First Reserve

First Reserve Fund IX, L.P.

First ReserveVINTAGE 2001

NET IRR

48.1%

TVPI

2.85x

DPI

2.84x

COMMITMENT

$75M

LP SOURCES

2

VALUATION SPREAD2.80x – 2.85x TVPI across 2 sources

CROSS-REFERENCE TABLE

LP SOURCEAS OFCOMMITMENTPAID INNET IRRTVPIDPIDOC
Oregon OPERF2025-09-30$75M$81.2M48.1%2.85x2.84xSOURCE ↗
WSIB2025-09-30$100M$108.2M48.1%2.80x2.85xSOURCE ↗