EnCap Flatrock Midstream said Jan. 18 it closed the private-equity firm's current fund well above its $3 billion target.
The San Antonio-based firm focused on the midstream sector in North America said the EnCap Flatrock Midstream Fund IV LP (EFM IV) received strong support from the limited partner community, reaching its $3.25 billion hard cap within six months.
EnCap Flatrock’s prior fund, EnCap Flatrock Midstream Fund III LP, closed at $3 billion in May 2014. The closing of its new fund brings total institutional capital commitments to EnCap Flatrock Midstream to nearly $9 billion from a group of more than 300 investors spanning four funds, according to the firm’s release.
“It is a very exciting time in midstream, and we are extremely pleased to be able to draw on a fresh pool of available capital. As we deploy EFM IV, we will continue to create value by supporting the best midstream management teams in North America and using our experience and contacts to help drive their success,” EnCap Flatrock Founder and Managing Partner Bill Waldrip said in a statement.
“Our core belief is that midstream success begins with upstream success,” EnCap Flatrock Midstream Founder and Managing Partner Billy Lemmons added. “The management teams in our portfolio share that belief. We work together to help their customers bring oil and gas products from the wellhead to the best markets in the most efficient and effective way possible.”
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