Ridgemont Equity Partners closed its second private equity fund, Ridgemont Equity Partners II, with nearly $1 billion, reaching its hard cap, said Walker Poole, partner at Ridgemont.
The new $995 million fund is 35% larger than Ridgemont's $735 million Ridgemont Equity Partners I, which closed in 2013. Ridgemont was formed when the former Banc of America Capital Investors private equity team spun off from Bank of America in 2010.
“We were certainly really pleased with the reception” from investors for the fund, Mr. Poole said. “It's crowded out there, particularly for middle-market firms.”
Ridgemont started marketing the new fund in March and held a final close at the end of October, Mr. Poole said. The fund's target was $900 million.
Investors in Ridgemont Equity Partners II include the $27.6 billion Pennsylvania State Employees' Retirement System, Harrisburg, and $1.3 billion El Paso (Texas) Firemen & Policemen Pension Fund.