Ridgewood Energy Corp., a private equity firm, has closed a $1.1 billion fund.
The fund, named Ridgewood Energy Oil and Gas Fund II LP, and will invest in exploration and production of oil projects in the U.S. Gulf of Mexico.
The firm headquartered in Montvale, N.J., and Houston, had an original target for the fund of $750 million.
Ridgewood had 39 investors, including state and union pension plans, university endowments and foundations, fund of funds, private wealth managers and family offices. The fund has already invested in two oil wells.
The fund adds to $700 million in commitments that Ridgewood manages on behalf of private equity firm Riverstone Holdings LLC.
Eaton Partners LLC acted as placement agent for the fund. Vinson & Elkins LLP advised Ridgewood on the fund closing.
Energy made Mergers & Acquisitions list of Six Sizzling Sectors.