Ridgewood exceeds target, closes latest fund at more than $1.9B

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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...