EnCap’s Fund IX Closes at $5 Bln

EnCap Investments said Friday that it closed its ninth fund at its $5 billion hard cap. The fund, which was oversubscribed, will focus on upstream sector of the oil and gas industry in North America. News of the fundraising was reported by peHUB in November.

PRESS RELEASE

EnCap Investments L.P., a leading oil and gas private equity firm, announced today that it has closed EnCap Energy Capital Fund IX, L.P., with $5 billion of limited partner capital commitments. Fund IX, which reached its $5 billion hard cap and was significantly oversubscribed, provides growth capital to proven management teams focused primarily on the upstream sector of the oil and gas industry in North America. EnCap is led by the firm’s four managing partners, David B. Miller, Gary R. Petersen, D. Martin Phillips and Robert L. Zorich. Since its inception in 1988, EnCap has managed approximately $18 billion of capital commitments from some 300 institutional investors, providing growth capital to more than 190 companies and establishing its reputation as the preeminent source of private equity to the oil and gas industry.

Robert Zorich, one of EnCap’s managing partners, said, “Our existing investors’ strong support of Fund IX resulted in a very quick and very successful fundraise. We’ve had the good fortune now of having our last three funds heavily oversubscribed, and we couldn’t have done it without the longstanding relationships we have with so many highly respected limited partners.” Gary Petersen, another EnCap managing partner, said, “Building on the success of our 25-year history, we are pleased to have a fresh pool of capital to back the highest quality management teams in what remains a robust investment environment in the upstream sector of the oil and gas industry.” To date, EnCap has committed approximately $350 million to three portfolio companies in Fund IX, including Common Resources III, Paloma Partners III and PayRock Energy.

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