Ridgewood Energy Corp. closed its $1.94 billion Ridgewood Energy Oil & Gas Fund III, surpassing its $1.5 billion target, a company spokeswoman said.
The fund is focused on finding and developing deepwater Gulf of Mexico oil for $20 or less per barrel.
The previous fund, Ridgewood Energy Oil & Gas Fund II, closed at $1.1 billion in early 2014.
Investors in the latest fund include the $132 billion Texas Teacher Retirement System, Austin; $24.6 billion Texas County & District Retirement System, Austin; $12.6 billion Orange County Employees Retirement System, Santa Ana, Calif.; and the $7.9 billion Wyoming Retirement System, Cheyenne.
