EnCap Investments closed its latest fund, EnCap Energy Capital Fund XII, at its $5.25 billion hard cap as well as $1.2 billion for co-investments, according to a spokesman.
The firm invests with proven management teams focused on the North America oil and gas sector. Fund XII has already invested in 12 companies, 10 of which are managed by teams EnCap has backed before.
The “repeat nature” of EnCap's business is such that when a management team sells its prior assets, typically the acquirer does not need and/or want the leadership of that portfolio company, the EnCap spokesman said.
“ As a result, EnCap has an opportunity to reback them in subsequent funds with a new pool of capital for them to build their next company,” the spokesman said.
Investors in EnCap Energy Capital Fund XII include the $257.3 billion Florida State Board of Administration, Tallahassee; $203.7 billion Texas Teacher Retirement System, Austin; $116.1 billion Virginia Retirement System, Richmond; $80.5 billion Alaska Permanent Fund Corp., Juneau; $23.6 billion Orange County Employees Retirement System, Santa Ana, Calif.; $22.2 billion Arizona Public Safety Personnel Retirement System, Phoenix; and $1.2 billion Merced County (Calif.) Employees' Retirement Association.
