Our Story

EnCap Investments’ ongoing story begins in 1988 when the firm was established by founders David B. Miller, Gary R. Petersen, D. Martin Phillips and Robert L. Zorich. Since then, EnCap has built 30-plus-year track record of successfully identifying economic investment opportunities in evolving markets. To date, EnCap has raised 22 institutional funds and more than $38 billion in capital commitments. 

This timeline provides detail on each phase of the firm’s growth story. Click on a block of time to learn more.

1988 - 1994

Formation of EnCap Investments

Initial focus on Mezzanine Debt & Reserve Acquisition with equity participation.

1988 Formation of EnCap Investments L.P.
July 1988 PMC Fund I closes at $20,000,000 (reserve acquisition)
June 1989 EnCap Secured Investment Fund I closes at $100,000,000 (mezzanine debt)
Dec. 1990 PMC Fund II closes at $53,500,000 (reserve acquisition)
March 1992 EnCap Secured Investment Fund II closes at $115,000,000  (mezzanine debt)
June 1993 Tenneco/EnCap Gas Fund closes at $100,000,000 (mezzanine debt)
Dec. 1993 PMC Fund III closes at $73,500,000 (reserve acquisition)

1994 - 1996

Upstream Project Equity

Project-level equity supporting multiple developers across two funds.

April 1994 EnCap Energy Capital Fund I closes at $104,000,000
June 1996 EnCap Energy Capital Fund II closes at $115,000,000

1997 to Present

Upstream growth equity in partnership with seasoned management teams

Nine funds. Early mover in shale beginning in 2008.

Aug. 1997 EnCap Energy Capital Fund III closes at $480,000,000
Nov. 2001 EnCap Energy Capital Fund IV closes at $525,000,000
July 2004 EnCap Energy Capital Fund V closes at $825,000,000
July 2006 EnCap Energy Capital Fund VI closes at $1,500,000,000
Dec. 2007 EnCap Energy Capital Fund VII closes at $2,500,000,000
Jan. 2011 EnCap Energy Capital Fund VIII closes at $3,500,000,000
Jan. 2013 EnCap Energy Capital Fund IX closes at $5,000,000,000
April 2015 EnCap Energy Capital Fund X closes at $6,500,000,000
Dec. 2017 EnCap Energy Capital Fund XI closes at $7,000,000,000

2008 to Present

EnCap Flatrock Midstream forms in 2008, a partnership between EnCap Investments L.P. and Flatrock Energy Advisors, LLC

Four funds.

March 2010 EnCap Flatrock Midstream Fund I closes at $791,600,000
July 2012 EnCap Flatrock Midstream Fund II closes at $1,750,000,000
May 2014 EnCap Flatrock Midstream Fund III closes at $3,000,000,000
Jan. 2018 EnCap Flatrock Midstream Fund IV closes at $3,250,000,000

2014 to Present

Large-scale minerals investments

$2 billion invested through backing of four minerals-focused management teams.

2021 EnCap forms EnCap Minerals, LLC, consolidating the assets of three portfolio companies.

2019 to Present

EnCap brings on a highly experienced renewables team to pursue energy transition opportunities

One fund. Six portfolio companies.

May 2021 EnCap Energy Transition Fund I closes at $1,200,000,000

Fund History

Fund History