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 X, L.P.
Encap Energy Capital Fund X, L.P.
Amounts, each with its basis
- Vintage
- 2015basis: 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 021-236220, sworn by the adviser or filed under this vehicle
- Form D sold
- $247Mas of the filing of Mar 19, 2015, 10 investors
- First sale
- Mar 5, 2015
- Reported GAV
- $5.6Bon the Form ADV filed Mar 28, 2024; the fund's assets, never its size or dry powder
- Owners (ADV)
- 418
- Reported on ADV
- Mar 24, 2015 to Mar 28, 2024
- Structure
- master
Fundraising evidence
Unknown
latest Form D 2015-03-19, older than 15 months (fr-1)
evidence dated Mar 19, 2015. 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: 11first sale: 2015-03-05vintage year: $2,015adv gav as of: 2024-03-28vintage basis: form_d_first_saleform d sold usd: $247Mform d offering usd: n/aform d latest filed at: 2015-03-19
The fund's own reporting through time
11 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Mar 24, 2015 | Venture Capital Fund | $3.8B | 245 | $1.0M | 3% | yes | |
| Feb 18, 2016 | Venture Capital Fund | $6.6B | 245 | $1.0M | 3% | yes | |
| Mar 20, 2017 | Venture Capital Fund | $6.6B | 327 | $1.0M | 3% | yes | |
| Mar 29, 2018 | Venture Capital Fund | $6.9B | 327 | $1.0M | 3% | yes | |
| Jul 13, 2018 | Venture Capital Fund | $6.9B | 327 | $1.0M | 3% | yes | |
| Mar 29, 2019 | Venture Capital Fund | $7.0B | 327 | $1.0M | 3% | yes | |
| Mar 26, 2020 | Venture Capital Fund | $7.3B | 412 | $1.0M | 3% | yes | |
| Mar 30, 2021 | Venture Capital Fund | $6.0B | 418 | $1.0M | 3% | yes | |
| Mar 30, 2022 | Venture Capital Fund | $7.9B | 418 | $1.0M | 3% | yes | |
| Mar 29, 2023 | Venture Capital Fund | $8.3B | 418 | $1.0M | 3% | yes | |
| Mar 28, 2024 | Venture Capital Fund | $5.6B | 418 | $1.0M | 3% | yes |
Principals and agents
5 principals on Form D, 0 placement agents
- Gary R Petersen Executive Officer
- D Martin Phillips Executive Officer
- David B Miller Executive Officer
- (General Partner) EnCap Equity Fund X-D GP, LLC Director
- Robert L Zorich 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 | 2015 | $90.0M | $94.3M | $188M | $0 | 15.2% | 2.0x | Mar 31, 2026 |
| Alaska Permanent Fund Corporation apfc.org | 2015 | $41.3M | n/a | n/a | n/a | not meaningful yet | unknown | Dec 31, 2025 |
| Los Angeles City Employees' Retirement System lacers.org | 2015 | $35.0M | $34.5M | $58.9M | $15.2M | 15.8% | 2.1x | Dec 31, 2025 |
| California State Teachers' Retirement System calstrs.com | 2015 | $200M | $197M | $330M | $96.3M | 16.2% | 2.2x | 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 X: $90,000,000 committed, vintage 2015, net IRR 15.2%, 2.0xLP 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 X: $90,000,000 committed, vintage 2015, net IRR 15.2%, 2.0xLP 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 X: $35,000,000 committed, vintage 2015, net IRR 15.8%, 2.15xLP 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 X LP: $41,328,624 committed, vintage 2015LP 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 X, L.P.: $200,000,000 committed, vintage 2015, net IRR 16.2%, 2.16xLP 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 X, L.P.: $200,000,000 committed, vintage 2015, net IRR 16.2%, 2.16xLP commitment disclosed Fact Public pension and endowment private-markets disclosures (CalPERS, CalSTRS, WSIB, NYSCRF, Texas TRS, UTIMCO ...)
- Mar 24, 2015Encap Energy Capital Fund X, L.P. first reported on Form ADV by Encap Investments L.P. (Venture Capital Fund), GAV $3,803,247,423Fund 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)
- Mar 19, 2015EnCap Energy Capital Fund X-D, L.P. filed Form D: $247,000,000 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 Mar 19, 2015 Fact SEC EDGAR Form D data sets (quarterly)
- Form D fund type: Venture Capital Fund Mar 19, 2015 Fact SEC EDGAR Form D data sets (quarterly)
- Form D industry group: Pooled Investment Fund Mar 19, 2015 Fact SEC EDGAR Form D data sets (quarterly)
- Amendment: false Mar 19, 2015 Fact SEC EDGAR Form D data sets (quarterly)
- Revenue range (Form D): No Revenues Mar 19, 2015 Fact SEC EDGAR Form D data sets (quarterly)
- Incorporated: withinFiveYears Mar 19, 2015 Fact SEC EDGAR Form D data sets (quarterly)
- Jurisdiction: TEXAS Mar 19, 2015 Fact SEC EDGAR Form D data sets (quarterly)
- Amount sold (Form D): $247M Mar 19, 2015 Fact SEC EDGAR Form D data sets (quarterly)
- Exemptions: 06b, 3C, 3C.7 Mar 19, 2015 Fact SEC EDGAR Form D data sets (quarterly)
- First sale: 2015-03-05 Mar 19, 2015 Fact SEC EDGAR Form D data sets (quarterly)
- Indefinite offering: true Mar 19, 2015 Fact SEC EDGAR Form D data sets (quarterly)
- Investors (Form D): 10 Mar 19, 2015 Fact SEC EDGAR Form D data sets (quarterly)
- Minimum investment (Form D): 0 Mar 19, 2015 Fact SEC EDGAR Form D data sets (quarterly)
- Securities offered: equity,pooled Mar 19, 2015 Fact SEC EDGAR Form D data sets (quarterly)
- Office address: 1100 LOUISIANA STREET, SUITE 4900, HOUSTON, TX, 77002 Mar 19, 2015 Fact SEC EDGAR Form D data sets (quarterly)
- Year of incorporation: 2015 Mar 19, 2015 Fact SEC EDGAR Form D data sets (quarterly)