Encap Investments L.P.
SEC exempt reporting adviser (venture capital exemption).
- HQ
- TX
EnCap Investments L.P. is an energy-focused investment firm. It says it has generated strong returns across multiple energy industry cycles using a lower-risk, disciplined approach that balances capital preservation and value creation. The firm has announced the PennEnergy Continuation Vehicle, and its portfolio includes midstream companies such as Aspen Midstream, Brazos Midstream, Cardinal Midstream Partners, Clearfork Midstream, Edgewater Midstream, Frontier Energy, and Greenfield Midstream.
01 · Says / Does
| Tag | Says | Does | Historically (to 2020) |
|---|---|---|---|
| Stages | Growth | Not enough dated deals | Growth |
| Sectors | Climate hardware, Energy, Energy storage | Not enough dated deals | Energy |
| Regions | US | Not enough dated deals | TX |
Says: what the firm's funds state. Does: from 0 dated deals in the last 24 months.
Historical focus (through 2020), derived from historical deal data.
| Year | Deals | Top sectors |
|---|---|---|
| 2011 | 1 | Energy, Logistics |
| 2016 | 1 | Climate software, Energy |
| 2017 | 2 | Energy |
| 2019 | 2 | Energy |
02 · Fund history
| Fund | Year | Size | Status |
|---|---|---|---|
| EnCap Energy Transition Fund III-A, L.P. | approx. 2026 | Not reported | Raising |
| EnCap Energy Transition Fund III-E, L.P. | approx. 2026 | Not reported | Raising |
| EnCap ET Fund III-C, SCSp | approx. 2026 | Not reported | Raising |
| EnCap Energy Capital Fund XII, L.P. | 2023 | $2096.88M (Form D) | Open, writing first checks |
| EnCap Flatrock Midstream Fund V, L.P. | 2022 | $931.03M to $935.6M (Form D and SEC adviser filing) | Open, writing first checks |
| EnCap Energy Transition Fund II-A, L.P. Growth capital for independent energy companies across upstream, midstream, and energy transition. Backs seasoned management teams with proven track records, advances capital in incremental stages, and limits leverage to balance capital preservation with value creation. Inferred from the firm's website | 2022 | $230.82M (Form D) | Late investment period |
| EnCap Energy Transition Fund II-B, L.P. Growth capital for independent energy companies across upstream, midstream, and energy transition. Backs seasoned management teams with proven track records, advances capital in incremental stages, and limits leverage to balance capital preservation with value creation. Inferred from the firm's website | 2022 | $149.41M (Form D) | Late investment period |
| EnCap Energy Transition Fund II-C, L.P. Growth capital for independent energy companies across upstream, midstream, and energy transition. Backs seasoned management teams with proven track records, advances capital in incremental stages, and limits leverage to balance capital preservation with value creation. Inferred from the firm's website | 2022 | $100.33M (Form D) | Late investment period |
| EnCap Energy Transition Fund II-E, L.P. Growth capital for independent energy companies across upstream, midstream, and energy transition. Backs seasoned management teams with proven track records, advances capital in incremental stages, and limits leverage to balance capital preservation with value creation. Inferred from the firm's website | 2022 | $512.59M (Form D) | Late investment period |
| EnCap Energy Transition Fund I-A, L.P. | 2019 | $405.11M (Form D) | Follow-ons only |
| EnCap Energy Transition Fund I-B, L.P. | 2019 | $405.11M (Form D) | Follow-ons only |
| EnCap Energy Transition Fund I-C, L.P. | 2019 | $405.11M (Form D) | Follow-ons only |
| EnCap Energy Transition Fund I-E, L.P. | 2019 | $997.21M (Form D) | Follow-ons only |
03 · People across funds
- D. Phillips, Managing Member of GP of Managing Member of Sole Member of GP of GP of Issuer
EnCap Energy Capital Fund XII, L.P. (Named on Form D); EnCap Flatrock Midstream Fund V, L.P. (Named on Form D); EnCap Energy Transition Fund II-A, L.P. (Named on Form D); EnCap Energy Transition Fund II-B, L.P. (Named on Form D); EnCap Energy Transition Fund II-C, L.P. (Named on Form D); EnCap Energy Transition Fund II-E, L.P. (Named on Form D); EnCap Energy Transition Fund I-A, L.P. (Named on Form D); EnCap Energy Transition Fund I-B, L.P. (Named on Form D); EnCap Energy Transition Fund I-C, L.P. (Named on Form D); EnCap Energy Transition Fund I-E, L.P. (Named on Form D)
- David Kurtz, Managing Partner of Member of General Partner of General Partner of Issuer
EnCap Flatrock Midstream Fund V, L.P. (Named on Form D)
- David Miller, Managing Member of GP of Managing Member of Sole Member of GP of GP of Issuer
EnCap Energy Capital Fund XII, L.P. (Named on Form D); EnCap Flatrock Midstream Fund V, L.P. (Named on Form D); EnCap Energy Transition Fund II-A, L.P. (Named on Form D); EnCap Energy Transition Fund II-B, L.P. (Named on Form D); EnCap Energy Transition Fund II-C, L.P. (Named on Form D); EnCap Energy Transition Fund II-E, L.P. (Named on Form D); EnCap Energy Transition Fund I-A, L.P. (Named on Form D); EnCap Energy Transition Fund I-B, L.P. (Named on Form D); EnCap Energy Transition Fund I-C, L.P. (Named on Form D); EnCap Energy Transition Fund I-E, L.P. (Named on Form D)
- Dennis Jaggi, Managing Partner of Member of General Partner of General Partner of Issuer
EnCap Flatrock Midstream Fund V, L.P. (Named on Form D)
- Douglas Swanson, Managing Member of GP of Managing Member of Sole Member of GP of GP of Issuer
EnCap Energy Capital Fund XII, L.P. (Named on Form D); EnCap Energy Transition Fund II-A, L.P. (Named on Form D); EnCap Energy Transition Fund II-B, L.P. (Named on Form D); EnCap Energy Transition Fund II-C, L.P. (Named on Form D); EnCap Energy Transition Fund II-E, L.P. (Named on Form D); EnCap Energy Transition Fund I-A, L.P. (Named on Form D); EnCap Energy Transition Fund I-B, L.P. (Named on Form D); EnCap Energy Transition Fund I-C, L.P. (Named on Form D); EnCap Energy Transition Fund I-E, L.P. (Named on Form D)
- Douglas Swanson Jr., Managing Partner of Member of General Partner of General Partner of Issuer
EnCap Energy Transition Fund III-A, L.P. (Named on Form D); EnCap Energy Transition Fund III-E, L.P. (Named on Form D); EnCap ET Fund III-C, SCSp (Named on Form D); EnCap Flatrock Midstream Fund V, L.P. (Named on Form D)
- Gary Petersen, Managing Member of GP of Managing Member of Sole Member of GP of GP of Issuer
EnCap Energy Capital Fund XII, L.P. (Named on Form D); EnCap Flatrock Midstream Fund V, L.P. (Named on Form D); EnCap Energy Transition Fund II-A, L.P. (Named on Form D); EnCap Energy Transition Fund II-B, L.P. (Named on Form D); EnCap Energy Transition Fund II-C, L.P. (Named on Form D); EnCap Energy Transition Fund II-E, L.P. (Named on Form D); EnCap Energy Transition Fund I-B, L.P. (Named on Form D); EnCap Energy Transition Fund I-C, L.P. (Named on Form D); EnCap Energy Transition Fund I-E, L.P. (Named on Form D)
- Gary Peterson, Managing Member of GP of Managing Member of Sole Member of GP of GP of Issuer.
EnCap Energy Transition Fund I-A, L.P. (Named on Form D)
- Gregory King, Managing Partner of Member of General Partner of General Partner of Issuer
EnCap Flatrock Midstream Fund V, L.P. (Named on Form D)
- James Hughes
EnCap Energy Transition Fund III-A, L.P. (Named on Form D); EnCap Energy Transition Fund III-E, L.P. (Named on Form D); EnCap ET Fund III-C, SCSp (Named on Form D)
- Jason DeLorenzo, Managing Member of GP of Managing Member of Sole Member of GP of GP of Issuer
EnCap Energy Transition Fund III-A, L.P. (Named on Form D); EnCap Energy Transition Fund III-E, L.P. (Named on Form D); EnCap ET Fund III-C, SCSp (Named on Form D); EnCap Energy Capital Fund XII, L.P. (Named on Form D); EnCap Flatrock Midstream Fund V, L.P. (Named on Form D); EnCap Energy Transition Fund II-A, L.P. (Named on Form D); EnCap Energy Transition Fund II-B, L.P. (Named on Form D); EnCap Energy Transition Fund II-C, L.P. (Named on Form D); EnCap Energy Transition Fund II-E, L.P. (Named on Form D); EnCap Energy Transition Fund I-A, L.P. (Named on Form D); EnCap Energy Transition Fund I-B, L.P. (Named on Form D); EnCap Energy Transition Fund I-C, L.P. (Named on Form D); EnCap Energy Transition Fund I-E, L.P. (Named on Form D)
- Morriss Hurt, Managing Partner of Member of General Partner of General Partner of Issuer
EnCap Flatrock Midstream Fund V, L.P. (Named on Form D)
- Robert Zorich, Managing Member of GP of Managing Member of Sole Member of GP of GP of Issuer
EnCap Energy Capital Fund XII, L.P. (Named on Form D); EnCap Flatrock Midstream Fund V, L.P. (Named on Form D); EnCap Energy Transition Fund II-A, L.P. (Named on Form D); EnCap Energy Transition Fund II-B, L.P. (Named on Form D); EnCap Energy Transition Fund II-C, L.P. (Named on Form D); EnCap Energy Transition Fund II-E, L.P. (Named on Form D); EnCap Energy Transition Fund I-A, L.P. (Named on Form D); EnCap Energy Transition Fund I-B, L.P. (Named on Form D); EnCap Energy Transition Fund I-C, L.P. (Named on Form D); EnCap Energy Transition Fund I-E, L.P. (Named on Form D)
- Samuel Pitts, Managing Partner of Member of General Partner of General Partner of Issuer
EnCap Flatrock Midstream Fund V, L.P. (Named on Form D)
- William Lemmons, Jr., Managing Partner of Member of General Partner of General Partner of Issuer
EnCap Flatrock Midstream Fund V, L.P. (Named on Form D)
- William Waldrip, Managing Partner of Member of General Partner of General Partner of Issuer
EnCap Flatrock Midstream Fund V, L.P. (Named on Form D)
- Brad A. Thielemann, Partner
EnCap Energy Capital Fund XII, L.P. (Team); EnCap Flatrock Midstream Fund V, L.P. (Team); EnCap Energy Transition Fund II-A, L.P. (Team); EnCap Energy Transition Fund II-B, L.P. (Team); EnCap Energy Transition Fund II-C, L.P. (Team); EnCap Energy Transition Fund II-E, L.P. (Team); EnCap Energy Transition Fund I-A, L.P. (Team); EnCap Energy Transition Fund I-B, L.P. (Team); EnCap Energy Transition Fund I-C, L.P. (Team); EnCap Energy Transition Fund I-E, L.P. (Team)
- Douglas E. Swanson, Jr., Managing Partner
EnCap Energy Capital Fund XII, L.P. (Team); EnCap Flatrock Midstream Fund V, L.P. (Team); EnCap Energy Transition Fund II-A, L.P. (Team); EnCap Energy Transition Fund II-B, L.P. (Team); EnCap Energy Transition Fund II-C, L.P. (Team); EnCap Energy Transition Fund II-E, L.P. (Team); EnCap Energy Transition Fund I-A, L.P. (Team); EnCap Energy Transition Fund I-B, L.P. (Team); EnCap Energy Transition Fund I-C, L.P. (Team); EnCap Energy Transition Fund I-E, L.P. (Team)
- Jason M. DeLorenzo, Managing Partner
EnCap Energy Capital Fund XII, L.P. (Team); EnCap Flatrock Midstream Fund V, L.P. (Team); EnCap Energy Transition Fund II-A, L.P. (Team); EnCap Energy Transition Fund II-B, L.P. (Team); EnCap Energy Transition Fund II-C, L.P. (Team); EnCap Energy Transition Fund II-E, L.P. (Team); EnCap Energy Transition Fund I-A, L.P. (Team); EnCap Energy Transition Fund I-B, L.P. (Team); EnCap Energy Transition Fund I-C, L.P. (Team); EnCap Energy Transition Fund I-E, L.P. (Team)
- Jim Hughes, Managing Partner
EnCap Energy Capital Fund XII, L.P. (Team); EnCap Flatrock Midstream Fund V, L.P. (Team); EnCap Energy Transition Fund II-A, L.P. (Team); EnCap Energy Transition Fund II-B, L.P. (Team); EnCap Energy Transition Fund II-C, L.P. (Team); EnCap Energy Transition Fund II-E, L.P. (Team); EnCap Energy Transition Fund I-A, L.P. (Team); EnCap Energy Transition Fund I-B, L.P. (Team); EnCap Energy Transition Fund I-C, L.P. (Team); EnCap Energy Transition Fund I-E, L.P. (Team)
- Kyle M. Kafka, Partner
EnCap Energy Capital Fund XII, L.P. (Team); EnCap Flatrock Midstream Fund V, L.P. (Team); EnCap Energy Transition Fund II-A, L.P. (Team); EnCap Energy Transition Fund II-B, L.P. (Team); EnCap Energy Transition Fund II-C, L.P. (Team); EnCap Energy Transition Fund II-E, L.P. (Team); EnCap Energy Transition Fund I-A, L.P. (Team); EnCap Energy Transition Fund I-B, L.P. (Team); EnCap Energy Transition Fund I-C, L.P. (Team); EnCap Energy Transition Fund I-E, L.P. (Team)
- Samuel G. Pitts, Managing Partner
EnCap Energy Capital Fund XII, L.P. (Team); EnCap Flatrock Midstream Fund V, L.P. (Team); EnCap Energy Transition Fund II-A, L.P. (Team); EnCap Energy Transition Fund II-B, L.P. (Team); EnCap Energy Transition Fund II-C, L.P. (Team); EnCap Energy Transition Fund II-E, L.P. (Team); EnCap Energy Transition Fund I-A, L.P. (Team); EnCap Energy Transition Fund I-B, L.P. (Team); EnCap Energy Transition Fund I-C, L.P. (Team); EnCap Energy Transition Fund I-E, L.P. (Team)
- Shawn Cumberland, Managing Partner
EnCap Energy Capital Fund XII, L.P. (Team); EnCap Flatrock Midstream Fund V, L.P. (Team); EnCap Energy Transition Fund II-A, L.P. (Team); EnCap Energy Transition Fund II-B, L.P. (Team); EnCap Energy Transition Fund II-C, L.P. (Team); EnCap Energy Transition Fund II-E, L.P. (Team); EnCap Energy Transition Fund I-A, L.P. (Team); EnCap Energy Transition Fund I-B, L.P. (Team); EnCap Energy Transition Fund I-C, L.P. (Team); EnCap Energy Transition Fund I-E, L.P. (Team)
- Tim Rebhorn, Managing Partner
EnCap Energy Capital Fund XII, L.P. (Team); EnCap Flatrock Midstream Fund V, L.P. (Team); EnCap Energy Transition Fund II-A, L.P. (Team); EnCap Energy Transition Fund II-B, L.P. (Team); EnCap Energy Transition Fund II-C, L.P. (Team); EnCap Energy Transition Fund II-E, L.P. (Team); EnCap Energy Transition Fund I-A, L.P. (Team); EnCap Energy Transition Fund I-B, L.P. (Team); EnCap Energy Transition Fund I-C, L.P. (Team); EnCap Energy Transition Fund I-E, L.P. (Team)
- Meg McLeod, Managing Director
On the team page, not linked to a fund
04 · Recent deals
No dated deals found yet.
05 · Latest from the firm
- New fundNewsroomOct 28, 2025
06 · Sources
- HTTP://WWW.ENCAPINVESTMENTS.COM
- https://www.encapinvestments.com/team
- https://www.encapinvestments.com/midstream/midstream-portfolio
- https://www.encapinvestments.com/about/midstream
- https://www.encapinvestments.com/news/encap-investments-closes-20-billion-pennenergy-continuation-vehicle
- https://www.encapinvestments.com/about
- https://www.encapinvestments.com/about/upstream
Fund dates and sizes are from SEC Form D filings.
Last verified: Oct 28, 2026