Private equity firm Ridgewood Energy has reportedly exceeded the target for its second fund.
Ridgewood Energy Oil & Gas Fund II has held a final close of $1.1bn, beating the $750m target and the initial hard cap of $1bn, said Dow Jones, citing a person close to the effort.
The final close took place in December following a $450m first close in April, said the person.
Ridgewood will use the fund to invest in drilling and developing projects in the Gulf of Mexico to add to its current portfolio of 16 producing properties and a further five under development.
The report quoted an investor in the fund who said the firm’s partnership with Riverstone was one of the reason it felt secure with the investment in Fund II.
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