Ridgewood Energy wraps up third oil and gas fund at more than $1.9 bln: UPDATED

Ridgewood Energy Corp has raised more than $1.9 billion for its third oil and gas-focused private equity fund, sweeping past its $1.5 billion target, the firm announced today.

Ridgewood Energy Oil & Gas Fund III LP will focus on finding and developing oil in the deepwater Gulf of Mexico.

The vehicle’s limited partners include state and corporate pension plans, university endowments and foundations, private wealth managers and family offices.

Eaton Partners LLC was the placement agent.

Ridgewood Energy’s previous oil and gas fund closed at $1.1 billion in early 2014. As of December 31, 2014, Ridgewood Energy Oil & Gas Fund II LP generated an average IRR of -9.51 percent and an average multiple of .95x, according to data provider Bison. UPDATED: Ridgewood Energy Fund II closed at $1.1 billion in early 2014. The second pool produced a gross IRR of 31 percent and a gross multiple on invested capital of 1.29x as of March 31, a source familiar with the fund said.

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