Ridgemont Equity Partners closed its latest fund above its initial target with $2.35 billion in investor commitments.
Investors included the State of Wisconsin Investment Board in Madison ($90 million) and Teachers’ Retirement System of Illinois ($75 million), according to Alternatives Watch reporting.
The $8.5 billion buyout and growth investment firm intends for Ridgemont Equity Partners IV to invest in business and tech-enabled services, industrial growth and healthcare sectors. Over the last decade, Ridgemont invested in 60 industry-leading private companies, often serving as a first-time institutional capital partner to pursue shared growth objectives, according to firm officials.
According to a joint statement from Ridgemont’s managing partners Rob Edwards, Jack Purcell and John Shimp, the team was pleased to achieve 110% net dollar retention from existing limited partner relationships while welcoming several new blue-chip investors.
