Ridgewood Energy has held a final close for Ridgewood Energy Oil & Gas Fund III, according to a statement.
This is the oil and gas investment company’s largest fund to date, having raised more than $1.9 billion in commitments, exceeding its $1.5 billion equity fundraising target. The third fund in the series continues Ridgewood’s investment focus on finding and developing oil extraction projects in the deepwater Gulf of Mexico for $20 per barrel or less.
“Our limited partners continue to recognize the outperformance potential of Ridgewood Energy’s deepwater Gulf of Mexico oil strategy, where we have the ability to find and develop significant oil reserves for a very low cost per barrel. Our disciplined approach allows us to deliver strong returns across a range of oil price environments, and recent dislocation in the sector has created even more compelling opportunities for investment,” said Kenny Lang, president and chief operating officer of Ridgewood, in a statement.
The fund received commitments from state and corporate pension funds, university endowments, foundations, private wealth managers, and family offices. Earlier this year the fund received commitments from the Orange County Employees Retirement System and the Texas County & District Retirement System.
Ridgewood Oil & Gas Fund II closed in early 2014 with $1.1 billion.