Investment firm Ridgewood Energy has closed its second energy private equity fund on its $1.1bn hard cap.
Ridgewood Energy Oil & Gas Fund II will focus on the exploration and development of oil projects in the Gulf of Mexico.
The fund was oversubscribed and comfortably exceeded its $750m target. It received commitments from endowments, foundations, state and public pension funds, and family offices.
“Ridgewood has one of the most distinctive platforms and experienced teams in the Gulf of Mexico offshore E&P space,” said Jeff Eaton, head of the real assets fundraising team at Eaton Partners, which acted as a placement agent for the fund.
“The strong investor support for this fund reflects the quality of the team, the value of its unique investment strategy, and strength of the opportunity in the current marketplace. We are thrilled to be a part of their success.”
In March last year Ridgewood partnered with Riverstone to invest in a series of deepwater exploration projects in the Gulf of Mexico.
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