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EnCap Investments

Medium
Houston, United States · Founded 1988 · AUM $18 billion · Website
Private EquityVenture CapitalEnergy Transition InvestingEnergyOil & GasRenewable Energy (Wind and Solar)Midstream InfrastructureUnited States
Last verified
10/15/2026

Firm Overview

0
Portfolio tracked
4
Sectors
1
Regions
10/15/2026
Last verified

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

EnCap Investments is an American private equity firm founded in 1988 and headquartered in Houston, Texas. The firm specializes in providing venture capital to the independent sector of the U.S. oil and gas industry. Since its inception, EnCap has raised 18 private equity funds and has consistently been ranked among the largest private equity firms globally by Private Equity International.

In recent years, the firm has diversified its investment focus beyond traditional fossil fuels. In 2021, EnCap raised a $1.2 billion energy-transition fund specifically targeted at clean energy investments, including wind and solar power. The firm also operates EnCap Flatrock Midstream, which focuses on the midstream sector of the energy infrastructure market.

EnCap is known for high-value transactions in the energy space, including the $900 million acquisition of Equinor's Bakken Formation assets by its portfolio company Grayson Mill Energy. The firm manages assets for a wide range of institutional investors and continues to be a major player in North American energy financing.

Founded1988
HeadquartersHouston, United States
AUM$18 billion
Employees50
StrategiesPrivate Equity, Venture Capital, Energy Transition Investing
Sector focusEnergy, Oil & Gas, Renewable Energy (Wind and Solar), 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., a Denver-based oil and gas company he co-founded in 1981.
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.
Jason M. DeLorenzo
Managing Partner
Prior to joining EnCap in 1999, Mr. DeLorenzo spent four years at ING Barings in New York working in Corporate Finance specializing in the energy industry.
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
Prior to joining EnCap in July 2006, Mr. Kafka spent two years at First Albany Capital where he worked in the Energy Investment Banking Group.
Brad A. Thielemann
Partner
Prior to rejoining EnCap in September 2006, Mr. Thielemann worked in the Investor Relations and Strategic Planning Groups at Plains All American Pipeline, L.P.
Charles W. Bauer
Partner
Mr. Bauer serves as the head of investor relations and fundraising for EnCap Investments.
Mark Burroughs, Jr.
Managing Director
Prior to joining EnCap in March 2007, Mr. Burroughs spent four years working in UBS Investment Bank’s Global Energy Group.
Ryan P. Devlin
Managing Director
Prior to joining EnCap in August 2005, Mr. Devlin spent two years at Amegy Bank of Texas, where he ended as a Banking Officer.
Jerry Smith
Managing Director
Mr. Smith leads engineering and geoscience efforts across the firm and was formerly a Managing Director and Co-Founder of Evercore’s Acquisitions and Divestitures practice.
Brooks Despot
Director
Previously, Mr. Despot was the VP-Finance and CFO of Escondido Resources II, an EnCap-backed portfolio company.
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 in the oil and gas industry working primarily as a Petroleum Geologist.
George W. Purgason
Director
Prior to joining EnCap in July 2012, Mr. Purgason spent three years at Anadarko Petroleum Corporation working as a Production and Reservoir Engineer.
Bryan Stahl
Director
Prior to joining EnCap in July 2012, Mr. Stahl spent three years in the Global Energy Investment Banking Groups at Citigroup and UBS Investment Bank.
William D. Waldrip
Founder, EnCap Flatrock Midstream
From 2000 to 2008, Mr. Waldrip served as President, Senior Partner and Founder of Flatrock Energy Advisors.

Notable Investments

Grayson Mill EnergyKimbell Royalty PartnersEquinor (Bakken Formation assets)

Historical and current deals referenced in public sources.

Portfolio Companies

Portfolio not yet mapped for EnCap Investments.

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Portfolio Web Readiness

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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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