Since its inception, EnCap has raised 22 institutional funds. The first six funds were comprised of three reserve acquisition funds and three mezzanine debt funds. In 1994, the firm transitioned into growth capital based on the belief that it offered a more attractive risk/return equation and better alignment of interest with the management teams of EnCap portfolio companies. The 16 following funds have concentrated on providing growth capital to upstream, midstream and energy transition focused companies.
In December 2017, EnCap closed Energy Capital Fund XI, L.P. With $7 billion of capital commitments, Fund XI is focused on providing growth capital to proven management teams focused primarily on the upstream sector of North America's oil and gas industry.
In January 2018, EnCap closed EnCap Flatrock Midstream Fund IV, L.P. EFM IV presents EnCap with its fourth opportunity to expand its midstream presence by providing growth capital to proven management teams in the midstream sector of the oil and gas business.
In April 2021, the firm closed EnCap Energy Transition Fund I created to invest in companies that advance the nation’s transition to a lower-carbon future with a focus on creating wind, solar and energy storage enterprises.
Throughout its history, EnCap has invested approximately $22 billion in more than 240 companies, consistently generating superior returns across multiple industry and hydrocarbon price cycles by applying a lower-risk, disciplined philosophy that balances capital preservation and value creation.