EnCap Investments

Investor type

PE / VC

Founded

2019

AUM

$40 000 M

Location

Houston, Texas, United States

$10-50 m

Investment Ticket

3-5 years

Investment Horizon

Series B, Seed, Series A, Late Stage (Series C+)

Investment Stage

Sale to strategic investor, IPO

Exit Strategy

Investor profile last updated: 27 July, 2026

Profile

The Leading Provider of Growth Capital to Independent Energy Companies
PEOPLE DRIVE OUR SUCCESS. Our investment philosophy is to identify the best management teams with compelling business plans and provide them with growth capital and strategic support. Our disciplined approach balances capital preservation and value creation. As a result, we have generated consistent, strong returns across multiple cycles. Learn more »

THE NUMBERS
22 institutional funds raised, more than $38 billion of capital commitments.
Approximately $22 billion invested in more than 240 companies since 1988.

One of EnCap’s core strengths is the cohesiveness and experience of its management team. EnCap is led by six principals: the four founding partners — David B. Miller, Gary R. Petersen, D. Martin Phillips and Robert L. Zorich — and two additional managing partners — Jason M. DeLorenzo and Douglas E. Swanson, Jr. The founders have led EnCap since inception and have a professional working relationship that spans more than 35 years, while the three other managing partners have an average of 28 years of industry-related experience, including an average of more than 15 years tenure at EnCap. In addition to the managing partners, the firm has six additional partners with an average of more than 21 years of related oil and gas experience and an additional 21 oil and gas investment professionals on its investment staff, including six petroleum engineers. The depth, experience and continuity of EnCap’s investment staff are among the key characteristics that distinguish the firm in the oil and gas investment space. The EnCap team also includes three investor relations professionals and an 11-person fund administration staff, which includes nine certified public accountants.

The EnCap Flatrock Midstream team is led by its three founders — Dennis F. Jaggi, William R. Lemmons, and William D. Waldrip — and three additional managing partners — Gregory C. King, David J. Kurtz and Sam Pitts. In addition to these principals, the EnCap Flatrock team includes highly qualified midstream investment and technical professionals. The EnCap Flatrock team has offices in San Antonio, Houston and Oklahoma City.

Our Energy Transition efforts are led by Jim Hughes, Tim Rebhorn, Shawn Cumberland and Kellie Metcalf, a team of highly qualified executives with a proven track record of value creation in the electric power and alternative energy space and an extensive network of relevant industry contacts. The Energy Transition team has more than 110 years of combined experience building successful teams in the power and renewable sectors.

Industry

AdTech Networking Marketing and Advertising Fintech Financial Services Transportation Energy Oil and Gas CleanTech

Region of investment

North America

EnCap Investments Funds

Name Type
Questionare
Industry
Questionare
Stage
Questionare
Region
Size AUM Launch date
EnCap Energy Transition Fund I
Private Equity (PE)
Oil and Gas
Energy
CleanTech
Series B
Late Stage (Series C+)
North America
$5-10 m
$1200 M
May 2021
EnCap Energy Transition Fund II
Private Equity (PE)
Oil and Gas
Transportation
Energy
Series B
Late Stage (Series C+)
North America
$5-10 m
$1500 M
May 2024
EnCap Energy Capital Fund XII, L.P.
Private Equity (PE)
Oil and Gas
Transportation
Energy
Series B
Late Stage (Series C+)
North America
$5-10 m
$5300 M
October 2024
EnCap Energy Capital Fund XI
Private Equity (PE)
Oil and Gas
Transportation
Energy
CleanTech
Series B
Late Stage (Series C+)
North America
$5-10 m
$7000 M
December 2017
EnCap Flatrock Midstream Fund V.
Fund of funds
Transportation
Energy
CleanTech
Series A
North America
$5-10 m
October 2024

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FAQs about EnCap Investments

EnCap Investments is located in Houston, Texas, United States.
EnCap Investments was founded in 2019.
EnCap Investments invests in companies and startups in AdTech, Networking, Marketing and Advertising, Fintech, Financial Services, Transportation, Energy, Oil and Gas, CleanTech.
EnCap Investments invests in companies and startups in North America.
EnCap Investments invests in companies and startups at Series B, Seed, Series A, Late Stage (Series C+).
EnCap Investments usually invests $10-50 m on average.
EnCap Investments has around $40 000m assets under management.
EnCap Investments last fund was created/launched in 2024-10-21