Since its inception, EnCap has raised 19 institutional oil and gas investment funds. The first six funds were comprised of three reserve acquisition funds and three mezzanine debt funds. In 1994, the firm transitioned into venture capital based on the belief that it offered a more attractive risk/return equation and better alignment of interest with the management teams of EnCap portfolio companies. The 13 following funds have concentrated on providing growth capital to upstream and midstream focused companies.
In April 2015, EnCap closed Energy Capital Fund X, L.P. With $6.5 billion of limited partner capital commitments, Fund X will focus on providing growth capital to proven management teams focused primarily on the upstream sector of North America's oil and gas industry.
In May 2014, EnCap closed EnCap Flatrock Midstream Fund III (EFM III). EFM III presents EnCap with its third opportunity to expand its midstream presence by providing growth capital to proven management teams in the midstream sector of the oil and gas business.
Throughout its history, EnCap has invested approximately $11.5 billion in more than 220 companies, consistently generating superior returns across multiple industry and hydrocarbon price cycles by applying a lower-risk, disciplined philosophy that balances capital preservation and value creation.