EnCap Flatrock Midstream announced Thursday the closing of its $3 billion EnCap Flatrock Midstream Fund III, surpassing its $2.25 billion fundraising target and hitting its hard cap.
The private equity fund is focused primarily on oil and gas industry.
The firm’s EnCap Flatrock Midstream Fund II closed at its hard cap of $1.75 billion in 2012.
Like its predecessors, the fund will invest in “independent, startup midstream companies,” according to a news release.
Although the latest fund has not invested in any portfolio companies yet, the company “expects the commitments from Fund III to be larger and in the range of $200 million to $250 million,” spokeswoman Casey Nikoloric said in an e-mail.
Investors in the fund include the $23 billion Texas County & District Retirement System, Austin, $16.4 billion Louisiana Teachers’ Retirement System, Baton Rouge, and $2.3 billion Houston Municipal Employees Pension System.
