203M
Minimum$184K
Owners22
AdviserFirst Reserve
First Reserve Iog Resources II, L.P.
Delaware, United StatesPrivate equity fund
Gross assets$166M
Minimum$5.0M
Owners2
AdviserFirst Reserve
FR Finalizer, L.P.
Cayman IslandsPrivate equity fund
Gross assets$160M
Minimum$200M
Owners2
AdviserFirst Reserve
Old Clem Investments, L.P. (And Its Related Investment Vehicles)
Delaware, United StatesPrivate equity fund
Gross assets$124M
Minimum$300M
Owners2
AdviserFirst Reserve
FR Br Midstream, L.P.
Delaware, United StatesPrivate equity fund
Gross assets$115M
Minimum$176K
Owners22
AdviserFirst Reserve
First Reserve Iog Resources, L.P.
Delaware, United StatesPrivate equity fund
Gross assets$99.9M
Minimum$5.0M
Owners3
AdviserFirst Reserve
First Reserve Fund XII, L.P. (And Its Related Investment Vehicles)
Cayman IslandsPrivate equity fund
Gross assets$6.1M
Minimum$10.0M
Owners177
AdviserFirst Reserve
First Reserve Fund XI, L.P. (And Its Related Investment Vehicles)
Delaware, United StatesPrivate equity fund
Gross assets$2.0M
Minimum$10.0M
Owners241
AdviserFirst Reserve
FR XII-A Parallel Vehicle, L.P. (And Its Related Investment Vehicles)
Cayman IslandsPrivate equity fund
Gross assets$983K
Minimum$1.0M
Owners48
AdviserFirst Reserve
As reported in the adviser's Form ADV filed May 2, 2024. Funds also listed from Form D are shown above.
Fund vehicles: feeder funds and single-deal vehicles (7)
Fund
Gross assets
Minimum
Owners
Adviser
FR Ascent Co-Investment, L.P. (And Its Related Investment Vehicle)
Cayman IslandsPrivate equity fund
Gross assets$776M
Minimum$2.0M
Owners5
AdviserFirst Reserve
FR Utica Minerals Development Co-Investment, L.P.
Delaware, United StatesPrivate equity fund
Gross assets$90.3M
Minimum$87.0M
Owners2
AdviserFirst Reserve
FR Flow Control Co-Investment, L.P.
Cayman IslandsPrivate equity fund
Gross assets$57.7M
Minimum$1.7M
Owners8
AdviserFirst Reserve
FR Barra Co-Investment, L.P.
Cayman IslandsPrivate equity fund
Gross assets$43.1M
Minimum$5.0M
Owners6
AdviserFirst Reserve
FR Gtus Co-Investment II, L.P.
Delaware, United StatesPrivate equity fund
Gross assets$40.1M
Minimum$25.0M
Owners1
AdviserFirst Reserve
FR Ap4 Co-Investment, L.P.
Delaware, United StatesPrivate equity fund
Gross assets$28.9M
Minimum$300K
Owners8
AdviserFirst Reserve
FR Gtus Co-Investment, L.P.
Delaware, United StatesPrivate equity fund
Gross assets$16.6M
Minimum$300K
Owners2
AdviserFirst Reserve
Feeder funds invest through a master fund; single-deal vehicles (SPVs, co-investments, series) hold one investment.
From SEC filings. Firm data comes from the SEC's Form ADV data. AltMountain has not verified this information, and it is not an offer, solicitation or recommendation. Full disclosures