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Houston Business Journal – Ridgewood Energy closes billion-dollar private equity fund

Ridgewood Energy Corp. closed its latest private equity fund with total commitments of $1.1 billion — $350 million more than the original target. The company focuses on Gulf of Mexico drilling.

Ridgewood Energy Corp., a New Jersey- and Houston-based private upstream oil and gas investment company, said Monday it has closed its latest private equity fund with total commitments of $1.1 billion — $350 million more than the original target.

Ridgewood Energy Oil and Gas Fund II LP, which had an original target of $750 million, was formed to invest in exploration and production of oil in deepwater Gulf of Mexico. It has already invested in two oil wells, one of which was drilled in partnership with Houston-based Noble Energy Inc. (NYSE: NBL) and resulted in an oil discovery.

The fund’s commitments came from 39 institutional investors, including a number of state and union pension plans, university endowments and foundations, and a number of fund of funds, private wealth managers and family offices.

Connecticut-based Eaton Partners LLC acted as placement agent for the fund, and Houston-based Vinson & Elkins LLP served as fund counsel.

Ridgewood also manages $700 million in capital and commitments on behalf of New York-based Riverstone Holdings LLC, an energy-focused private equity firm.

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