Tim Day has left First Reserve, after 15 years with the energy-focused private equity firm.

By Dan Primack
November 10, 2015

Tim Day is no longer with energy-focused private equity firm First Reserve, where he had served as a managing director and co-head of buyouts since 2011, Fortune has learned. His last day was October 31.

Day originally joined First Reserve in 2000 as a vice president, and had represented the firm on the boards of portfolio companies like Pacific Energy Management, Brand Energy Inc., Crestwood Equity and PBF Energy Inc. PBF . He shared the co-head of buyouts job with firm president Alex Krueger, who also has served as First Reserve’s co-CEO since this past June and is expected to keep leading private equity activities (First Reserve has a separate investment boss for infrastructure-related deals).

Last year, First Reserve closed its 13th flagship private equity fund with just $3.4 billion in capital commitments — well below its original $6 billion target (and its lowered $5 billion target). It had raised $9 billion for Fund XII back in 2009 (also below target), and has experienced a rash of recent departures. Day seems to be the most recent casualty of scaled-back ambitions, although he’ll continue to represent First Reserve on the boards of Diamond S, TNT Crane & Rigging and TPC Group.

“We’re really appreciative to Tim for his years of service to the firm and plan to work with him in the future,” said a First Reserve spokeswoman, who declined to comment further.

Fortune has reached out to Day, but we’ve not yet received a reply.

 

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