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EnCap’s latest fund closes at $7 billion

oil pump jacks working at dawn.

EnCap Investments closed its EnCap Energy Capital Fund XI at $7 billion, the company announced Monday.

The fund will provide "growth capital to proven management teams focused on the upstream sector of the oil and gas industry in North America," said a news release from EnCap. The release said the fund exceeded its target, but did not state what the target was.

Investors in EnCap Energy Capital Fund XI include the $219.6 billion California State Teachers' Retirement System, West Sacramento; $146 billion Texas Teacher Retirement System, Austin; $16.3 billion Hawaii Employees' Retirement System, Honolulu; $61.2 billion Alaska Permanent Fund Corp., Juneau; Florida State Board of Administration, Tallahassee, which oversees the money management of the $158.9 billion Florida Retirement System; and the Oregon Investment Council, Tigard, which runs the $74.9 billion Oregon Public Employees Retirement Fund.

Predecessor fund EnCap Energy Capital Fund X closed at $6.5 billion in April 2015.

An EnCap spokesman was not immediately available for additional information.