American Resource Development LLC (Ameredev) closed $250 million in equity from private-equity firm EnCap Investments LP, the company said July 7.

Austin, Texas-based Ameredev acquires and develops Permian Basin oil and gas properties. Its management team is comprised of former employees of Three Rivers Operating Co., Cimarex Energy Co. and Concho Resources Inc.

The company has a combined $23 billion of M&A and $2.2 billion of exploration and development capital investment experience.

"We are excited to be partnering with a firm with a history of generating exceptional returns that shares our focus on capital preservation, relationships, and having a balanced commercial and technical perspective," Parker Reese, president and CEO, said.

"Our investment in Ameredev has allowed EnCap to partner with an energetic management team that has a history of creating value in the upstream E&P space," said Jason DeLorenzo, managing partner of EnCap. "We look forward to building a successful and lasting partnership with Parker Reese and his group."

EnCap Investments has raised 19 institutional oil and gas investment funds totaling about $27.5 billion. About 220 upstream and midstream companies have invested with EnCap.