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 Energy Capital Fund Xi, L.P.
Encap Energy Capital Fund Xi, L.P.
Amounts, each with its basis
- Vintage
- 2016basis: 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; joined by exact issuer name, corroborated by a person on the adviser's roster named on the filing, the filing's signer sitting on the adviser's roster, the issuer filing from the adviser's state, not sworn by the adviser (confidence 0.85); file 021-277881
- Form D sold
- $1.7Bas of the filing of Jan 9, 2017, 138 investors
- First sale
- Dec 22, 2016
- Reported GAV
- $9.1Bon the Form ADV filed Mar 28, 2024; the fund's assets, never its size or dry powder
- Owners (ADV)
- 443
- Reported on ADV
- Mar 20, 2017 to Mar 28, 2024
- Structure
- master
Fundraising evidence
Unknown
latest Form D 2017-01-09, older than 15 months (fr-1)
evidence dated Jan 9, 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: 10first sale: 2016-12-22vintage year: $2,016adv gav as of: 2024-03-28vintage basis: form_d_first_saleform d sold usd: $1.7Bform d offering usd: n/aform d latest filed at: 2017-01-09
The fund's own reporting through time
9 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 20, 2017 | Venture Capital Fund | $4.2B | 245 | $1.0M | 3% | yes | |
| Mar 29, 2018 | Venture Capital Fund | $6.9B | 364 | $1.0M | 3% | yes | |
| Jul 13, 2018 | Venture Capital Fund | $6.9B | 364 | $1.0M | 3% | yes | |
| Mar 29, 2019 | Venture Capital Fund | $6.8B | 364 | $1.0M | 3% | yes | |
| Mar 26, 2020 | Venture Capital Fund | $6.5B | 464 | $1.0M | 3% | yes | |
| Mar 30, 2021 | Venture Capital Fund | $6.1B | 443 | $1.0M | 3% | yes | |
| Mar 30, 2022 | Venture Capital Fund | $7.4B | 443 | $1.0M | 3% | yes | |
| Mar 29, 2023 | Venture Capital Fund | $9.7B | 443 | $1.0M | 3% | yes | |
| Mar 28, 2024 | Venture Capital Fund | $9.1B | 443 | $1.0M | 3% | yes |
Principals and agents
8 principals on Form D, 0 placement agents
- Gary R Petersen Executive Officer
- Douglas E Swanson Executive Officer
- Robert L Zorich Executive Officer
- Jason M. Delorenzo Executive Officer
- (General Partner) EnCap Equity Fund XI GP, L.P. Director
- David B Miller Executive Officer
- D Martin Phillips Executive Officer
- E. Murphy Markham IV Executive Officer
Limited partners and their reported performance
4 public LP reports
| LP | Vintage (LP’s) | Committed | Paid in | Distributed | Remaining value | Net IRR | Multiple | As of |
|---|---|---|---|---|---|---|---|---|
| Oregon Public Employees Retirement Fund oregon.gov | 2016 | $250M | $250M | $450M | $0 | 18.7% | 1.8x | Mar 31, 2026 |
| Alaska Permanent Fund Corporation apfc.org | 2017 | $50.0M | n/a | n/a | n/a | not meaningful yet | unknown | Dec 31, 2025 |
| Los Angeles City Employees' Retirement System lacers.org | 2016 | $40.0M | $40.8M | $54.0M | $27.1M | 21.3% | 2.0x | Dec 31, 2025 |
| California State Teachers' Retirement System calstrs.com | 2017 | $300M | $301M | $389M | $194M | 21.3% | 1.9x | 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
8 events
- Mar 31, 2026OPERF reports EnCap Energy Capital Fund XI: $250,000,000 committed, vintage 2016, net IRR 18.7%, 1.8xLP commitment disclosed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
- Mar 31, 2026OPERF reports EnCap Energy Capital Fund XI: $250,000,000 committed, vintage 2016, net IRR 18.7%, 1.8xLP commitment disclosed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
- Dec 31, 2025LACERS reports EnCap Energy Capital Fund XI: $40,000,000 committed, vintage 2016, net IRR 21.3%, 1.99xLP commitment disclosed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
- Dec 31, 2025APFC reports EnCap Energy Capital Fund XI LP: $50,000,000 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 Energy Capital Fund XI: $300,000,000 committed, vintage 2017, net IRR 21.3%, 1.94xLP commitment disclosed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
- Jun 30, 2025CalSTRS reports EnCap Energy Capital Fund XI: $300,000,000 committed, vintage 2017, net IRR 21.3%, 1.94xLP commitment disclosed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
- Mar 20, 2017Encap Energy Capital Fund Xi, L.P. first reported on Form ADV by Encap Investments L.P. (Venture Capital Fund), GAV $4,165,410,000Fund 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)
- Jan 9, 2017EnCap Energy Capital Fund XI, L.P. filed Form D: $1,724,020,000 sold (indefinite offering), Venture Capital FundForm D filed Fact SEC EDGAR Form D data sets (quarterly)
Evidence
16 observations
Every observation on this vehicle
- Entity type: Limited Partnership Jan 9, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Form D fund type: Venture Capital Fund Jan 9, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Form D industry group: Pooled Investment Fund Jan 9, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Amendment: false Jan 9, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Revenue range (Form D): No Revenues Jan 9, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Incorporated: withinFiveYears Jan 9, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Jurisdiction: TEXAS Jan 9, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Amount sold (Form D): $1.7B Jan 9, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Exemptions: 06b, 3C, 3C.7 Jan 9, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- First sale: 2016-12-22 Jan 9, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Indefinite offering: true Jan 9, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Investors (Form D): 138 Jan 9, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Minimum investment (Form D): 0 Jan 9, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Securities offered: equity,pooled Jan 9, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Office address: 1100 LOUISIANA, SUITE 4900, HOUSTON, TX, 77002 Jan 9, 2017 Fact SEC EDGAR Form D data sets (quarterly)
- Year of incorporation: 2016 Jan 9, 2017 Fact SEC EDGAR Form D data sets (quarterly)