This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ridgewood Energy Closes Latest Fund At $1.1 Billion

MONTVALE, N.J. and HOUSTON, Jan. 13, 2014 /PRNewswire/ -- Ridgewood Energy Corp. ("Ridgewood Energy" or " Ridgewood"), a private upstream oil and gas investment company based in Montvale, New Jersey, and Houston, Texas, has closed its latest private equity fund, Ridgewood Energy Oil and Gas Fund II, L.P. ("Fund II"), with total commitments of $1.1 billion, reaching its hard cap.  The Fund, which had an original target amount of $750 million, has been formed by Ridgewood to invest in exploration and production of oil projects in the U.S. deep waters of the Gulf of Mexico.

Fund II is a continuation of Ridgewood Energy's investment program focused on generating superior risk adjusted returns for investors by drilling and developing high-potential new oil fields.

The Fund's commitments were sourced from 39 institutional investors, including a number of leading state and union pension plans, well-known university endowments and foundations, and a number of Fund of Funds, private wealth managers and family offices.

Kenny Lang, Ridgewood Energy's President, said, "Our focused investment strategy, coupled with disciplined execution, has demonstrated the potential to generate enormous value for our funds' limited partners.  We aim to continue delivering on that strategy for our Fund II LPs."

Fund II has already invested in two oil wells, one of which, the Dantzler Project, was drilled in partnership with Noble Energy Inc. (NYSE: NBL) and resulted in an oil discovery (see Noble Energy Press Release).

Robert Swanson, Ridgewood's Founder and Chairman said, "We are extremely pleased with the strong reception to our latest private equity fund, which we believe reflects the growing importance sophisticated investors place on focused, value-added investment strategies executed by a specialized team of professionals with deep, industry-specific knowledge."  

Robert Gold, Senior Managing Director of Ridgewood, said, "We particularly appreciated receiving strong support from a diverse set of institutional investors with significant expertise in energy.  Fund II provided these investors with targeted asset-class exposure, along with the potential to deliver true alpha."

Ridgewood's $1.1 billion in commitments secured by Fund II comes in addition to $700 million in capital and commitments Ridgewood currently manages on behalf of Riverstone Holdings, LLC, ("Riverstone") the energy-focused private equity firm, through entities known as ILX Holdings I, LLC and ILX Holdings II, LLC (which are affiliates of Riverstone's two most recent private equity funds). 

Eaton Partners, LLC, based in Rowayton, CT, acted as placement agent for the fund.  Vinson & Elkins LLP, served as fund counsel.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.01 1.05%
FB $99.75 -4.15%
GOOG $682.74 -0.12%
TSLA $147.99 -8.99%
YHOO $27.05 -3.29%


Chart of I:DJI
DOW 16,027.05 -177.92 -1.10%
S&P 500 1,853.44 -26.61 -1.42%
NASDAQ 4,283.7530 -79.3910 -1.82%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs