Ridgewood Energy has launched the Ridgewood Energy Oil & Gas Fund III, according to an SEC filing.The vehicle aims to raise $1.5 billion and has raised $300 million thus far.
It will invest in the energy sector in Mexico, Canada and the United States.
The firm recently closed its Ridgewood Energy Oil & Gas Fund II in January 2014 with $1.1 billion in equity commitments, exceeding its $750 million target. It was formed by Ridgewood to invest in exploration and production of oil projects in the U.S. deep waters of the Gulf of Mexico. Investments include the Dantzler Project, drilled in partnership with Noble Energy, which resulted in an oil discovery.
The fund series focuses on generating superior risk-adjusted returns for investors by drilling and developing high-potential new oil fields.
Ridgewood Energy is a private upstream oil and gas investment company based in Montvale, N.J., and Houston.