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Ridgewood Energy Closes Latest Fund At $1.1 Billion

Stocks in this article: NBL

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.

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