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EnCap Investments

Medium
Houston, United States · Founded 1988 · AUM $18 billion · Website
Private EquityEnergy TransitionBuyoutOil & GasEnergy TransitionWind PowerSolar PowerMidstream InfrastructureUnited States
Last verified
7/8/2026

Firm Overview

0
Portfolio tracked
5
Sectors
1
Regions
7/8/2026
Last verified

EnCap Investments is an American private equity firm specializing in the energy industry, particularly oil and gas.

EnCap Investments was established in 1988 and is headquartered in Houston, Texas. Since its inception, the firm has focused heavily on the oil and gas sectors, raising 18 private equity funds to support investments in these areas. The firm has historically been a significant player in energy-focused private equity, reaching a ranking of #16 on the PEI 300 list in 2013.

In recent years, EnCap has diversified its activities to include clean energy and energy transition investments. In 2021, the firm raised $1.2 billion for a fund dedicated to wind, solar power, and other energy transition projects. The firm also oversees EnCap Flatrock Midstream, which focuses on midstream infrastructure.

The firm is active in both property acquisitions and equity transactions. Notable recent activity includes the $900 million acquisition of Equinor's Bakken Formation assets by its portfolio company Grayson Mill Energy and the sale of oil and gas royalty assets to Kimbell Royalty Partners.

Founded1988
HeadquartersHouston, United States
AUM$18 billion
Employees50
StrategiesPrivate Equity, Energy Transition, Buyout
Sector focusOil & Gas, Energy Transition, Wind Power, Solar Power, Midstream Infrastructure
Geographic focusUnited States

Leadership

David B. Miller
Founder
Prior to the establishment of EnCap, Mr. Miller served as Co-Chief Executive Officer of MAZE Exploration Inc. and began his career with Republic National Bank of Dallas.
Gary R. Petersen
Founder
Prior to the formation of EnCap in 1988, Mr. Petersen was a Senior Vice President and Manager of the Corporate Finance Division of the Energy Banking Group for Republic Bank, Houston.
D. Martin Phillips
Founder & Managing Partner
Mr. Phillips plays a leadership role in all levels of executive management including investments, fundraising, finance, accounting, compliance and personnel.
Robert L. Zorich
Founder
Prior to the formation of EnCap, Mr. Zorich was a Senior Vice President in charge of the Houston office of Trust Company of the West and co-founded MAZE Exploration, Inc.
Jason M. DeLorenzo
Managing Partner
Mr. DeLorenzo spent four years at ING Barings in New York specializing in the energy industry before joining EnCap in 1999.
Douglas E. Swanson, Jr.
Managing Partner
Prior to joining EnCap in 1999, Mr. Swanson spent three years as a corporate banker with Frost National Bank and Amegy Bank.
Kyle M. Kafka
Partner
Mr. Kafka spent two years at First Albany Capital in the Energy Investment Banking Group prior to joining EnCap in 2006.
Brad A. Thielemann
Partner
Mr. Thielemann worked in the Investor Relations and Strategic Planning Groups at Plains All American Pipeline before rejoining EnCap in 2006.
Charles W. Bauer
Partner
Mr. Bauer serves as the head of investor relations and fundraising for EnCap Investments and previously oversaw fundraising for HM Capital Partners.
Mark Burroughs, Jr.
Managing Director
Mr. Burroughs spent four years working in UBS Investment Bank’s Global Energy Group before joining EnCap in 2007.
Ryan P. Devlin
Managing Director
Prior to joining EnCap in 2005, Mr. Devlin worked as a Banking Officer for the commercial banking department at Amegy Bank of Texas.
Jerry Smith
Managing Director
Mr. Smith leads engineering and geoscience efforts across the firm and was previously a Managing Director and Co-Founder of Evercore’s Acquisitions and Divestitures practice.
Brooks Despot
Director
Previously the CFO of EnCap-backed Escondido Resources II, Mr. Despot rejoined the investment staff at EnCap in 2014.
Mitchell D. Hovendick
Director
Prior to joining EnCap in 1997, Mr. Hovendick spent 15 years as a Petroleum Engineer with Phillips Petroleum Company.
Taylor McCay
Director
Mr. McCay has more than 10 years of experience as a Petroleum Geologist, most recently managing assets for Gastar Exploration, Inc.
George W. Purgason
Director
Before joining EnCap in 2012, Mr. Purgason worked at Anadarko Petroleum Corporation as both a Production and Reservoir Engineer.
Bryan Stahl
Director
Mr. Stahl spent three years in the Global Energy Investment Banking Groups at Citigroup and UBS Investment Bank before joining EnCap in 2012.
William D. Waldrip
Founder, EnCap Flatrock Midstream
Mr. Waldrip is a Founder of EnCap Flatrock Midstream and previously served as President and Founder of Flatrock Energy Advisors.
William R. Lemmons Jr.
Founder, EnCap Flatrock Midstream
A Founder of EnCap Flatrock Midstream, Mr. Lemmons held various energy finance and commercial origination positions with Enron Corp. prior to 2002.

Notable Investments

Grayson Mill EnergyKimbell Royalty PartnersEnCap Flatrock Midstream

Historical and current deals referenced in public sources.

Portfolio Companies

Portfolio not yet mapped for EnCap Investments.

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Sources

This profile is based on publicly available information and may be incomplete or outdated. PE Firm Index is not affiliated with EnCap Investments and does not provide investment advice.

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