Ridgewood Energy Corp., a private upstream oil and gas investment company, has closed its latest private equity fund, Ridgewood Energy Oil & Gas Fund III LP, which, as Ridgewood Energy’s largest fund to date, exceeded its $1.5 billion target and closed with total capital commitments of more than $1.9 billion.
Fund III is a continuation of Ridgewood Energy’s investment program focused on finding and developing oil in the deepwater Gulf of Mexico for $20 per barrel or less. The Fund’s commitments were sourced from leading institutional investors, including state and corporate pension plans, university endowments and foundations, as well as a number of private wealth managers and family offices.
Ridgewood Energy’s latest fund follows Ridgewood Energy Oil & Gas Fund II LP, which closed on $1.1 billion in early 2014. The firm also manages capital and commitments for investment in the deepwater Gulf of Mexico on behalf of Riverstone Holdings LLC, which has invested alongside Ridgewood Energy’s funds since 2010.
Eaton Partners LLC acted as placement agent for the fund. Vinson & Elkins LLP served as fund counsel.