First Reserve launches Asia unit in Hong Kong

First Reserve, which manages $20 billion in its buyout funds, has appointed former 3i Asia Co-Head, and more recently Candover Asia's MD, Jamie Paton as MD to manage the operation. The group has also hired former Investment Manager at Candover, Allen Gu, as Director. According to the firm, existing First Reserve staff will relocate to Hong Kong throughout the year.

First Reserve is headquartered in Greenwich, Connecticut, and has offices in Houston, Texas, and London. In terms of its Asian portfolio, First Reserve has invested in power industry-related companies in China, Singapore, India and Australia. Its current holdings include Singapore-based oil and gas exploration outfit KrisEnergy, Pune-based wind turbine manufacturer Kenersys, and Western Australian engineering firm Calibre Global, which it took a majority stake in last year.

First Reserve claims to have taken portfolio companies public on 10 exchanges across five continents, including Asia and Australia. It targets investments in global energy companies with enterprise values of up-to $10 billion. Its investor base, largely institutional, includes corporate and public retirement funds, sovereign wealth funds, endowments and foundations.

 

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