First Reserve’s Latest Infrastructure Mandate

First Reserve, one of the largest energy-focused PE firms in the world, has raised a $2.5B fund targeting infrastructure in the energy sector. Privcap was eager to speak with the firm’s head of infrastructure, Mark Florian, about what questions investors were asking, how the firm sources opportunities, and the many ways that investors are differentiating between PE-style and infrastructure-style opportunities in the energy midstream.