Private equity firm EnCap Flatrock Midstream closed EnCap Flatrock Midstream Fund III LP (EFM III). The fund exceeded its goal of $2.25 billion and reached its hard cap of $3 billion within four months. Fund III received support from existing limited partners of its predecessor funds as well as new investors, including corporate and public pension plans, family offices, insurance companies and university endowments and foundations.

EFM III will follow the same investment strategy as its predecessors EnCap Flatrock Midstream Fund I LP and EnCap Flatrock Midstream Fund II LP (EFM II). The investment strategy focuses on independent, startup midstream companies with experienced management teams. EFM II is a 2012 vintage fund that closed at its hard cap of $1.75 billion and has made equity commitments to 10 portfolio companies. Since EnCap Flatrock closed its first fund in 2010, it has made equity commitments to 16 portfolio companies and has had four realization events totaling about $4 billion.