Co-Financial Advisor
EnCap Investments L.P.
M&A Advisory
Transaction Details
On October 28, 2025, EnCap Investments L.P. (“EnCap”) announced that it has successfully closed a continuation vehicle (the “Continuation Vehicle”) transaction for PennEnergy Resources LLC (“PennEnergy” or the “Company”) with aggregate capital commitments of over $2.0 billion
- PennEnergy is a Pittsburgh, PA-based independent natural gas company focused on the development of the Marcellus Shale play
This represents the largest capital raise for a Continuation Vehicle formed to-date in the upstream energy sector
- The Continuation Vehicle is anchored by funds affiliated with Andros Capital LLC and the Vintage Strategies at Goldman Sachs Alternatives, and also includes an equity commitment from EnCap Energy Capital Fund XII, L.P., the EnCap General Partner and PennEnergy Management
This transaction allows PennEnergy to continue the development of the Company’s decades of high-quality inventory, capitalizing on a constructive natural gas backdrop and providing growth capital for future bolt-on opportunities
About the company
EnCap Investments L.P.
Since 1988, EnCap Investments has been a leading provider of growth capital to the independent sector of the U.S. energy industry. The firm has raised 25 institutional investment funds totaling over $40 billion and currently manages capital on behalf of more than 350 U.S. and international investors. For more information, please visit www.encapinvestments.com.
Source: Press Release
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