Ridgewood Energy Corp. has closed an energy-focused private equity fund with $1.9 billion in capital commitments.
The fund, Ridgewood Energy Oil & Gas Fund III LP, exceeded the firm's $1.5 billion target. Investors include state and corporate pension plans, university endowments and foundations, plus private wealth managers and family offices.
Ridgewood will continue to explore for and develop oil for $20 per barrel or less in the deepwater Gulf of Mexico through the new fund. The Montvale, New Jersey-based private equity firm closed a previous fund with $1.1 billion in commitments in January 2014.
Eaton Partners LLC acted as placement agent for the fund, and Vinson & Elkins LLP provided legal advice.
Bumpy crude oil prices have stirred up activity from dealmakers looking to buy assets at a discount. Recent transactions in the space include Warburg Pincus' April agreement to invest up to $500 million in energy startup Independence Resources Management, and EnLink's $600 million March deal for gas gathering and processing facilities in west Texas.
For more on the energy sector, see Investors Flow Into Oil & Gas.