Since its inception, EnCap has raised 21 institutional oil and gas investment 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 15 following funds have concentrated on providing growth capital to upstream and midstream 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.
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.