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Ridgewood scores $300m for $1.5bn-targeting Oil & Gas III fund

US private equity investor Ridgewood Energy has sealed $300m of commitments for its Energy Oil & Gas Fund III.

The total raised so far has come in thanks to two LPs, according to the firm’s filing with the US securities regulator and leaves it another $1.2bn to raise to reach its $1.5bn target.

Ridgewood manages private investment funds that drill and develop oil and gas projects across the Gulf of Mexico.

The firm targets new oil and gas reserves with the potential to deliver multi-billion dollar revenues.

Ridgewood closed its second energy private equity fund in the series on its $1.1bn hard cap, above its $750m target, in January last year.

Earlier this month AltAssets reported that the firm is also in the market with its first Energy Opportunities vehicle, with a target of $100m.

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