Jan. 13, 2014
/PRNewswire/ -- Ridgewood Energy Corp. ("Ridgewood Energy" or "
"), a private upstream oil and gas investment company based in
Montvale, New Jersey
, has closed its latest private equity fund, Ridgewood Energy Oil and Gas Fund II, L.P. ("Fund II"), with total commitments of
, reaching its hard cap. The Fund, which had an original target amount of
, has been formed by
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.
, 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
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."
, Senior Managing Director of
, 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."
in commitments secured by Fund II comes in addition to
in capital and commitments
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.