EnCap raises $6.5 bln for latest energy fund

Oil and gas-focused private equity firm EnCap Investments LP has closed its oversubscribed tenth energy capital fund at a hard cap of $6.5 billion, the firm announced today.

EnCap Energy Capital Fund X LP will invest mostly in the upstream oil and gas sector in North America.

The limited partners for this pool were not named.

The firm’s previous vintage 2013 fund, EnCap Energy Capital Fund IX, raised $5 billion, beating its $4.25 billion target, according to performance data provider Bison. Fund IX generated an average IRR of 26.26 percent and an average multiple of 1.19x, as of September 30, 2014.

Since its founding in 1988, EnCap said it has provided growth funding to more than 220 companies and managed more than $27 billion in capital commitments from about 300 investors.

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