Energy-focused First Reserve Loses Co-Head of Buyouts

November 10, 2015, 7:52 PM UTC

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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