DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Funds / Encap Flatrock Midstream Fund IV, L.P.
Encap Flatrock Midstream Fund IV, L.P.
Amounts, each with its basis
- Vintage
- 2017basis: form d first sale
- Target
- unknownnot announced
- First close
- unknownnever inferred from a Form D
- Final close
- unknownonly from an announcement or an LP disclosure
- Announced size
- unknown
- Form D offering
- indefinitewhat may be sold, not what was raised; file 021-299971, 021-299958, sworn by the adviser or filed under this vehicle
- Form D sold
- $132Mas of the filing of Dec 4, 2017, 30 investors
- First sale
- Nov 17, 2017
- Reported GAV
- $3.1Bon the Form ADV filed Sep 14, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 271
- Reported on ADV
- Mar 29, 2018 to Sep 14, 2026
- Structure
- master
Fundraising evidence
Unknown
latest Form D 2017-12-04, older than 15 months (fr-1)
evidence dated Dec 4, 2017. A Form D offering is permission to sell, not a fund in market; an amount sold is never a close; an evergreen offering amended every year is not a raise.
Lifecycle
Harvest
vintage over 7 years, still reported
age years: 9first sale: 2017-11-17vintage year: $2,017adv gav as of: 2026-09-14vintage basis: form_d_first_saleform d sold usd: $132Mform d offering usd: n/aform d latest filed at: 2017-12-04
The fund's own reporting through time
9 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 29, 2018 | Venture Capital Fund | $3.3B | 205 | $1.0M | 2% | yes | |
| Jul 13, 2018 | Venture Capital Fund | $3.3B | 205 | $1.0M | 2% | yes | |
| Mar 29, 2019 | Venture Capital Fund | $3.2B | 205 | $1.0M | 2% | yes | |
| Mar 26, 2020 | Venture Capital Fund | $3.5B | 267 | $1.0M | 2% | yes | |
| Mar 30, 2021 | Venture Capital Fund | $3.5B | 274 | $1.0M | 2% | yes | |
| Mar 30, 2022 | Venture Capital Fund | $2.9B | 274 | $1.0M | 2% | yes | |
| Mar 29, 2023 | Venture Capital Fund | $3.1B | 274 | $1.0M | 2% | yes | |
| Mar 28, 2024 | Venture Capital Fund | $2.6B | 274 | $1.0M | 2% | yes | |
| Sep 14, 2026 | $3.1B | 271 | $1.0M | 2% |
Principals and agents
15 principals on Form D, 0 placement agents
- Jason M. Delorenzo Executive Officer
- Douglas E Swanson Executive Officer
- D Martin Phillips Executive Officer
- William D Waldrip Executive Officer
- Gregory C. King Executive Officer
- Dennis F. Jaggi Executive Officer
- William R. Lemmons Jr. Executive Officer
- David J. Kurtz Executive Officer
- Gary R Petersen Executive Officer
- Robert L Zorich Executive Officer
- (General Partner) EnCap Flatrock Midstream Fund IV-C Cayman GP, LLC Director
- David B Miller Executive Officer
- (General Partner) EnCap Flatrock Midstream Fund IV-D GP, LLC Director
- E. Murphy Markham IV Executive Officer
- Encap Flatrock Midstream Fund IV GP, L.P. general partner (ADV 7.B.(1).A.3)
Limited partners and their reported performance
2 public LP reports
| LP | Vintage (LP’s) | Committed | Paid in | Distributed | Remaining value | Net IRR | Multiple | As of |
|---|---|---|---|---|---|---|---|---|
| Alaska Permanent Fund Corporation apfc.org | 2017 | $37.4M | n/a | n/a | n/a | not meaningful yet | unknown | Dec 31, 2025 |
| California State Teachers' Retirement System calstrs.com | 2018 | $91.0M | $84.6M | $47.8M | $60.2M | 8.1% | 1.3x | Jun 30, 2025 |
Each row is the LP’s own number: its cash flows and its valuation policy as of its reporting date, not the fund’s. Net IRR is printed only when the LP prints one. The vintage is the LP’s definition (CalPERS: year of its first cash flow; WSIB: year of its initial investment).
Investments attributed to this vehicle
0
No investment attributed to this vehicle. The firm’s investments sit on the firm; a fund gets one only when a source names the vehicle.
Timeline
6 events
- Dec 31, 2025APFC reports EnCap Flatrock Midstream Fund IV LP: $37,400,000 committed, vintage 2017LP commitment disclosed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
- Jun 30, 2025CalSTRS reports Encap Flatrock Midstream Fund IV: $91,000,000 committed, vintage 2018, net IRR 8.1%, 1.28xLP commitment disclosed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
- Jun 30, 2025CalSTRS reports Encap Flatrock Midstream Fund IV: $91,000,000 committed, vintage 2018, net IRR 8.1%, 1.28xLP commitment disclosed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
- Mar 29, 2018Encap Flatrock Midstream Fund IV, L.P. first reported on Form ADV by Encap Investments L.P. (Venture Capital Fund), GAV $3,316,326,531Fund first reported on Form ADV Fact SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Dec 4, 2017EnCap Flatrock Midstream Fund IV-D, L.P. filed Form D: $159,400,000 sold (indefinite offering), Venture Capital FundForm D filed Fact SEC EDGAR Form D data sets (quarterly)
- Dec 4, 2017EnCap Flatrock Midstream Fund IV-C, L.P. filed Form D: $131,650,000 sold (indefinite offering), Venture Capital FundForm D filed Fact SEC EDGAR Form D data sets (quarterly)
Evidence
33 observations
Every observation on this vehicle
- Adv pdf fund: ENCAP FLATROCK MIDSTREAM FUND IV, L.P. Sep 14, 2026 Fact IAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
- Entity type: Limited Partnership Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Entity type: Limited Partnership Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Form D fund type: Venture Capital Fund Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Form D fund type: Venture Capital Fund Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Form D industry group: Pooled Investment Fund Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Form D industry group: Pooled Investment Fund Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Amendment: false Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Amendment: false Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Revenue range (Form D): No Revenues Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Revenue range (Form D): No Revenues Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Incorporated: withinFiveYears Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Incorporated: withinFiveYears Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Jurisdiction: CAYMAN ISLANDS Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Jurisdiction: TEXAS Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Amount sold (Form D): $132M Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Amount sold (Form D): $159M Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Exemptions: 06b, 3C, 3C.7 Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Exemptions: 06b, 3C, 3C.7 Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- First sale: 2017-11-17 Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- First sale: 2017-11-17 Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Indefinite offering: true Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Indefinite offering: true Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Investors (Form D): 13 Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Investors (Form D): 30 Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Minimum investment (Form D): 0 Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Minimum investment (Form D): 0 Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Securities offered: equity,pooled Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Securities offered: equity,pooled Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Office address: 1826 NORTH LOOP 1604 WEST, SUITE 200, SAN ANTONIO, TX, 78248 Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Office address: 1826 NORTH LOOP 1604 WEST, SUITE 200, SAN ANTONIO, TX, 78248 Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Year of incorporation: 2017 Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Year of incorporation: 2017 Dec 4, 2017 Fact SEC EDGAR Form D data sets (quarterly)