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Alternative Assets  + Private Equity  + Real Assets  |  August 31, 2023
Energy Investor EnCap Flatrock Amasses $930M for Fifth Fund
Joe Palmisano
By: Joe Palmisano

Energy Investor EnCap Flatrock Amasses $930M for Fifth Fund

Oil and gas-focused infrastructure investor EnCap Flatrock Midstream has amassed more than $930 million for its fifth flagship fund. The firm is targeting $3 billion for EnCap Flatrock Midstream Fund V, broadly consistent with the $3.25 billion it raised for its fourth fund in 2018.

More than 40 LPs have committed capital to the fundraise to date according to filings the firm submitted to the US securities regulator, including the Oregon Public Employees Retirement Fund, which agreed to a $200 million commitment.

The firm was established in 2008 as a partnership between Texas oil and gas investors EnCap Investments and Flatrock Energy Advisors.

EnCap FlatRock has raised close to $9 billion across its four predecessor funds.

The San Antonio-based firm focuses on hard-asset businesses, including gathering and transportation pipelines, treating and compression assets and services, processing and fractionation plants, storage and terminal facilities, and logistics handling and disposal facilities.

It is largely invested in midstream oil and gas projects, but also makes deals in sectors such as biofuels, chemicals and hydrogen energy.

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Inside The Story

EnCap Flatrock Midstream

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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