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EnCap Investments

Medium
Houston, Texas · Founded 1988 · AUM $18 billion · Website
Private EquityGrowth EquityVenture CapitalOil & GasRenewable EnergyWind PowerSolar PowerEnergy MidstreamUnited States
Last verified
8/20/2026

Firm Overview

0
Portfolio tracked
5
Sectors
1
Regions
8/20/2026
Last verified

EnCap Investments is an American private equity firm specializing in the energy industry, with a primary focus on oil and gas.

Founded in 1988 and headquartered in Houston, Texas, EnCap Investments is a leading provider of venture capital to the independent sector of the U.S. oil and gas industry. The firm has a long history of raising substantial capital, including a $4.3 billion energy fund in 2012 and ranking as one of the world's largest private equity firms by capital raised.

Since its inception, the firm has raised 18 private equity funds. While historically focused on oil and gas production and midstream assets, EnCap recently began a strategic transition toward clean energy investments. In 2021, the firm raised $1.2 billion for a dedicated energy-transition fund focused on wind and solar power, reflecting the broader industry shift toward renewable energy sources.

Founded1988
HeadquartersHouston, Texas
AUM$18 billion
Employees50
StrategiesPrivate Equity, Growth Equity, Venture Capital
Sector focusOil & Gas, Renewable Energy, Wind Power, Solar Power, Energy Midstream
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 at 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.
D. Martin Phillips
Founder
Mr. Phillips plays a leadership role in all levels of executive management and was previously a Senior Vice President in the Energy Banking Group of NationsBank.
Robert L. Zorich
Founder
Mr. Zorich co-founded MAZE Exploration, Inc. and was previously 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 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 in the Energy Investment Banking Group.
Brad A. Thielemann
Partner
Mr. Thielemann worked in the Investor Relations and Strategic Planning Groups at Plains All American Pipeline, L.P. 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 efforts at HM Capital Partners.
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 as a Banking Officer.
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 A&D practice.
Brooks Despot
Director
Mr. Despot rejoined EnCap in 2014 after serving as VP-Finance and CFO of EnCap-backed portfolio company Escondido Resources II.
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, most recently serving as a Senior Geologist for Gastar Exploration, Inc.
George W. Purgason
Director
Prior to joining EnCap in July 2012, Mr. Purgason spent three years at Anadarko Petroleum Corporation as a Production and Reservoir Engineer.
Bryan Stahl
Director
Prior to joining EnCap in 2012, Mr. Stahl worked in the Global Energy Investment Banking Groups at Citigroup and UBS Investment Bank.
William D. Waldrip
Founder, EnCap Flatrock Midstream
William D. Waldrip is a Founder of EnCap Flatrock Midstream and previously served as President, Senior Partner, and Founder of Flatrock Energy Advisors.
William R. Lemmons Jr.
Founder, EnCap Flatrock Midstream
William R. Lemmons, Jr. is a Founder of EnCap Flatrock Midstream and previously served as an Executive Vice President and Senior Partner of Flatrock Energy Advisors.

Notable Investments

Grayson Mill EnergyEquinor (Bakken Formation assets)Kimbell 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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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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