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.

https://www.pehub.com/2015/07/ridgewood-energy-wraps-up-third-oil-and-gas-fund-at-more-than-1-9-bln/

Domestic energy goes beyond oil, gas

I respond to the March 3 letter “Energy policy must benefit Ohio business” from Lyn Bliss, president of the Ohio Federation of Republican Women, which mentioned a simplified tax code and green energy. The federal government says there were 3.4 million green jobs created in 2011, according to the latest estimates, while a national oil and gas trade group says there were 2.59 million oil and gas jobs created.
The latest freeze on energy-efficiency standards ignores Ohio businesses in the renewable-energy sector, and their economic benefits.
I am unclear whether Bliss is saying there should be no subsidies for energy production, or subsidies only for fossil fuels. Meaningful tax reform would shift fossil-fuel subsidies to renewable-energy subsidies. This would provide a direct economic benefit to many more small businesses in Ohio.
Bliss wrote, “If the Democrats had their way, they would likely snuff out domestic energy in America through punitive taxes.” So if I have solar panels, I am a domestic-energy producer. Does the writer support domestic-energy production or not?
Finally, many conservative, independent and progressive citizens support energy production from cleaner, renewable, American sources. Major Ohio universities and the Department of Defense, among others, are already pursuing green-energy initiatives precisely because they are reasonable, sustainable and an economically prudent investment.
So unlike what the writer suggested, energy policy that supports the renewable-energy sector does benefit Ohio business. It also benefits all Ohioans by producing energy without the hidden tax of dirty air, something the writer failed to mention.

http://www.dispatch.com/content/stories/editorials/2015/03/15/01-domestic-energy-goes-beyond-oil-gas.html