Cordillera Investment Partners, L.P. (“Cordillera” or the “Firm”), a Delaware limited partnership, was
formed in July 2015 and became a registered investment adviser with the United States Securities and
Exchange Commission (“SEC”) in April 2018. As indicated on the Firm’s Form ADV Part 1A, Agustin
“Gus” Araya, Chris Heller and Ashley Marks are the Firm’s principal owners. Cordillera Investment
Partners, LLC serves as the Firm’s general partner.
The Firm is an investment management firm that provides advisory services on a discretionary basis to a
number of privately offered pooled investment vehicles (collectively, the “Funds” and each a “Fund”).
Currently, Cordillera manages private equity Funds, each of which is a Delaware limited partnership:
Cordillera Investment Fund I, L.P., Cordillera Investment Fund I-B, L.P., Cordillera Investment Fund II,
L.P., Cordillera Investment Fund III, L.P., Cordillera Investment Fund III-B, L.P., and Cordillera Royalty
and Income Fund, L.P. (the “Royalty and Income Fund”). Cordillera also manages a hedge Fund, the
Cordillera Environmental Assets Fund LLC, a Delaware limited liability company (the “Environmental
Assets Fund”). In addition to the Funds, Cordillera manages co-investment vehicles (“Co-Investment
Vehicles”, and together with the Funds, the “Advisory Clients” and each an “Advisory Client”), each a
Delaware limited partnership, which have participated in certain investments alongside the Funds. As of
December 31, 2022, Cordillera managed the following Co-Investment Vehicles: Cordillera Crystallex Co-
Investment Fund, L.P., Cordillera Crystallex Co-Investment Fund II, L.P., Cordillera Spectrum Co-
Investment, L.P., Cordillera Spectrum Co-Investment II, L.P., Cordillera Suntex Co-Investment II, L.P.,
Cordillera ECP Co-Investment, L.P., Cordillera Environmental Assets Co-Investment, L.P.; Cordillera
Media & IP Co-Investment, L.P.; Cordillera Media & IP II Co-Investment Fund, L.P., Cordillera Media &
IP III Co-Investment Fund, L.P, Cordillera GSC Co-Investment, L.P., Cordillera High Band Co-Investment,
L.P., Cordillera C-Band Co-Investment, L.P. Cordillera also serves as sub-adviser to a hedge Fund, the
Cordillera Environmental Emissions Fund, LP, a Delaware limited partnership (the “Environmental
Emissions Fund”), which serves as a feeder fund and conducts all of its investment activities through
Global Emissions Fund, LP, a Cayman Islands exempted limited partnership, pursuant to a master-feeder
structure. In the future, Cordillera may form additional funds, including
feeder and parallel funds, co-
investment vehicles and special purpose vehicles.
Each of Cordillera Investment Partners GP I, LLC, Cordillera Investment Partners GP II, LLC, Cordillera
Investment Partners GP III, LLC, Cordillera Royalty and Income Fund GP, LLC, and Cordillera
Environmental Emissions Fund GP, LLC (each an “Affiliated General Partner” and, collectively, the
“Affiliated General Partners”) serves as the general partner of its respective Advisory Clients. Each of
the Affiliated General Partners is a related person of Cordillera and is under common control with
Cordillera. While each Affiliated General Partner retains management authority over the business and
affairs, including investment decisions, of its respective Advisory Client, Cordillera has been delegated the
role of investment adviser.
Cordillera offers co-investment opportunities to Fund investors interested in participating in any such
opportunity. Decisions regarding whether and to whom to offer co-investment opportunities, the amount
of the investment opportunities to offer, as well as the applicable terms, are made in the sole discretion of
Cordillera or its related persons or other participants in the applicable transactions, such as co-sponsors. As
such, co-investment opportunities may be offered to some and not other Fund investors, in the sole
discretion of Cordillera or its related persons, and certain persons other than Fund investors, will, from time
to time be offered co-investment opportunities, in the sole discretion of Cordillera or its related persons.
Co-investments typically are expected to involve investment and disposal of interests in the applicable
investment opportunities at the same time and on the same terms as the relevant Fund making the
investments.
Cordillera does not limit its investment advice to only certain types of investments. Please see Item 8.A.
for additional information regarding the Firm’s investment strategy.
Cordillera’s investment management and advisory services to Advisory Clients are provided pursuant to
the terms of the applicable private placement memorandum, offering documents or governing documents
and Advisory Client investors cannot obtain services tailored to their individual specific needs.
Cordillera does not participate in a wrap fee program.
As of December 31, 2022, Cordillera manages approximately $1,307,163,090 in regulatory assets under
management on a discretionary basis. Cordillera does not intend to manage any Advisory Client assets on
a non-discretionary basis.