Private equity firm Ridgemont Equity Partners has closed its first fund with $735 million in commitments, more than its $675 million goal, according to Travis Hain, a partner at Ridgemont. The process took about a year and a half, he says.
Charlotte, N.C.-based Ridgemont’s principals spun off from Bank of America to form the firm in August 2010. The firm focuses on investments of $25 million to $75 million. The fund will invest in the health care, energy, industrial and technology, media and telecommunication industries, says Hain.
The fund’s investors included public and private pension plans, insurance companies and sovereign wealth funds from around the globe, including the U.S. and Europe, Hain says.
The fund, called REP I, is currently invested in nine portfolio companies. The firm agreed to jointly invest $100 million with Post Oak Energy Capital in Titan River Energy in March. In January, it jointly acquired oil assets in Texas with Unitex Oil and Gas and in June it bought a majority stake in Hometown Urgent Care.
TPG Capital BD LLC served as placement agent for the fund.