Fundraising - MARCH 19, 2015

EnCap raises $2.96b for energy fund

by Andrea Waitrovich

EnCap Investments has raised $2.96 billion for its 10th energy fund, according to a filing with the SEC.

EnCap Energy Capital Fund X launched in November 2014 with a $5 billion equity fundraising target.

Recent investors include the Minnesota State Board of Investment, the Illinois Municipal Retirement Fund, the Oklahoma Police Pension & Retirement System, the Maine Public Employees Retirement System, the Teachers’ Retirement System of Louisiana, the Kansas Public Employees Retirement System, and the Rhode Island State Investment Commission. 

EnCap Energy Capital Fund X is the largest U.S. energy fund currently raising equity, according to IREI’s FundTracker database. There are 14 funds currently in the market trying to raise more than $18 billion in equity. To date, the energy funds have raised $8 billion in equity commitments.

The fund’s predecessor, EnCap Energy Capital Fund IX, closed in 2013 with $5 billion of limited partner capital commitments, surpassing its $4.25 billion equity fundraising goal. Fund IX provides growth capital to management teams focused primarily on the upstream sector of the oil and gas industry in North America. Assets include portfolio companies, Common Resources III, Paloma Partners III and PayRock Energy.

EnCap Energy Capital Fund VII closed in January 2011 with $3.6 billion.


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