Neptune Regional Transmission grabs about $100 mln from RPEP

Ridgewood Private Equity Partners had invested about $100 million in Neptune Regional Transmission System, a power transmission cable that connects New Jersey and Long Island. Loop Capital provided financial advice to Ridgewood Private Equity Partners on the transaction.


NEW YORK and MONTVALE, N.J., Dec. 22, 2015 /PRNewswire/ — Ridgewood Private Equity Partners (“RPEP”), an investment firm focused on energy and infrastructure real asset strategies, today announced an investment of approximately $100 million in the Neptune Regional Transmission System (“Neptune”). Neptune, a 65-mile submarine power transmission cable connecting New Jersey and Long Island, has capacity of 660-Megawatt high-voltage direct-current that is fully contracted with the Long Island Power Authority (“LIPA”) under a long-term agreement. Since initiating operation in mid-2007, Neptune has provided, on average, approximately 20 percent of the electricity for Long Island.

“The Neptune transmission line is a terrific energy-focused infrastructure asset that offers both current yield and attractive capital appreciation potential,” said Ross Posner, who leads RPEP and its Investment Team. “Our opportunity to execute this investment reflects our deep domain expertise, proprietary investment sourcing relationships, and rigorous due diligence processes, and we are delighted to deliver this investment opportunity to our investors.”

RPEP’s investment in Neptune was made on behalf of entities representing the State of Michigan Retirement Systems and a major family office.

RPEP Managing Director Michael Albrecht, who led the investment, said, “Neptune has several features that make it a particularly appealing investment. It’s a critical piece of infrastructure with a proven record of operating performance that delivers cost effective and reliable power to a high-demand region. Neptune’s management team has done a wonderful job developing and operating this asset, and we are delighted to partner with them through this investment.”

“RPEP’s investment in Neptune represents a continuation of the Ridgewood Companies’ 30+ year history of delivering unique, energy-focused real asset investment solutions to its investors,” said Matthew Swanson, Senior Managing Director. “Sophisticated investors are increasingly realizing the importance of high-quality infrastructure and real asset investments as a cornerstone of their portfolio, particularly given recent trends in the broader markets. Our investment in Neptune is a wonderful example of our commitment and ability to deliver these kinds of differentiated investment solutions to our investor base.”

Ridgewood Private Equity Partners is part of the affiliated Ridgewood Companies, which have sponsored and manage specialized private equity investment funds with total capital and commitments of over $7 billion, focused primarily on energy, infrastructure, and other real asset investment strategies.

Loop Capital acted as financial advisor to Ridgewood Private Equity Partners.

About Ridgewood Private Equity Partners
Ridgewood Private Equity Partners, LLC (“RPEP”), part of the affiliated Ridgewood Companies, focuses on energy and infrastructure real asset investments in partnership with leading management teams. Through this approach, RPEP will deliver best-in-class, institutional private equity investment opportunities to investors seeking to benefit from Ridgewood’s differentiated expertise and access. RPEP is led by Ross Posner, who joined Ridgewood from Allstate Investments, where he most recently created and led its Global Infrastructure and Real Asset private equity investment team, with a portfolio of over $1 billion. RPEP has offices in New York City and Montvale, NJ. This release does not constitute an offer of any RPEP fund.

About the Ridgewood Companies
The affiliated Ridgewood Companies sponsor and manage specialized private equity investment funds, primarily focused on energy and real asset investments. Since their founding in 1982, the Ridgewood Companies have raised over $7 billion in capital and commitments, focused primarily on energy, infrastructure, and other real asset investment strategies. The Ridgewood Companies include Ridgewood Energy Corp., which, in June 2015, closed on its most recent private equity fund with over $1.9 billion in capital and commitments focused on the exploration and production of oil in the deepwater U.S. Gulf of Mexico.