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EnCap Flatrock Midstream smashes target with $1.75bn energy fund

31 Jul 2012

EnCap Flatrock Midstream has completed the final closing of its second oil & gas-focused private equity fund, EnCap Flatrock Midstream Fund II, on $1.75bn.

The fund exceeded its $1.25bn target and was significantly oversubscribed to reach its hard cap, according to Bill Waldrip, EnCap Flatrock Midstream’s founder and one of three managing partners.

“We are very excited to have the continued support we’ve received from our existing investors and pleased to welcome some very strong additions to our investor base,” he said. “Our success in raising Fund II is a testament to the attractive investment opportunities in the midstream sector of North America’s oil and gas industry, our focused approach and the quality of our team. We’re excited about the opportunities that lie ahead.”

EnCap Flatrock Midstream now has nearly $3bn in investment commitments and has made commitments to ten portfolio companies across Funds I and II. Fund II announced a commitment to midstream infrastructure developer Caiman Energy II earlier this month, as part of a $285m total commitment from the firm. Current portfolio companies include Cardinal Midstream, Rangeland Energy, Caballo Energy, Nuevo Midstream, US Infrastructure and Lucid Energy.

“As we invest Fund II, we will maintain our proven approach of investing in resource plays with attractive upstream economics and the very best midstream management teams that have successful track records. We’re excited about putting this additional capital to work and look forward to partnering with strong entrepreneurs and management teams in high-growth opportunities,” Waldrip added.

EFM II is EnCap Investments’s 16th institutional fund.

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