EnCap Targets $4.25 Billion For New Energy Fund

EnCap Investments LP is seeking $4.25 billion for its next oil and gas fund, according to a summary of terms obtained by Bloomberg News.

EnCap Energy Capital Fund IX LP will make upstream oil and gas investments. The fund’s predecessor raised $3.6 billion in January 2011.

EnCap joins other large energy firms currently raising funds, including Riverstone Holdings LLC, First Reserve Corp. and Kayne Anderson Capital Advisors LP. Riverstone and First Reserve are both seeking $6 billion for their new funds, with Riverstone having raised more than $5 billion so far, according to a person familiar. Kayne Anderson in July had raised more than $1.1 billion of the $1.6 billion its fund is targeting.

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