Responsible Investing

Vision and Purpose

First Reserve believes that responsible investment considerations are important to the formation and development of resilient companies and assets which can create long-term value for all stakeholders – our investors and their beneficiaries, our employees and our portfolio companies and the communities in which they operate. Particularly as an investor with focus on the energy, utility and industrial end markets, we have long understood that a thoughtful, integrated approach which prioritizes the well-being and safety of our portfolio workforce, the integrity of the environments and communities in which our portfolio operates, and the ethical fortitude of our partners is critical. This belief is an embedded part of First Reserve’s 40-year culture, a core part of First Reserve’s investment practice, and a key component of our long-term success.

Consistent with our fiduciary duties, we manage our funds with the primary obligation to maximize the value of their holdings for the benefit of our investors. In carrying out this duty, First Reserve understands that a broad range of environmental, social, and governance (ESG) factors may be relevant in assessing whether particular investments may be additive or detrimental to this objective. These non-financial, ESG considerations are taken into account to the extent they affect an investment’s risk and return profile. This approach emanates from First Reserve’s core values and the express goals of our investors.

We are proud of our commitment to responsible investing. We believe that responsible investment across multiple forms of energy is critical to meet the dual global goals of achieving energy security and affordability and reduction of greenhouse gas emissions.

Sustainability Policy

Throughout its history First Reserve has embraced Responsible Investing and Sustainability philosophies and was a founding working group member and signatory of the United Nations-backed Principles for Responsible Investing (“PRI”) since 2009.

We believe Environmental, Social and Governance (ESG) best practices help build strong, resilient companies and assets, and are core to our mission of delivering strong returns for our investors. As with any important initiative, our ESG journey is intended to be an evolution, and we will regularly seek ways in which we can advance our approach.