EnCap Investments has raised $2 billion in capital for its PennEnergy Continuation Vehicle, marking it the largest continuation vehicle to date in the upstream energy sector. 

The funding will allow PennEnergy, which is backed by Encap Investments, to further expand the development of its inventory, capitalize on its natural gas investments and provide growth capital for future opportunities, according to EnCap. 

The continuation vehicle, which is managed by EnCap, includes funds affiliated with Andros Capital Partners and the Vintage Strategies at Goldman Sachs Alternatives. 

The vehicle also includes an equity commitment from EnCap Energy Capital Fund XII, the EnCap General Partner, and PennEnergy Management. 

Pittsburgh, PA-based PennEnergy is an oil and gas exploration and production company, specializing in the development of the Marcellus Shale play in Pennsylvania. 

Last October, EnCap Investments raised $5.25 billion for its North American upstream oil and gas fund, combined with $1.2 billion in co-investments for EnCap Energy Capital Fund XII, which raised a total of $6.4 billion. 

In July, EnCap launched Quantica Infrastructure, which is a venture focused on providing land and power to data centers in the U.S.  

Texas-based Quantica is backed by EnCap Investments’ Energy Transition division.