The Virginia Retirement System (VRS) has committed $200 million to EnCap Energy Capital Fund XII, a U.S.-focused upstream oil and gas fund, according to the pension fund’s latest investment report.
EnCap Energy Capital Fund XII, managed by EnCap Investments, opened to investors in April 2023 with a $4 billion fundraising target. As of April, the fund had raised approximately $2.1 billion toward that goal.
EnCap Energy Capital Fund XII will invest in traditional upstream opportunities and acquisitions of mineral rights and royalty streams by providing growth capital to management teams focused on known producing regions in North America.
As of June 30, VRS’ total market value was at $113.9 billion. Real assets — which includes real estate and infrastructure — occupied 12.4 percent of that total, representing $14.1 billion.