Ridgewood Energy Corp. closed a $1.1 billion private equity fund focused on deepwater U.S. Gulf of Mexico oil exploration and production, the company said Jan. 13. One oil well, the Dantzler Project, invested in by the fund has hit oil, the company said, adding that it was drilled with Noble Energy Inc. (NYSE: NBL) as a partner.
Known as Fund II, it originally targeted $750 million, the company said. The fund continues Ridgewood Energy’s investment program focused on risk-adjusted returns for investors from new, high-risk oil field development, the company said.
Fund II’s commitments came from 39 institutional investors. These include state and union pensions, university endowments and foundations, other funds, private wealth managers and family offices, the company said.
"We particularly appreciated receiving strong support from a diverse set of institutional investors with significant expertise in energy. Fund II provided these investors with targeted asset-class exposure, along with the potential to deliver true alpha," said Robert Gold, Ridgewood’s senior managing director, said.
Eaton Partners LLC, based in Rowayton, CT, acted as fund placement agent. Vinson Elkins LLP, served as fund counsel.
Ridgewood Energy manages private investment funds that drill and develop oil and gas projects in the U.S. Gulf of Mexico. It is dually based in Houston and Montvale, N. J.
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