The $23.1 billion New Mexico State Investment Council has committed $50 million to Encap Flatrock Midstream Fund IV, according to Charles Wollmann, director of communications, legislative and client relations 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. More specifically, the fund series pursues attractive investment opportunities in natural gas gathering, treating, compression, processing and storage operations, crude oil gathering and transportation, and produced water handling and disposal, among other investments.
The first of these funds, Encap Flatrock Midstream Fund I, closed in April 2010 with institutional-investor commitments totaling $791.6 million. Fund II closed in July 2012 with $1.75 billion of limited-partner capital commitments. Fund III, a fund that New Mexico State committed $25 million to, closed in May 2014 with $3 billion of limited-partner capital commitments.
Fund IV has received equity commitments from multiple institutional investors since its launch, including the Houston Municipal Employees Pension System, the Orange County (Calif.) Employees Retirement System and the Maine Public Employees Retirement System.