Ridgewood Infrastructure Hits Hard Cap on its Inaugural Fund
NEW YORK, Feb. 26, 2020 /PRNewswire/ — Ridgewood Infrastructure, LLC today announced the final close of Ridgewood Water & Strategic Infrastructure Fund, LP (the “Fund”) at its hard cap of $600 million. The Fund had initially targeted $500 million of capital commitments and was oversubscribed.
Ridgewood Infrastructure invests in essential infrastructure in the U.S. lower middle market. The Fund has made three investments to-date, which include a 30-year contracted, 142-mile pipeline to supply the city of San Antonio with approximately 20% of its fresh water; a consolidator of regulated water & wastewater utilities; and a regional regulated natural gas utility. Ridgewood Infrastructure anticipates closing the Fund’s fourth investment prior to quarter-end. In aggregate, these investments will represent approximately 45% of the Fund’s capital commitments.
“We appreciate the strong support we have received from leading institutional investors,” said Ross Posner, Managing Partner of Ridgewood Infrastructure. “LPs recognize that our differentiated, operationally-oriented focus on the lower middle market allows us to access and create compelling investments in essential infrastructure that generate long-term, high quality, non-correlated cash flows.” He added: “We look forward to continuing to build a strong Fund portfolio and generating exceptional outcomes for both our investors and portfolio partners.”
The Fund received commitments from a diverse group of leading North American and European institutional investors including public and private pension funds; insurance companies; endowments and foundations; and specialized infrastructure-focused investment firms. Vinson & Elkins LLP acted as Fund counsel and Eaton Partners as placement agent.
“We are very proud to have hit the hard cap with our initial fundraise for Ridgewood Infrastructure,” said Founding Partner Matthew Swanson. “Our success is a testament to Ross’s leadership, our exceptional investment team, and the resources and relationships of the Ridgewood platform. We appreciate the partnership of our LPs and look forward to building on this success in the years to come.”
About Ridgewood Infrastructure
Ridgewood Infrastructure invests in essential infrastructure in the U.S. lower middle market. Recent investments include the Vista Ridge Regional Water Supply Project, a long‐term contracted 142‐mile water pipeline that will supply the city of San Antonio, Texas with approximately 20% of its fresh water; Undine, which owns and operates regulated water and wastewater utilities in several major U.S. markets; and SiEnergy, which is among the largest and fastest growing regulated natural gas local distribution companies in Texas, serving approximately 25,000 customers.
Ridgewood Infrastructure is part of the affiliated Ridgewood companies, which currently manage $6 billion in total capital and commitments focused on investments in infrastructure and energy.