EnCap Flatrock Midstream
Venture capitalSan Antonio · 17 people tracked
Also known as FLATROCK ENERGY ADVISORS, LLC
Investment thesis
EnCap Flatrock Midstream focuses on making targeted venture capital investments in top midstream management teams within the energy sector. Beyond providing capital, the firm supports its portfolio companies' growth through operational expertise, hands-on support, and access to an extensive network of industry contacts. EFM emphasizes long-term partnership, working to help each portfolio company achieve sustainable success and growth.
Source: firm website, verified Aug 18, 2026.
Team · 17 people
from the firm's websiteWhat they invest in
from 8 of 11 portfolio companiesEnergy ×8Logistics & Supply Chain ×2Cleantech ×1Climate Tech ×1
HQs:United States×6
Investments · 11 tracked
founders shown can be your intro pathEdgewater Midstream acquires, develops, and operates petroleum pipelines and storage terminals near major North American trading hubs and demand centers.
EnergyLogistics & Supply ChainHouston, US
Manchester Energy develops and transforms energy infrastructure businesses across the energy value chain, including expansion into next-generation energy and carbon mitigation projects.
CleantechClimate TechEnergy
Moda Midstream is an independent midstream infrastructure provider that acquires and develops last-mile liquids storage and transportation terminals, with an emphasis on deep-water capabilities.
EnergyLogistics & Supply ChainKingwood, US
Aspen Midstream builds and operates midstream energy infrastructure that connects North American supply basins to markets and demand centers.
Energy
Brazos Midstream is a midstream services provider operating in the Permian Basin's Midland Basin, serving oil and gas producers and operators.
Energy
Clearfork Midstream provides midstream gathering, treating, and transportation services for natural gas producers operating in the Haynesville Shale, moving gas to U.S. market hubs including Gulf Coast LNG export facilities.
EnergyFort Worth, US
Kipper OverstreetBrent Worthy(CFO)
Greenfield Midstream provides crude oil gathering and storage services to oil producers, operating Black Diamond Gathering—a joint venture with Chevron—in the Denver Julesburg (DJ) Basin.
Energy
Momentum operates natural gas midstream infrastructure across the Haynesville Shale, connecting natural gas supply from East Texas and Louisiana to Gulf Coast power, industrial, and petrochemical markets.
Energy
Fund performance · per public LP disclosures · 6
as of Sep 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| EnCap Flatrock Midstream Fund IV LPLPs: California State Teachers' Retirement System, Florida State Board of Administration, Maine Public Employees Retirement System +2 more | 2018 | — | 9.6% | 1.32x | 0.59x |
| Encap Flatrock Midstream IV L.P.LPs: Sacramento County Employees' Retirement System | 2018 | — | 8.0% | 1.25x | 0.49x |
| EnCap Flatrock Midstream Fund IV PELPs: Maine Public Employees Retirement System | 2017 | — | — | 1.12x | 0.21x |
| EnCap Flatrock Midstream Fund III LPLPs: California State Teachers' Retirement System, Florida State Board of Administration, Maine Public Employees Retirement System +5 more | 2014 | — | 9.6% | 1.41x | 1.20x |
| EnCap Flatrock Midstream Fund III PELPs: Maine Public Employees Retirement System | 2014 | — | 7.2% | 1.16x | 0.48x |
| Encap Flatrock Midstream IIILPs: Sacramento County Employees' Retirement System | 2014 | — | 9.6% | 1.41x | 0.99x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- How many investments has EnCap Flatrock Midstream made?
- EnCap Flatrock Midstream has 11 tracked investments.
- What sectors does EnCap Flatrock Midstream focus on?
- EnCap Flatrock Midstream focuses on Energy.
- Where is EnCap Flatrock Midstream located?
- EnCap Flatrock Midstream is headquartered in San Antonio, US.
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