Private equity firm Ridgemont Equity Partners has raised $735 million to close its first independent fund raising.

The Charlotte firm said that the REP I Fund closed at the end of March with excess investor demand from limited partners in the United States, Asia and Europe.

Ridgemont formed in 2010 when the former Banc of America Capital Investors team spun off from Bank of America to form the firm. This Ridgemont team has invested together for about 20 years investing more than $3 billion in 115 companies.

Ridgemont looks for middle market buyouts or growth equity investments. The firm typically invests between $25 million and $75 million in companies in industries including energy, health care and telecommunications.

The REP I fund currently has nine portfolio companies. Recent investments include participation in a $100 million commitment to Texas oil and gas company Titan River Energy and an investment of an undisclosed amount in Simpleview, an Arizona company that provides software and digital marketing services.