# EnCap Flatrock Midstream: portfolio, investments and team > EnCap Flatrock Midstream is a vc firm based in United States. 6 investments on record, latest Aug 2018. Portfolio, stages, co-investors and team. Source: https://millionrounds.com/fund/encap-flatrock-midstream (Millionrounds; every figure on the page links to its filing or article) United States · [Investor](https://millionrounds.com/investors) # EnCap Flatrock Midstream Filed with the SEC to raise a fund in Oct 2026, closing $931M. Last cheque observed Aug 2018. Email VC firm Quiet New fund $931M, Oct 2026 Growth Midstream Follow EnCap Flatrock Midstream and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fencap-flatrock-midstream) Cheques on record **0%** of best year **0** **cheques in 12 months**, 6 on record Since the last cheque **2999** days **00** hrs **00** min **00** sec Median round **$200M** Rounds led **0 of 6** Sole investor **6 rounds** Mostly in **United States, 100%** Pitch EnCap Flatrock Midstream ## EnCap Flatrock Midstream highlights - 01 6 rounds on record - 02 Mostly Growth: 100% of its rounds - 03 Sole investor in 6 rounds, median $163M ## What they do > EnCap Flatrock Midstream (EFM) creates value by making targeted venture capital investments in the best midstream management teams. From their own website - **Type:** VC firm - **Cheque size:** Not stated - **Sectors:** Midstream - **Based in:** San Antonio, United States - **Cold pitches:** Not stated ## The record Every round we can evidence, newest first **6 appearances** - **2018** 1 round - **Aug** **[Candor Midstream](https://millionrounds.com/company/candor-midstream)** US · FinSMEs **$200M** Sole investor - **2015** 1 round - **Mar** **[Moda Midstream](https://millionrounds.com/company/moda-midstream)** Growth · US **$750M** Sole investor - **2014** 2 rounds - **Apr** **[RiverRock Energy](https://millionrounds.com/company/riverrock-energy)** Growth · US **$125M** Sole investor - **Feb** **[Tall Oak Midstream](https://millionrounds.com/company/tall-oak-midstream)** Growth · US **$100M** Sole investor - **2013** 1 round - **May** **[Cardinal Midstream](https://millionrounds.com/company/cardinal-midstream)** Growth · US · pehub.com **$200M** Sole investor - **2012** 1 round - **Feb** **[Lucid Energy Group](https://millionrounds.com/company/lucid-energy-group)** Growth · US · finsmes.com **$75M** Sole investor An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor. ## The team Named by the firm itself, on a filing, its Form ADV or its company registration **16 named** DM **D. Martin Phillips** Managing Partner of Member of General Partner of Sole Member of General Partner i Filing they signed DB **David B. Miller** Managing Partner of Member of General Partner of Sole Member of General Partner i Filing they signed DJ **David Joseph Kurtz** Managing Partner of Member of General Partner of Sole Member of General Partner i Filing they signed DF **Dennis F. Jaggi** Managing Partner of Member of General Partner of Sole Member of General Partner i Filing they signed DE **Douglas E. Swanson, Jr.** Managing Partner of Member of General Partner of Sole Member of General Partner i Filing they signed EM **E. Murphy Markham IV** Managing Partner of Member of General Partner of Sole Member of General Partner i Filing they signed GR **Gary R. Petersen** Managing Partner of Member of General Partner of Sole Member of General Partner i Filing they signed GC **Gregory Charles King** Managing Partner of Member of General Partner of Sole Member of General Partner i Filing they signed JM **Jason M. DeLorenzo** Managing Partner of Member of General Partner of Sole Member of General Partner i Filing they signed ML **Morriss L. Hurt** Managing Partner of Member of General Partner of General Partner i Filing they signed RL **Robert L. Zorich** Managing Partner of Member of General Partner of Sole Member of General Partner i Filing they signed SG **Sam G Pitts** Managing Partner i Form ADV SG **Samuel G. Pitts** Managing Partner of Member of General Partner of General Partner i Filing they signed WD **William D. Waldrip** Managing Partner of Member of General Partner of Sole Member of General Partner i Filing they signed WR **William Robert Lemmons** Manager of General Partner of General Partner i Filing they signed WR **William R. Lemmons, Jr.** Managing Partner of Member of General Partner of Sole Member of General Partner i Filing they signed We also hold **31** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them. ## What the register says From the firm's own filings with the SEC, which it must file accurately by law **Exempt** reporting adviser venture or small private funds - **Legal name:** Flatrock Energy Advisors, LLC - **SEC number:** CRD 161237 Who backs their funds ## 1 LP on record in EnCap Flatrock Midstream's funds - **Committed:** $151M - **Funds:** 2 - **Vintages:** 2014 to 2018 The institutions that put money into its funds, which the firm then invests in companies. Source: the pension's own report, latest Jun 2025. - [**California State Teachers Retirement System** 2 funds *$151M*](https://millionrounds.com/fund/california-state-teachers-retirement-system) Fund Vintage Committed Encap Flatrock Midstream Fund IV 2018 $91M Encap Flatrock Midstream Fund III 2014 $60M ## What they claim to have backed From their own portfolio page (on their website) **0** of 2 we have independently watched raise Frontier Energy Manchester Energy Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded. New fund on file **$931M** raised in Oct 2026 From its SEC filing, not a journalist: a firm that has just raised has money to deploy. ## The cheque Growth Median round joined **$200M** the round, not its cheque Alone, median **$163M** Led 0 of 6 rounds **0%** - **Sole investor:** 6 rounds - **Last cheque:** Aug 2018 Rounds by stage said on their site - Growth *5* Cheques by year Led Joined 2012 2018 **Pitching EnCap Flatrock Midstream?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque. Add to your CRM *→* ## Quick answers about EnCap Flatrock Midstream ### What does EnCap Flatrock Midstream invest in? EnCap Flatrock Midstream invests most often at Growth (100% of the rounds on record), in sectors such as Midstream. ### How active is EnCap Flatrock Midstream? 6 investments on record, 0 of them in the last 12 months. The most recent was in Aug 2018. ### What has EnCap Flatrock Midstream invested in recently? Its most recent investments on record: Candor Midstream (Undisclosed round, Aug 2018). ### How big are EnCap Flatrock Midstream's cheques? The median round it joins is $200M. ### Does EnCap Flatrock Midstream lead rounds? Rarely, if at all: none of its 6 investments on record names it as the lead. ### Where does EnCap Flatrock Midstream invest? Most of the companies it backs are in the United States (100%). ### Is EnCap Flatrock Midstream investing now? No investments in the last 12 months; the latest was in Aug 2018. ### What kind of investor is EnCap Flatrock Midstream? EnCap Flatrock Midstream is a VC firm based in San Antonio, United States. ## Raising now? Find the investors who back rounds like yours, and keep every conversation on one fundraising board. Find similar investorsOpen your CRM Built from the rounds we watched, its filings and its own website, refreshed every night. 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