This timeline provides detail on each phase of the firm’s growth story. Click on a block of time to learn more.
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 25 institutional funds and more than $40 billion in capital commitments.
1988 - 1994
Formation of EnCap Investments
Initial focus on Mezzanine Debt & Reserve Acquisition with equity participation.
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.
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.
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.
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.
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
Two funds. Eight active portfolio companies.
2019 to Present
EnCap brings on a highly experienced renewables team to pursue energy transition opportunities
Two funds. Eight active portfolio companies.
| May 2021 | EnCap Energy Transition Fund I closes at $1,200,000,000 |
Fund History
Fund History
