The $18.7 billion Teachers’ Retirement System of Louisiana has commited $50 million to EnCap Flatrock Midstream Fund IV, according to Lisa Honoré, public information director for the pension fund.
In 2008, EnCap Investments and Flatrock Energy Advisors joined together in a long-term partnership to create EnCap Flatrock Midstream, a series of venture capital funds to invest in the midstream sector of the North American energy space. The first of these funds, Encap Flatrock Midstream Fund I, closed in April 2010 with institutional investor commitments totaling $792 million. Fund II closed in July 2012 with $1.75 billion of limited partner capital commitments. Fund III closed in May 2014 with $3 billion of limited partner capital commitments. Louisiana TRS committed $25 million to Fund III in 2014.
More specifically, the fund series pursues attractive investment opportunities in natural gas gathering, treating, compression, processing and storage operations; crude oil gathering and transportation; natural gas liquid fractionation, storage and transportation; produced water handling and disposal; and CO2 gathering, transportation and sequestration.
The fund has also received commitments from the San Antonio Fire & Police Pension System and the University of Houston System.
Since 1988, EnCap Investments has raised 20 institutional oil and gas investment funds totaling approximately $33 billion and currently manages capital on behalf of more than 350 U.S. and international investors.
