RRG Capital is a Delaware limited liability company established in December 2017. RRG Capital has
been registered as an investment adviser with the Securities and Exchange Commission (“SEC”) since
June 2018. The direct owner of RRG Capital Management LLC is Renewable Resources Group LLC and
its indirect owners are D. Cole Frates and J. Ari Swiller.
RRG Capital will advise its clients on investment opportunities in the water, agriculture, food, land,
and energy sectors, as well as environmental and social impact creation opportunities.
RRG Capital provides discretionary investment advisory services to privately offered pooled
investment vehicles (the “Funds”) that will invest in, among other assets:
• Water trading, storage, conveyance, conservation;
• Agricultural land, including greenfield or operating farms growing high-value specialty crops;
• Aquaculture production and service companies;
• Renewable energy in unused land;
• Operating/management companies;
• Agricultural technology; and
• And other agricultural assets.
The Funds are limited partnerships and other investment vehicles that are exempt from registration
under the U.S. Investment Company Act of 1940, as amended, and whose interests will not be
registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”).
In addition, RRG Capital provides certain administrative, management and advisory services with
respect to the ongoing management and operations of other assets held through one or more private
investment vehicles (collectively, “Other Accounts”). The Funds and Other Accounts are sometimes
individually referred to as a “Client,” and collectively as “Clients.”
RRG Capital will manage each Client based on specific investment objectives, strategies, investment
guidelines and restrictions set forth in the offering documents, partnership agreement, limited
liability
company operating agreement, and/or investment management agreements applicable to that Client
(as amended and supplemented from time to time) (collectively, the “Governing Documents”).
Investment restrictions may be waived in certain cases in accordance with the Governing Documents.
See Item 8. Methods of Analysis, Investment Strategies and Risk of Loss.
RRG Capital does not provide investment advice to separately managed accounts nor does it provide
investment advice to individual investors in any Client. However, RRG Capital may from time to time
enter into a side letter or similar agreement with certain investors in a Client (each, an “Investor”)
that may entitle such Investor to rights (including economic or other terms) under or altering or
supplementing a Client’s Governing Documents as to that Investor only. Such agreements may
provide more favorable terms with respect to (i) opting out of particular investments; (ii) reporting
obligations of the Client; (iii) transfers to affiliates; (iv) co-investment opportunities; (v) withdrawal
rights due to adverse tax or regulatory events; and (vi) consent rights to certain Governing Document
amendments.
One of RRG Capital’s Clients, in partnership with a fund managed by Capricorn Investment
Management Group, LLC (“Capricorn”), has sponsored a special purpose acquisition company (a
“SPAC”), Sustainable Development Acquisition I Corp. (“SDAC”), which is a publicly-traded “blind pool”
entity that raises a pool of capital from public investors and looks to deploy that cash to acquire all or
a part of a private (or potentially public) company. More information on SDAC can be found in Item
10 of this Part 2A. SDAC is not an advisory client of RRG Capital. RRG Capital or its Clients may sponsor
other SPACs in the future.
As of December 31, 2022, RRG Capital had $2,473,276,506 in regulatory assets under management.