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Newsmakers

EnCap Investments Closes Fund XI at $7 Billion

Fund XI focused on upstream sector of the North American oil and gas industry.

By Bailey McCann

Houston-based EnCap Investments has closed its 11th fund at $7 billion. Fund XI is focused on making investments in the upstream sector of the North American oil and gas industry. The fund was oversubscribed and hit its hard cap.

EnCap’s prior fund, EnCap Energy Capital Fund X, L.P., closed at $6.5 billion in April 2015.

“The opportunity set for investment remains compelling and dynamic, and we are pleased to have a new pool of capital from a diverse range of investors to begin taking advantage of opportunities in the marketplace,” said Doug Swanson, managing partner, in a statement on the close.

EnCap started fundraising for the vehicle last year, and held a first close in December 2016. At that time, the fund was already partially invested. For this fund, EnCap is continuing its focus on buying energy assets with a value tilt and working with management teams it already knows well when possible.

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In July, EnCap Investments made a $500 million commitment to San Antonio-based Silverback Exploration II, an independent oil and gas exploration company. Silverback II was formed by the same team that successfully led its predecessor company, Silverback Exploration, which was also backed by EnCap. Silverback Exploration developed a significant position in the Delaware Basin, which it eventually sold to Centennial Resource Development Inc., for $855 million. Silverback Exploration II was created with similar development goals.

Known investors in EnCap Energy Capital Fund XI include Los Angeles City Employees Retirement System (LACERS), which committed $40 million; Texas County and District Retirement System, which committed $75 million; Public Employees Retirement Association of New Mexico; Hawaii Employees’ Retirement System; District of Columbia Retirement Board; Florida State Board of Administration; Merced County Employees Retirement Association; Oregon Investment Council; and Berkshire Taconic Community Foundation.

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Home > News > Research > Corporate Pensions’ Funded Ratio Rises for Third Straight Month
Research

Corporate Pensions’ Funded Ratio Rises for Third Straight Month

Funded status up nearly 5% from November 2016.

By Michael Katz

The aggregate funded ratio for corporate pension plans in the US rose to 85.6% at the end of November, up from the 84.6% reported the previous month, and the 80.8% reported at the same time last year, according to investment consulting and services firm Wilshire Consulting.

Wilshire said the monthly rise in funded status was the result of a 1.3% increase in asset values, combined with a 0.1% increase in liability values. The aggregate funded ratio was up 4.7 percentage points year-to-date.

“November marks the third consecutive month of increases in funded ratios and the seventh month for the year,” said Ned McGuire, managing director of Wilshire Consulting.  “November’s continued improvement in funding was driven by the continued increase in public equity markets, which pushed asset values higher.”

McGuire said that November marked a record 13th consecutive month of gains for the Wilshire 5000 Total Market Index, extending its longest such streak in more than 30 years.

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