Encap Investments LP managing partner Murphy Markham outlines the role private equity plays in working with experienced management teams to find investment opportunities during the downturn in oil and gas. Partnering with the proper management team is the first step to turning investment dollars into positive returns in a capital constrained market. Markham outlines the reversal in investment trends for private equity from lease and drill in 2014 towards acquire and exploit, a change that suggests the acquisitions and divestitures market will improve going forward.