EnCap Investments closed its EnCap Energy Transition Fund I at $1.2 billion, below its $1.5 billion target, spokeswoman Casey Nikoloric said in an email.
Fundraising started in October 2019 and was stalled by the coronavirus pandemic, she said. Fundraising picked up in the fourth quarter and accelerated in the first quarter of 2021, Ms. Nikoloric said.
"In light of the pandemic, where we really did not have any face-to-face meetings with investors, we view being able to raise $1.2 billion as a great success," she said.
The fund is expected to invest in creating wind, solar and energy storage businesses.