Pietersen has joined Bain Capital, sources said. Pietersen spent nearly four years at First Reserve and joined Bain in May where he is a director, his LinkedIn page shows. He left First Reserve in February, a spokeswoman said.
Pietersen joined First Reserve in March 2010, where he was a vice president of investor relations and co-investments in the firm’s London office, according to a release from that time.
Chris Gunther and James Wilson also recently joined Warburg Pincus. Both Gunther and Wilson are Warburg managing directors; they each focus on fundraising and investor relations, the Warburg website said.
Wilson joined Warburg in April from EQT Holdings, where he was a managing director in investor relations, an EQT official said. Wilson spent more than three years at EQT, according to his LinkedIn page.
Gunther, meanwhile, left Providence Equity Partners a “few months ago,” a source said. Gunther spent more than 13 years at Providence where he was managing director of business development, his bio on the Warburg site said. The Providence, Rhode Island-based firm has added several managing directors in the past year, the source noted, including Mark Hastings, Alexis Egan, Josh Empson and Karen Gordon.
Pietersen’s departure comes as First Reserve works to raise its 13th fund. The energy-focused firm has reportedly cut the target for its latest fund yet again. First Reserve plans to close its Fund XIII at $3 billion to $4 billion by September and has raised $2.7 billion for the pool, Bloomberg News reported.
In 2012, First Reserve began marketing for the pool, which originally had a $6 billion target, peHUB has reported. The target was then reduced to $5 billion in 2013, Bloomberg said.
First Reserve has doubled its IR staff since launching Fund XIII and added David Posner, a managing director, a different source said.
“The only constant in this business is change,” one GP said of the executive changes. “People are always moving. The people don’t change, but their business cards do.”
Bain could not be reached for comment.
Luisa Beltran is a senior writer for peHUB.