Founded in 1988, EnCap Investments is a leading provider of venture capital to North America's independent oil and gas industry. EnCap is led by David B. Miller, Gary R. Petersen, D. Martin Phillips and Robert L. Zorich who collectively have more than 130 years of oil and gas investment experience and have worked together for more than 30 years.
Since its inception, EnCap has raised 19 institutional oil and gas investment funds totaling approximately $27.5 billion and today manages capital on behalf of more than 300 institutional investors. EnCap's first six funds included three reserve acquisition funds and three mezzanine debt funds. In 1994, EnCap transitioned into venture capital based on the belief that it offered a more attractive risk/return equation and better alignment of interests with the management teams of the firm's portfolio companies. These funds have concentrated on providing growth capital to small to mid-cap independents.
Over the history of the firm, EnCap has invested nearly $11.5 billion in more than 220 companies. 160 of those investments have been realized, resulting in returns that have consistently exceeded targets. Since 2008, EnCap has sold close to 40 companies that were involved in various resource plays, resulting in gross sales proceeds of roughly $20 billion and some $8.5 billion in distributions to the firm's institutional partners.