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.
Recommended Reading
Exxon, Chevron Tapping Permian for Output Growth in ‘24
2024-02-02 - Exxon Mobil and Chevron plan to tap West Texas and New Mexico for oil and gas production growth in 2024, the U.S. majors reported in their latest earnings.
Hess Corp. Boosts Bakken Output, Drilling Ahead of Chevron Merger
2024-01-31 - Hess Corp. increased its drilling activity and output from the Bakken play of North Dakota during the fourth quarter, the E&P reported in its latest earnings.
Petrie Partners: A Small Wonder
2024-02-01 - Petrie Partners may not be the biggest or flashiest investment bank on the block, but after over two decades, its executives have been around the block more than most.
CEO: Magnolia Hunting Giddings Bolt-ons that ‘Pack a Punch’ in ‘24
2024-02-16 - Magnolia Oil & Gas plans to boost production volumes in the single digits this year, with the majority of the growth coming from the Giddings Field.
Endeavor Integration Brings Capital Efficiency, Durability to Diamondback
2024-02-22 - The combined Diamondback-Endeavor deal is expected to realize $3 billion in synergies and have 12 years of sub-$40/bbl breakeven inventory.