{ "crd_number": 157056, "slug": "first-reserve-stamford-ct-157056", "primary_business_name": "FIRST RESERVE", "legal_name": "FIRST RESERVE MANAGEMENT, L.P.", "dbas": [ "FIRST RESERVE EVOLUTION II ADVISORS, L.L.C. (\"RELYING ADVISER\")", "FIRST RESERVE LEGACY OPPORTUNITIES ADVISORS, L.L.C. (\"RELYING ADVISER\")", "FIRST RESERVE RESOURCES ADVISORS, L.L.C. (\"RELYING ADVISER\")", "FIRST RESERVE UPSTREAM ADVISORS, L.L.C. (\"RELYING ADVISER\")", "FIRST RESERVE XIII ADVISORS, L.L.C. (\"RELYING ADVISER\")", "FIRST RESERVE XIV ADVISORS, L.L.C. (\"RELYING ADVISER\")" ], "city": "Stamford", "state": "CT", "country": "United States", "cbsa_code": "14860", "metro": { "cbsa_code": "14860", "common_name": "Bridgeport", "msa_name": "Bridgeport-Stamford-Danbury, CT", "path": "/advisors/ct/bridgeport" }, "registration_type": "sec", "registration_status": "Approved", "registration_date": "2012-03-30", "years_registered": 14, "period": "2026-10-01", "filing_date": "2026-05-08", "carried_forward": false, "raum_total": 6305728850.0, "raum_discretionary": 6305728850.0, "raum_non_discretionary": 0.0, "raum_band": "over_5b", "raum_band_label": "Over $5 billion", "total_employees": 38, "advisory_employees": 21, "client_count_bucket": null, "clients_by_type": { "pooled_investment_vehicles": { "raum": 6305728850.0, "count": 25 } }, "compensation_types": [ "other", "percentage_of_aum", "performance_based" ], "advisory_activities": [ "portfolio_management_pooled_vehicles" ], "wrap_fee_participant": false, "disclosure_yes_count": 3, "states_registered": [ "CT" ], "websites": [ "https://firstreserve.com", "https://linkedin.com/COMPANY/FIRST-RESERVE-CORPORATION" ], "iapd_url": "https://adviserinfo.sec.gov/firm/summary/157056", "disclosure_items": [ { "item": "11.C(2)", "question": "Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?" }, { "item": "11.C(4)", "question": "Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?" }, { "item": "11.C(5)", "question": "Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?" } ], "city_as_filed": "STAMFORD", "url": "https://advisorcensus.com/firm/first-reserve-stamford-ct-157056", "display_name": "First Reserve", "summary": "First Reserve is an SEC-registered investment advisory firm in Stamford, CT, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated May 8, 2026.", "citation": "AdvisorCensus. First Reserve (CRD 157056): Form ADV filing data as of October 2026.", "registration_type_label": "SEC-registered investment adviser", "compensation_labels": [ "A percentage of assets under your management", "Performance-based fees", "Other" ], "advisory_activity_labels": [ "Portfolio management for pooled investment vehicles (other than investment companies)" ], "quick_answers": [ { "q": "How is First Reserve compensated?", "a": "On its Form ADV (Item 5.E, October 2026), First Reserve reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other." }, { "q": "How much does First Reserve charge?", "a": "Its Form ADV Part 2A brochure dated May 8, 2026 states: Asset-based fee: 1% to 2% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement." }, { "q": "Where is First Reserve located?", "a": "First Reserve's principal office is in Stamford, CT, according to its Form ADV; the June 2026 filing also lists 1 other office (Schedule D, Section 1.F)." }, { "q": "Is First Reserve registered with the SEC or a state?", "a": "First Reserve is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 157056." }, { "q": "How much does First Reserve manage?", "a": "First Reserve reports $6,305,728,850 in regulatory assets under management in its Form ADV filing dated May 8, 2026 (100% discretionary)." }, { "q": "How have First Reserve's assets and staff changed since 2021?", "a": "In the Form ADV data for First Reserve: Regulatory assets under management: $5,338,044,769 in the October 2021 data and $6,305,728,850 in the October 2026 data, up 18%. Total employees: 53 in October 2021 and 38 in October 2026. Assets under management move with markets as well as with clients coming and going." }, { "q": "What types of clients does First Reserve serve?", "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (25)." }, { "q": "Does First Reserve report any disciplinary disclosures?", "a": "Reports 3 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), and 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/157056" }, { "q": "What changed in First Reserve's recent Form ADV filings?", "a": "In the April 2026 filing data: Employees performing advisory functions went from 30 to 21. No longer lists the business name First Reserve XII Advisors, L.L.C. (\"Relying Adviser\"). No longer lists an office in Dallas, TX." } ], "filing_history": [ { "period": "2021-10-01", "regulatory_assets_under_management": 5338044769.0, "total_employees": 53, "filing_date": "2021-09-29" }, { "period": "2022-10-01", "regulatory_assets_under_management": 5843093832.0, "total_employees": 52, "filing_date": "2022-06-09" }, { "period": "2023-10-01", "regulatory_assets_under_management": 6035213474.0, "total_employees": 50, "filing_date": "2023-06-13" }, { "period": "2024-10-01", "regulatory_assets_under_management": 6129700425.0, "total_employees": 48, "filing_date": "2024-05-02" }, { "period": "2025-10-01", "regulatory_assets_under_management": 5775098440.0, "total_employees": 50, "filing_date": "2025-05-05" }, { "period": "2026-10-01", "regulatory_assets_under_management": 6305728850.0, "total_employees": 38, "filing_date": "2026-05-08" } ], "recent_changes": [ { "period": "2026-04-01", "period_label": "April 2026", "notes": [ "Employees performing advisory functions went from 30 to 21.", "No longer lists the business name First Reserve XII Advisors, L.L.C. (\"Relying Adviser\").", "No longer lists an office in Dallas, TX." ] } ], "fees_from_brochure": { "source": "Form ADV Part 2A brochure dated May 8, 2026", "provided_by_the_firm": false, "tiers": [], "flat_rate": null, "stated_range": "1% to 2% a year", "stated_maximum": null, "account_minimum": null, "account_minimum_may_be_waived": false, "minimum_annual_fee": null, "planning_fees": [], "figures": [ { "label": "Asset-based fee", "statements": [ "Asset-based fee: 1% to 2% a year (a range, as the brochure states it)" ], "quotes": [ "For those Funds that have defined commitment periods, management fees during the commitment period typically range from 1.00% to 2.00%." ] } ], "values": { "tiers": [], "range_pct": [ 1.0, 2.0 ], "max_pct": null, "account_minimum": null, "minimum_annual_fee": null, "planning": [] }, "quotes": [ "For those Funds that have defined commitment periods, management fees during the commitment period typically range from 1.00% to 2.00%." ], "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable." }, "custodians": [], "custodians_note": null, "markdown_url": "https://advisorcensus.com/firm/first-reserve-stamford-ct-157056.md", "clients": [ { "type": "pooled_investment_vehicles", "label": "Pooled investment vehicles (other than investment companies and business development companies)", "count": 25, "fewer_than_5": false, "raum": 6305728850.0 } ], "disclosure_line": "Reports 3 disclosure items on Form ADV Item 11.", "indexable": true, "suppressed": false, "claimed": false, "enhanced": false, "provided_by_the_firm": null, "source": { "name": "Form ADV", "as_of": "2026-10-01", "iapd_url": "https://adviserinfo.sec.gov/firm/summary/157056", "operator": "BH Monitor Services, LLC", "license": "https://creativecommons.org/licenses/by/4.0/", "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data" } }