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EnCap closes upstream oil, gas fund with $7B in capital commitments

Private equity firm EnCap Investments LP closed its 20th institutional fund, Encap Energy Capital Fund XI LP, above target at $7 billion in capital commitments.

EnCap's Fund XI is focused on pledging growth capital to the upstream sector of the North American oil and gas industry. Its previous fund, EnCap Energy Capital Fund X LP, closed at $6.5 billion in 2015.

EnCap Investments provides capital to independent oil and gas companies in the U.S. and has raised about $34 billion of capital commitments since it was founded, according to a Dec. 4 statement.