Investors - FEBRUARY 19, 2015

Maine commits $60m to energy

by Reg Clodfelter

The Maine Public Employees Retirement System has committed $60 million to EnCap Energy Capital Fund X, an energy private equity fund managed by EnCap Investments, confirms Andrew Sawyer, chief investment officer with MainePERS.

Fund X launched in fourth quarter 2014 and is reportedly seeking $5 billion, which would match its predecessor’s February 2013 final close, according to IREI’s FundTracker database. Fund X will provide growth capital to management teams that focus primarily on the upstream sector of North America’s oil and gas industry.

The fund received a $75 million commitment from the Teachers’ Retirement System of Louisiana earlier this month.

MainePERS has invested in the fund series before, committing $30 million to Fund VIII in 2011 and another $30 million to Fund IX in 2013. The retirement system also committed $20 million to EnCap Flatrock Midstream Fund III in April 2014.

MainePERS had 3.8 percent of its $12.4 billion in assets invested private equity, as of year-end 2014, short of its 10 percent target.


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