Ridgemont raises $995 mln for second mid-market PE fund

Ridgemont Equity Partners has closed its second fund at its $995 million hard cap.

The Charlotte, North Caroline private equity firm completed fundraising for Ridgemont Equity Partners II LP in late October. Ridgemont typically invests between $25 million and $100 million in sectors that include basic industries and services, energy, healthcare and telecom/media/technology.

Brooklands Capital Strategies served as placement agent for Fund II.

Ridgemont’s inaugural fund raised $735 million in 2013. Limited partners included institutional investors from the U.S., Asia and Europe.” Ridgemont Equity Partners I is producing a 27.07 percent average IRR and a 1.53x average multiple as of June 30, according to performance information from alternative assets data provider Bison.

Ridgemont Equity Partners, of Charlotte, North Carolina, launched in 2010 as a spin-off of Bank of America.

Photo a shovel with money courtesy of Shutterstock.