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Year Founded: 1988

AUM: N/A | Dry Powder: $3.3B

59651 Katy Freeway, Suite 600, Houston, TX 77024, US

EnCap Investments is a private equity and venture capital firm founded in 1988 and is based in Houston, Texas. The firm prefers to invest in companies operating in the oil and gas and energy transition sectors based in the US

Key Contacts

  • David Miller

    Co-Founder

  • D. Martin Phillips

    Co-Founder & Managing Partner

  • Craig Friou

    Chief Financial Officer

Investment Preferences

  • Preferred Industries

    Energy Equipment, Energy Services, Exploration, Production and Refining, Other Energy, Utilities

  • Geographical Preference

    US

  • Preferred Deal Types

    Buyout/LBO, Early-Stage VC, Later Stage VC, PE Growth/Expansion, Seed Round

  • Other Investment Preferences

    Prefers minority stake, Seeks ESG investments, Seeks Impact investments, Will syndicate

Investments By Year

Source: Pitchbook

Funds Closed

EnCap Energy Transition Fund I
Vintage: 2021

Size: $1.2B

Dry Powder: $1.2B

Details: The fund targets investments in the energy storage, cleantech, infrastructure, oil and gas sectors

EnCap Energy Capital Fund XI
Vintage: 2017

Size: $7B

Dry Powder: $1.5B

Details: The fund provides growth capital to the upstream sector of the oil and gas industry in North America

EnCap Energy Capital Fund X
Vintage: 2015

Size: $6.5B

Dry Powder: $316.1M

Details: The fund provides growth capital to the upstream sector of the oil and gas industry in North America

Investments By Industry

Investments By Region

Source: Pitchbook

Key Investments

In February 2023, Catalyze secured $300 million of development capital from EnCap Investments and Actis. The investment will support the development of Catalyze’s proprietary growth pipeline. Catalyze is an operator of clean, renewable energy transition company intended to integrate smart energy resources into new and existing infrastructure

In January 2023, Linea Energy secured an undisclosed amount of development capital from EnCap Investments. The investment positions the company to execute its growth strategy of accelerating the decarbonization of the US electricity grid through developing, owning and operating utility-scale wind, solar and battery energy storage projects

In November 2022, Bleutec Industries secured an undisclosed amount of development capital from EnCap Investments. Bleutec is a provider of foundation and turbine installation services intended for the offshore wind industry

In September 2022, Sabalo Energy II received $300 million of development capital from EnCap Investments. Sabalo Energy II operates an upstream exploration and production company focused on responsibly developing energy assets in large-scale unconventional basins across the US

In May 2022, Rangeland Energy secured a $300 million growth equity commitment from EnCap Flatrock Midstream to support the formation of a new entity, namely, Rangeland Energy IV. Rangeland IV will continue to pursue midstream acquisitions and development opportunities in both conventional and unconventional resource plays across the US and Canada, as well as new opportunities in decarbonized infrastructure

In January 2022, Encino Environmental Services secured an undisclosed amount of development capital from EnCap Investments, Williams New Energy Ventures, and BP Energy Partners. Encino Environmental Services provides environmental compliance and performance support services for the energy industry

In August 2021, Arbor Renewable Gas received an undisclosed amount of development capital from Mercuria Energy Asset Management and EnCap Investments. Arbor Renewable Gas is a producer of renewable gasoline and hydrogen focused on building a fleet of cost-effective, safe, and reliable energy

In December 2020, Broad Reach Power acquired a 250MW wind project and a 250MW solar project, via its financial sponsors Yorktown Partners and EnCap Investments through an LBO for an undisclosed sum

Other Details

Since 1988, EnCap Investments has raised 22 institutional funds totaling more than $38 billion and currently manages capital on behalf of more than 350 US and international investors. The firm focuses on investments in the energy industry and anchors itself to upstream, midstream & energy transition sectors. The firm’s transition team has more than 110 years of combined experience in the power and renewable sectors, including over 80 years of executive level experience in project origination and development, M&A and finance, risk management, power trading and marketing, operations & administration. The EnCap team currently consists of 50+ investment professionals.

The firm’s latest open fund EnCap Energy Transition Fund II, is an infrastructure core fund managed by EnCap Investments. The fund is located in Houston, Texas and has a target size is of $2 billion. Founded in 2019, the EnCap Energy Transition platform is led by four Managing Partners, each with 30-35 years of experience in the development and operations of renewables and power generation.

1901 Partners Management, aPriori Capital Partners, Avista Capital Partners, Broad Reach Power, Citigroup Alternative Investments, Credit Suisse, Donovan Ventures, Legacy Management Investors, Mansefeldt Investment, Magnetar Capital, Phoenix Global Resources, Riverstone Holdings, Silverhawk Capital Partners, Texas Capital Bank, Yorktown Partners are some of the co-investors who invest alongside EnCap Investments.

Source: Pitchbook, Company Website, Press Release