EnCap Flatrock Midstream racks up $3.25 bln

San Antonio-based EnCap Flatrock Midstream, a private equity firm, has closed its fourth fund at $3.25 billion, beating its $3 billion target.

EnCap Flatrock Midstream Fund IV’s focuses on the North American midstream energy sector.

In May 2014, EnCap closed its previous fund at $3 billion, generating a net IRR of 16.01 percent, according to data provided by California State Teachers’ Retirement System, as of March 31, 2017.

According to the firm, EnCap Flatrock has now raised a total of nearly $9 billion from four funds with more than 300 investors.

EnCap Flatrock is led by a team of managing partners that include founders William D. Waldrip, Dennis F. Jaggi and William R. Lemmons, Jr.

Photo: An oil pump of Cuba’s state-run CUPET is pictured, near the coast, on the outskirts of Havana July 11, 2014. Reuters/Enrique De La Osa