EnCap closes at $7 billion

The Houston-based firm surpasses target for 11th energy growth fund.

EnCap Investments held a final close for its 11th flagship fund, and 20th institutional fund to date, at $7 billion.

EnCap Energy Capital Fund XI, which surpassed the firm’s original target of $6.5 billion, will provide growth capital to companies operating in the upstream sector of the oil and gas industry. Investors in this fund include the Oregon State Treasury with a $250 million commitment; the Teachers’ Retirement System of Texas at $200 million; and the Florida State Board of Administration at $100 million.

The Houston-based firm’s previous vehicle in the series, EnCap Energy Capital Fund X, raised $6.5 billion in 2015.