News & Press

Jan 11, 2023

STAMFORD, Conn. and HOUSTON, Jan. 11, 2023 /PRNewswire/ -- First Reserve, a leading global private equity investment firm exclusively focused on investing across diversified energy, infrastructure, and general industrial end-markets, today announced the promotion of Paul Steen to Managing Director and Carolina Sierra to Director, Technical, effective January 1, 2023.

Having joined the firm in 2011, Paul is a key member of the team responsible for investments in First Reserve's private equity and real asset investment strategies. He has made significant contributions to a number of investment funds and portfolio companies, including Refuel, Venterra Group, FR IOG Resources, and Ascent Resources. As Managing Director, Paul will continue to drive investments in both private equity and real assets. Prior to joining First Reserve, Paul worked as an Analyst in the Investment Banking Division, Global Energy Group, at Credit Suisse. He holds a B.B.A. from Texas A&M University and is based in the firm's Houston office.

Carolina Sierra joined First Reserve in 2019 and is an integral member of the team focused on the firm's real asset investment strategies. She provides a technical reservoir engineering perspective across the firm's upstream and midstream investments and assists with early theme and trend identification throughout the energy value chain. Prior to joining First Reserve, she held positions at Guggenheim Partners, BP and SLB. She holds a B.S.E. from the University of Michigan and an MSc from Delft University of Technology.

Alex Krueger, President and CEO of First Reserve, stated, "At First Reserve, our team is one of our greatest strengths, and we pride ourselves on cultivating a deep bench of homegrown investment talent with sector expertise throughout the energy, infrastructure, and general industrial markets. We believe that our approach to partnership, entrepreneurship, and discipline begins with our internal team and extends throughout our industry network. On behalf of First Reserve's senior leadership, I am pleased to congratulate Paul and Carolina, and we look forward to continuing to work with them and the entire First Reserve team to drive value creation on behalf of our investors."

About First Reserve

First Reserve is a private equity firm exclusively focused on investing across diversified energy, infrastructure, and general industrial end-markets. Founded in 1983, First Reserve has nearly 40 years of industry insight, and has cultivated a network of global relationships. First Reserve has raised more than $32 billion of aggregate capital since inception. Its investment and operational experience have been built from over 750 transactions, including platform investments and add-on acquisitions, on six continents. The firm's portfolio companies have operated globally in over 60 countries and span the entire energy and industrial spectrum. Please visit for further information.

For First Reserve media inquiries, please contact:

Jonathan Keehner / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher

SOURCE First Reserve

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