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. 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. 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.
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$1.75B Raised for Resource Play-Focused Midstream Fund
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.
Falcon Reassessing Oversubscribed MoBay Storage Hub
Falcon Gas Storage Co. Inc. said Tuesday it will reassess its design parameters for Phase 1 of its MoBay Storage Hub project in Alabama after capacity bids submitted during the open season for the facility exceeded the working gas capacity proposed.
Southern Energy’s IPO Raised to $18-$20 a Share
Atlanta-based power marketer Southern Energy Inc. raised theestimated price range of its initial public offering yesterday, andexpects net proceeds from the deal to reach $1.05 billion — 19%more than the previously expected $884 million in net proceeds. Itsprice rose nearly $3 yesterday, to $18 to $20 per share from $15 to$17 per share.
