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FUNDRAISING NEWS | October 21, 2024

EnCap Raises $6.4B for 12th Upstream Oil and Gas Buyout Fund

Tags: Alternative Insights, Private Equity

EnCap Investments has closed on the 12th installation of its EnCap Energy Capital Fund, raising $6.4B inclusive of co-investments, and bringing total funds raised this year to approximately $9B.

The Houston-based energy investor said in an October 21 press release that it exceeded its initial target of $4B and hit its $5.25B hard cap for Fund XII, with 40% of commitments coming from new investors. The upstream oil and gas fund also captured $1.2B in co-investments, for a total of $6.4B in raised capital. Including EnCap Energy Transition Fund II and EnCap Flatrock Midstream Fund V, both of which closed earlier this year, the company has raised approximately $9B in commitments in 2024.

Per Dakota data, the Teacher Retirement System of Texas and the Virginia Retirement System accounted for $250M and $200M of the commitments, respectively, with additional allocations from Orange County Employees Retirement System, Illinois Municipal Retirement Fund, and Alaska Permanent Fund Corporation.

To date, Fund XII has active investments in 12 portfolio companies, 10 of which have also been included in previous funds, EnCap said. Vinson & Elkins provided legal advice to EnCap on the formation of the fund.

View the press release here. 

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Written By: Dakota

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