Growth Equity
EnCap Investments
EnCap Investments takes minority stakes in growing companies, usually without full control, from Houston, Texas. It states a focus on energy & utilities.
Stated investment criteria
What EnCap Investments says it buys
Read from EnCap Investments’s own website in August 2026. This is what the firm says it buys, not what anyone has recorded it buying, and figures are shown in the currency the firm itself used - nothing here is converted. Every line links to the page it was read from.
A stated mandate is a firm’s description of itself and was true of the page on the day it was read; firms widen and narrow what they will look at without updating the site. The team figure counts the people the firm shows on one team page, so it is a floor rather than a headcount: firms that split their team across tabs or load it in pages will read low. Nothing here is a commitment by EnCap Investments to consider any particular business, and nothing on this page is represented as being for sale.
Regulatory record
How EnCap Investments is registered
From this firm's Form ADV, the annual filing every registered and exempt investment adviser makes to the SEC.
| Adviser status | Exempt reporting adviser |
| Regulatory assets under management | Not reported by an ERA |
| Private funds advised | 25 · $27bn gross |
| SEC adviser number | CRD 160695 |
An exempt reporting adviser is not required to report regulatory assets under management, so the blank above means the question was not asked rather than that the answer is unknown. Where a figure exists it is the gross asset value of the private funds the firm advises, which is a different and usually larger measure.
Recorded transactions
Buying and selling
Deals in which EnCap Investments is named as buyer or seller in the transaction archive. 4 recorded exits, most recently in 2021. 3 recorded acquisitions.
| Company | Side | Counterparty | Year | Consideration |
|---|---|---|---|---|
| Goodrich Petroleum | Bought | — | 2021 | $480m |
| Grenadier Energy III | Bought | — | 2021 | $350m |
| Sabalo Energy | Sold | Vital Energy | 2021 | $715m |
| Forge Energy | Sold | Chord Energy | 2017 | $946m |
| Silverback Exploration | Sold | Permian Resources | 2016 | $855m |
| PayRock Energy LLC | Sold | Marathon Oil | 2016 | $888m |
| Sierra Oil & Gas | Bought | — | 2014 | $525m |
Compiled from a transaction archive of 10,204 recorded deals. Most private transactions are never disclosed, so this is a sample of a firm’s activity rather than a complete record of it.
Valuation context
Transaction values in Energy & Utilities
What companies have actually sold for in energy & utilities, across 584 recorded transactions.
The full energy & utilities picture - most active acquirers, recent transactions and every investor in the sector.
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Comparable investors
Similar mandates
Other growth equity investors active in energy & utilities.