In 2008, EnCap Investments, L.P. and Flatrock Energy Advisors, LLC joined together in a long-term partnership to create EnCap Flatrock Midstream, a series of growth capital funds to invest in the midstream sector of the North American energy space. The first of these funds, Encap Flatrock Midstream Fund I, closed in April 2010 with institutional-investor commitments totaling $791.6 million. Fund II closed in July 2012 with $1.75 billion of limited partner capital commitments. Fund III closed in May 2014 with $3 billion of limited partner capital commitments. Fund IV closed in January 2018 with $3.25 billion of limited partner capital commitments.
The EnCap Flatrock team has deep industry expertise, significant operating experience, outstanding technical skills and a demonstrated track record of successful investing. EnCap Flatrock primarily focuses on providing growth capital to proven midstream management teams in North America. Targeted capital commitments typically range from $200 million to $300 million per management team, but the firm also pursues investment opportunities requiring larger commitments in conjunction with many of EnCap's investment partners.
EnCap Flatrock Midstream pursues attractive investment opportunities in:
- natural gas gathering, treating, compression, processing and storage operations;
- crude oil gathering and transportation;
- natural gas liquid fractionation, storage and transportation;
- produced water handling and disposal; and
- CO2 gathering, transportation and sequestration.
The EnCap Flatrock investment staff is led by Managing Partners and Founders Dennis Jaggi, Billy Lemmons and Bill Waldrip, who have worked together for virtually all of the past 30 years in the midstream sector of the oil and gas industry and have over 100 years of combined midstream experience; Managing Partners Gregory C. King and David J. Kurtz; and Partners Dennis J. McCanless and Sam Pitts. In addition to the principals, the EnCap Flatrock team includes highly qualified midstream investment and technical professionals. EnCap Flatrock Midstream has offices in San Antonio, Oklahoma City and Houston. For additional information, please visit www.efmidstream.com.