Ridgemont Equity Partners has closed its second private equity fund with $995 million in capital commitments.
Ridgemont's inaugural fund closed in April 2013 with $735 million in commitments. The Charlotte, North Carolina-based firm generally invests between $25 million to $100 million in energy; health care; telecommunications, media and technology (TMT); and industrial companies.
The new fund, Ridgemont Equity Partners II LP, had a first close in June with $750 million. Ridgemont has not completed any deals from the fund yet but expects to conclude one TMT investment before the end of the year, according to Ridgemont partner Travis Hain.
Ridgemont's investments include Jam Distributing Co., which delivers lubricants to the oil sector. Jam added Jones Oil in 2014. "Energy helped our results through the downturn," Hain says. As far as future energy investments go, Ridgemont is looking to partner with industry executives (some of whom have lost their jobs due to the volatile oil climate), especially those with oil or gas assets, according to John Shimp, Ridgemont partner.
In October, Ridgemont announced a deal for Unishippers Global Logistics, a provider of package and heavy freight services. The firm is also invested in Allied 100 LLC, a seller of defibrillators that it bought in December 2014.