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EnCap raises USD6.5bn PE fund

Oil and gas private equity firm EnCap Investment has closed EnCap Energy Capital Fund X with USD6.5 billion of limited partner capital commitments. 

Fund X, which reached its USD6.5 billion hard cap and was significantly oversubscribed, provides growth capital to proven management teams focused primarily on the upstream sector of the oil and gas industry in North America. 

EnCap is led by its four founders, managing partners David B Miller, Gary R Petersen, D Martin Phillips and Robert L Zorich; and three additional managing partners Jason M DeLorenzo, E Murphy Markham IV and Douglas E Swanson, Jr. Since its inception in 1988, EnCap has managed more than USD27 billion of capital commitments from approximately 300 institutional investors, providing growth capital to more than 220 companies and establishing its reputation as the preeminent source of private equity to the oil and gas industry.

Miller says: “As our 19th institutional fund, EnCap Fund X represents a significant achievement for our firm. We look forward to building on our 27-year history in the business by maintaining our long-standing focus on partnering with the highest quality management teams in the upstream sector.” 

Swanson adds:, “We are very fortunate to have received such strong support from our existing investor base, specially during a period of significant volatility in our industry. Our long-term partnership with many high-quality institutions and our extensive track record in the business allowed for a quick and efficient fundraise, which positions us well to respond to the market opportunities that are likely to arise in this cycle.”

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