Ridgewood Fund II hits $1.1bn hard-cap

The firm beat its $750m target and has made two investments from the fund so far.  

Ridgewood Energy has closed its Oil and Gas Fund II on its $1.1 billion hard-cap, according to a statement. 

Fund II closed significantly above its $750 million target and will invest in oil exploration and production projects in the Gulf of Mexico. Eaton Partners acted as placement agent for the fund, which attracted commitments from 39 limited partners, roughly 80 percent of which were new investors for Ridgewood. LPs in Fund II include pensions, university endowments and foundations, fund of funds, private wealth managers and family offices. 

Fund II represents a continuation of Ridgewood’s strategy of drilling and developing new oil fields at a cost of less than $20 per barrel. The fund has made two oil well investments to date, one of which was drilled in partnership with NYSE-listed Noble Energy and resulted in an oil discovery.

Ridgewood also manages $700 million in capital and commitments on behalf of energy-focused private equity firm Riverstone Holdings.    

Ridgewood’s portfolio includes 16 producing properties, five discoveries under development and 12 exploration prospects, according to its website. The firm is owned by parent organisation Ridgewood Companies, which has raised more than $2.7 billion for investment programmes since inception, according to its website. Ridgewood Companies also owns Ridgewood Capital, which focuses on investments in the software, wireless and energy technology sectors. 

Ridgewood’s energy division was founded by chief executive officer Robert Swanson in 1982.