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EnCap Investments

Medium
Houston, Texas · Founded 1988 · AUM $18 billion · Website
Private EquityVenture CapitalEnergy Transition InvestmentEnergyOil & GasRenewable EnergyWind PowerSolar PowerMidstream EnergyUnited States
Last verified
10/8/2026

Firm Overview

0
Portfolio tracked
6
Sectors
1
Regions
10/8/2026
Last verified

EnCap Investments is an American private equity firm specializing in the energy industry, particularly 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 in the energy sector, having raised 18 private equity funds since its inception. While historically focused on upstream oil and gas, the firm has recently expanded its scope to include midstream assets and clean energy transitions.

In recent years, the firm has demonstrated a shift toward diversified energy holdings. In 2021, EnCap raised $1.2 billion for a fund dedicated to energy transition investments, specifically targeting wind and solar power projects. The firm also manages significant transactions in the fossil fuel space, such as the 2021 acquisition of Equinor's Bakken Formation assets for $900 million through its portfolio company, Grayson Mill Energy. Over its history, the firm has consistently ranked among the top global private equity firms by capital raised.

Founded1988
HeadquartersHouston, Texas
AUM$18 billion
Employees50
StrategiesPrivate Equity, Venture Capital, Energy Transition Investment
Sector focusEnergy, Oil & Gas, Renewable Energy, Wind Power, Solar Power, Midstream Energy
Geographic focusUnited States

Leadership

David B. Miller
Founder
Mr. Miller co-founded EnCap and previously served as Co-CEO of MAZE Exploration Inc. after beginning his career at Republic National Bank of Dallas.
Gary R. Petersen
Founder
Before forming EnCap in 1988, Mr. Petersen managed the Corporate Finance Division of the Energy Banking Group for Republic Bank and served as an executive for Nicklos Oil & Gas Company.
D. Martin Phillips
Founder and Managing Partner
Mr. Phillips is a Managing Partner and Co-Founder who plays a leadership role in executive management, including investments, fundraising, and finance.
Robert L. Zorich
Founder
Prior to founding EnCap, Mr. Zorich was a Senior Vice President at Trust Company of the West and co-founded MAZE Exploration, Inc.
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 and COO for Lewis Energy Group.
Jason M. DeLorenzo
Managing Partner
Mr. DeLorenzo joined EnCap in 1999 following four years at ING Barings in New York specializing in corporate finance for 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
Mr. Kafka joined EnCap in 2006 after working in the Energy Investment Banking Group at First Albany Capital and Amegy Bank of Texas.
Brad A. Thielemann
Partner
Before rejoining EnCap in 2006, Mr. Thielemann worked at Plains All American Pipeline and previously served as a Treasury Analyst at Dynegy.
Charles W. Bauer
Partner
Mr. Bauer serves as the head of investor relations and fundraising for EnCap, having previously overseen similar efforts at HM Capital Partners.
Mark Burroughs, Jr.
Managing Director
Mr. Burroughs joined EnCap in 2007 after working in UBS Investment Bank’s Global Energy Group and at Sanders Morris Harris, Inc.
Ryan P. Devlin
Managing Director
Prior to joining EnCap in 2005, Mr. Devlin served 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 at EnCap and was previously a Managing Director and Co-Founder of Evercore’s Acquisitions and Divestitures 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
Mr. Hovendick joined EnCap in 1997 following 15 years as a Petroleum Engineer with Phillips Petroleum Company.
Taylor McCay
Director
Mr. McCay has over 10 years of experience as a Petroleum Geologist, most recently managing assets in the Mid-Continent for Gastar Exploration, Inc.
George W. Purgason
Director
Before joining EnCap in 2012, Mr. Purgason worked as a Production and Reservoir Engineer at Anadarko Petroleum Corporation.
Bryan Stahl
Director
Mr. Stahl joined EnCap in 2012 after working in Global Energy Investment Banking at Citigroup and UBS Investment Bank.

Notable Investments

Grayson Mill EnergyKimbell Royalty PartnersEquinor (Bakken assets)EnCap 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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