EnCap Flatrock Midstream LLC has closed its second private equity fund, EnCap Flatrock Midstream Fund II LP (EFM II), with commitments of $1.75 billion.
The fund exceeded its $1.25 billion target and was significantly oversubscribed, EnCap Flatrock Midstream said. It received strong support from existing and new investors, it said.
“Our success in raising Fund II is a testament to the attractive investment opportunities in the midstream sector of North America’s oil and gas industry, our focused approach and the quality of our team,” said Bill Waldrip EnCap Flatrock Midstream founder and one of three managing partners.
EnCap Flatrock Midstream now has nearly $3 billion in investment commitments from institutional investors and has made commitments to 10 portfolio companies across Funds I and II. Fund II recently announced a commitment to Caiman Energy II LLC as part of a $285 million total commitment from the firm (see Shale Daily, July 11). Caiman II will develop midstream infrastructure in the rich gas region of Ohio’s Utica Shale, including gathering pipelines and natural gas treating, processing and fractionation facilities. EFM II will be announcing a second commitment soon, EnCap Flatrock Midstream said.
“As we invest Fund II, we will maintain our proven approach of investing in resource plays with attractive upstream economics and the very best midstream management teams that have successful track records,” Waldrip said.
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