Charlotte-based Ridgemont Equity Partners said this week it has closed on a $995 million buyout and growth equity fund.
This is the second such fund for the private equity group, which spun off from Bank of America in 2010. The firm said fundraising for the new fund was completed in late October with excess demand from existing investors along with interest from new ones.
The firm’s strategy for the second fund will be similar to its first fund of $735 million that the firm closed in April 2013. It will focus on investments of $25 million to $100 million across several sectors including basic industries and services, energy, health care, and telecommunications, media and technology.
“We collaborate with our management teams to build market leaders by bolstering infrastructure, enhancing operations and fueling strategic growth initiatives. We are excited about this next chapter for Ridgemont,” Ridgemont partner John Shimp said in a statement.
Ridgemont spun off from Charlotte-based Bank of America in 2010 amid post-financial crisis regulations that threatened banks’ relationships with private equity firms.
The firm has invested about $3.5 billion in 124 companies since it started in 1993. Most recently, Ridgemont acquired a Salt Lake City-based logistics company called Unishippers in October.