Houston’s EnCap fined for ‘pay-to-play’ contributions to Abbott, others

Houston-based private equity firm EnCap Investments will pay a $500,000 fine for allegedly violating pay-to-play rules, according to a Securities and Exchange Commission settlement order.
Since 2004, public funds in Texas — including the Teachers Retirement System of Texas, the University of Texas System and the School Land Board — have invested more than $2.27 billion in funds advised by EnCap, according to the settlement.
David B. Miller, EnCap’s founder and managing partner, gave $25,000 to Gov. Greg Abbott’s campaign in 2013, campaign finance records show. He also donated more than $60,000 between 2013 and 2014 to Dan Branch, a Republican who was running for attorney general in Texas, records show.
Source: FuelFix