EnCap Investments has successfully closed its latest fund, EnCap Energy Capital Fund XII, at its hard cap of $5.25bn, along with an additional $1.2bn earmarked for co-investments, according to a report by Pensions & Investments Online.
The report cites a company spokesperson as confirming that Fund XII has already made investments in 12 companies, 10 of which are led by teams that EnCap has previously supported.
The firm focuses on investing alongside established management teams in the North American oil and gas sector.
A company representative highlighted the “repeat nature” of EnCap’s business model, explaining that when portfolio companies are sold, the acquiring firms often do not retain the original management teams. This allows EnCap to re-invest in those teams through new funds, enabling them to build their next ventures.
Investors in EnCap Energy Capital Fund XII include major institutions such as the $257.3bn Florida State Board of Administration, the $203.7bn Texas Teacher Retirement System, the $116.1bn Virginia Retirement System, the $80.5bn Alaska Permanent Fund Corp., the $23.6bn Orange County Employees Retirement System, the $22.2bn Arizona Public Safety Personnel Retirement System, and the $1.2bn Merced County Employees’ Retirement Association.
