A number of energy-focused funds aiming to raise more than $1 billion each have reached fundraising closes of various stages.
Ridgewood Energy has launched the Ridgewood Energy Oil & Gas Fund III, a fund targeting investments in North America and Mexico. It has raised $300 million of a targeted $1.5 billion. The firm closed its Ridgewood Energy Oil & Gas Fund II in January 2014 with $1.1 billion in equity commitments, exceeding its $750 million target.
Boston-based ArcLight Capital Partners, meanwhile, is further along in its fundraising having collected $1.57 billion in total, including $800 million since mid-December 2014.
The fund launched in the second half of 2014 and is reportedly seeking $4 billion for final close, which would make its final close bigger than its predecessor’s $3.3 billion close in 2011. ArcLight invests across the energy industry, including in the midstream, power and production sectors, and focuses on North America