DFX Intelligence

Encap Energy Capital Fund Xii, L.P.

Fundmanaged by Encap Investments L.P.· Delaware

As of 2026-09-15 · the latest observation of this vehicle; each figure below carries its own filing date

Vintage: 2023
Form D sold: $2.1B
Reported gross assets: $6.5B

Active deploymentUnknownADV: Venture Capital Fund

Ask DFX about this View relationships Amounts Limited partners

As of 2026-09-15 · the latest observation of this vehicle; each figure below carries its own filing date

5 additional principals, 2 additional placement agents, 4 additional LP reports and investments

Every relationship, signal and contact on this record, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

What matters now

1 LP report
public disclosures
1 public LP report name this vehicle; the latest, Alaska Permanent Fund Corporation as of 31 Dec 2025, shows $70M committed.
A named LP and its own performance figures are the strongest outside read on a fund.
FactPublic pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)For LPs, fund-of-fundsLimited partners →
+226%
reported GAV
Reported gross assets rose from $1.98B to $6.47B between the Form ADV filings of 28 Mar 2024 and 30 Mar 2026.
The fund's assets as the adviser swears them, never its size or dry powder.
Derivedtwo Form ADV Schedule D filingsFor LPs, secondaries buyersReporting →

Relationship network

21 connected entities12 observed investment records

From Form ADV and Form D (manager, principals, placement agents), investments attributed to this vehicle, and public pension LP disclosures.

Some relationships on this record are counted rather than named here. They open with the full profile.

Click any name or line for the investment records and sources behind it. Line weight is investment records together; dashed lines are inferred.

Reading the network

Organization
Person

Venture relationships are not scored. Each line names its claim: a round led or joined, a board seat or a filing that names the firm, a listing on a portfolio page (dated by when DFX saw it, never by when the investment was made), a disclosed LP commitment, or a co-investor pair counted from observed participations. Observed means a named source says so; Derived means DFX counted it from observed rows; Inferred means a match that may be wrong.

Ask DFX about this network

Which LPs and companies are connected to Encap Energy Capital Fund Xii, L.P.?

Drawing the relationship network…

Amounts, each with its basis

Vintage: 2023basis: 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 021-479262, sworn by the adviser or filed under this vehicle
Form D sold: $2.1Bas of the filing of Apr 18, 2024, 173 investors
First sale: May 17, 2023
Reported GAV: $6.5Bon the Form ADV filed Mar 30, 2026; the fund's assets, never its size or dry powder
Owners (ADV): 523
Reported on ADV: Mar 28, 2024 to Mar 30, 2026
Structure: master

Fundraising evidence

Unknown

latest Form D 2024-04-18, older than 15 months (fr-1)

evidence dated Apr 18, 2024.

Lifecycle

Active deployment

vintage 2 to 4 years

age years: 3first sale: May 17, 2023vintage year: 2023adv gav as of: Mar 30, 2026vintage basis: Form d first saleform d sold: $2.1Bform d offering: n/aform d latest filed at: Apr 18, 2024

The fund's own reporting through time

2 Form ADV filings

Filed	Type	Gross asset value		Owners	Min. investment	Adviser-owned	Audit
Mar 28, 2024	Venture Capital Fund	$2.0B		169	$1.0M	3%	yes
Mar 30, 2026	Venture Capital Fund	$6.5B		523	$1.0M	4%

Principals and agents

8 principals on Form D, 0 placement agents

(General Partner) EnCap Equity Fund XII GP, L.P. Director
Jason M. Delorenzo Executive Officer
David B Miller Executive Officer

Service providers

5 named on Form ADV Schedule D and Form D

AuditorPwC · H, Texas, United StatesForm ADV filed Mar 31, 2025 reports.adviserinfo.sec.gov
CustodianAMEGY BANK OF TEXAS, A DIVISION OF ZIONS BANCORPORATION, N.A. · HOUSTON, Texas, United StatesForm ADV filed Mar 31, 2025 reports.adviserinfo.sec.gov
CustodianINTRAFI NETWORK, LLC · HOUSTON, Texas, United StatesForm ADV filed Mar 31, 2025 reports.adviserinfo.sec.gov

Limited partners and their reported performance

1 public LP report

LP	Vintage (LP’s)	Committed	Paid in	Distributed	Remaining value	Net IRR	Multiple	As of
Alaska Permanent Fund Corporation apfc.org	2023	$70.0M	Not disclosed	Not disclosed	Not disclosed	not meaningful yet	unknown	Dec 31, 2025

Known LPs and allocators

7 relationships, public pensions and the allocator graph, each counted once

Allocator	Type	Amount	Date	Source
District of Columbia Police Officers and Firefighters' Retirement Fund	PUBLIC PENSION	$100M committed	reported as of Mar 31, 2026	Fact Pension disclosure
Alaska Permanent Fund Corporation	SOVEREIGN LINKED US ALLOCATOR	$70.0M committed	reported as of Dec 31, 2025	Fact Pension disclosure
Orange County Employees Retirement System	PUBLIC PENSION	amount not disclosed	reported as of Dec 31, 2025	Fact Pension disclosure

Investments attributed to this vehicle

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

4 events

Dec 31, 2025
APFC reports EnCap Energy Capital Fund XII LP: $70,000,000 committed, vintage 2023
LP commitment disclosed Fact Pension disclosure
Apr 18, 2024
EnCap Energy Capital Fund XII, L.P. filed Form D/A: $2,096,879,474 sold (indefinite offering), Venture Capital Fund
Form D filed Fact Form D
Mar 28, 2024
Encap Energy Capital Fund Xii, L.P. first reported on Form ADV by Encap Investments L.P. (Venture Capital Fund), GAV $1,983,239,055
Fund first reported on Form ADV Fact Form ADV
Apr 18, 2023
EnCap Energy Capital Fund XII, L.P. filed Form D: no sales yet (indefinite offering), Venture Capital Fund
Form D filed Fact Form D

Evidence

31 observations

Every observation on this vehicle

Entity type: Limited Partnership Apr 18, 2024 Fact Form D
Entity type: Limited Partnership Apr 18, 2023 Fact Form D
Form D fund type: Venture Capital Fund Apr 18, 2024 Fact Form D
Form D fund type: Venture Capital Fund Apr 18, 2023 Fact Form D
Form D industry group: Pooled Investment Fund Apr 18, 2024 Fact Form D
Form D industry group: Pooled Investment Fund Apr 18, 2023 Fact Form D
Amendment: true Apr 18, 2024 Fact Form D
Amendment: false Apr 18, 2023 Fact Form D
Revenue range (Form D): Decline to Disclose Apr 18, 2024 Fact Form D
Revenue range (Form D): Decline to Disclose Apr 18, 2023 Fact Form D
Incorporated: withinFiveYears Apr 18, 2024 Fact Form D
Incorporated: withinFiveYears Apr 18, 2023 Fact Form D
Jurisdiction: Delaware Apr 18, 2024 Fact Form D
Jurisdiction: Delaware Apr 18, 2023 Fact Form D
Amount sold (Form D): $2.1B Apr 18, 2024 Fact Form D
Amount sold (Form D): $0 Apr 18, 2023 Fact Form D
Exemptions: 06b, 3C, 3C.7 Apr 18, 2024 Fact Form D
Exemptions: 06b, 3C, 3C.7 Apr 18, 2023 Fact Form D
First sale: 2023-05-17 Apr 18, 2024 Fact Form D
Indefinite offering: true Apr 18, 2024 Fact Form D
Indefinite offering: true Apr 18, 2023 Fact Form D
Investors (Form D): 173 Apr 18, 2024 Fact Form D
Investors (Form D): 0 Apr 18, 2023 Fact Form D
Minimum investment (Form D): 0 Apr 18, 2024 Fact Form D
Minimum investment (Form D): 0 Apr 18, 2023 Fact Form D
Securities offered: Equity, pooled Apr 18, 2024 Fact Form D
Securities offered: Equity, pooled Apr 18, 2023 Fact Form D
Office address: Apr 18, 2024 Fact Form D
Office address: Apr 18, 2023 Fact Form D
Year of incorporation: 2023 Apr 18, 2024 Fact Form D
Year of incorporation: 2023 Apr 18, 2023 Fact Form D

Relationships across DFX

on 3 other DFX graphs · 21 capital paths

Across the graphs

Encap Energy Capital Fund Xii, L.P. is the same institution as 3 records in Allocators, RIA and Wealth and Family Offices.

Allocators1RIA and Wealth1Family Offices1

DFX found 3 relationships across 3 datasets

Which record it is in each graph, what it is called there, and what the two were joined on.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Checking your plan…

Capital chain

Encap Energy Capital Fund Xii, L.P. sits on 21 traced paths of capital across the graphs.

Allocator to VC fund to manager to company

DFX traced 21 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Record history

4 dated events on the change ledger, latest first

Form D filed
2023-04-18source
LP commitment disclosed
2025-12-31source
Form D filed
2024-04-18source

+1 more change on this record's ledger

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.

What matters now

Relationship network

▸Relationships across DFX

Record history

Relationship network

Relationships across DFX