- $30 bln pension commits $75 mln to EnCap
- The pension got its commitment the day before Fund X closed
- Indiana backs Blackstone’s RE for $75 mln
EnCap Investments held a $6.5 billion final close for the fund on April 8. The Texas-based firm will invest Fund X in upstream oil and gas assets, providing growth capital to established management teams.
Several major U.S. pensions invested in Fund X, including the Arkansas Teacher Retirement System, Oregon Investment Council and the Teachers’ Retirement System of Louisiana.
Indiana is a long time investor in EnCap funds, having committed more than $264 million across 12 of the firm’s vehicles since 2004, according to retirement system documents.
Energy Capital Fund VIII netted a 12.77 percent IRR as of March 31, 2014, according to California State Teachers’ Retirement System documents. The firm’s 2013 vintage fund, a $5 billion vehicle that is still in its J-Curve, netted a negative 6.2 percent IRR as of the same date.
In addition to its commitment to EnCap, Indiana’s $30 billion retirement system also allocated $75 million to Blackstone Group’s eighth flagship real estate fund, according to pension documents. In March, Reuters reported the firm raised $15.8 billion for Fund VIII.
Blackstone’s real estate arm has been a top performer for the firm. Blackstone Real Estate Partners Fund VII, which raised $13.4 billion in 2011, had netted a 27 percent IRR and 1.4x net multiple as of Sept. 30, according to New Jersey Division of Investment documents.
Indiana’s $3.1 billion private equity portfolio generated an 11.73 percent IRR as of Sept. 30, 1.17 percentage points short of its Russell 3000 plus 3 percent benchmark, according to retirement system documents.