EnCap Closes $5.25B Upstream Oil & Gas Fund
EnCap Investments LP raised $5.25 billion for its latest North American upstream oil and gas fund, exceeding its initial target and hitting its hard cap. Combined with $1.2 billion in co-investments, EnCap Energy Capital Fund XII has raised a total of $6.4 billion so far.
Fund XII currently includes investments in 12 portfolio companies across major U.S. oil & gas basins, 10 of which are managed by teams the firm has partnered with in previous funds.
“The Fund XII capital raise was assisted by the strong performance of EnCap’s existing portfolio with over $22 billion of distributions returned to EnCap’s investors since the beginning of 2021,” said managing partner Jason DeLorenzo.
In addition to Fund XII, EnCap also recently finalized fundraises for its two other investment verticals, EnCap Energy Transition Fund II at $1.5 billion in May and EnCap Flatrock Midstream Fund V. All three EnCap platforms achieved final close this year and raised approximately $9 billion of capital, collectively.
Houston-based Encap has raised 25 institutional investment funds totaling over $40 billion since 1988 and currently manages capital on behalf of more than 350 U.S. and international investors.
