Overview
A. Merewether, a Texas limited partnership, was formed in July 2017 and has its principal place
of business in Dallas, Texas. Merewether Management GenPar, LLC, a Texas limited
liability company, is the general partner of Merewether. Rod Saddington is the principal
owner and managing member of Merewether Management GenPar, LLC. Merewether acts
as the investment manager to three sponsored master-feeder investment structures (each a
“Fund” and collectively referred to herein as the “Funds”) for sophisticated, qualified
investors (“Investors”); and (ii) sub-advised accounts (the “Managed Accounts”, which,
collectively with the Funds, are referred to as the “Clients”))1.
B. Merewether pursues its investment strategy through managing its Clients. Merewether
has discretion with respect to investment decisions made for the Clients. The Adviser
provides investment advisory services to the Funds based on the investment objectives
and strategies described in each Fund’s confidential offering memorandum and governing
documents. Merewether provides its services to the Managed Accounts in accordance with
an investment management agreement between Merewether and the respective Managed
Account.
C. Advisory services are tailored to achieve the investment objectives described in the applicable
Client’s confidential offering memorandum and governing documents, including but not
limited to an investment
management agreement (referred to collectively as “Offering
Documents”). Generally, Merewether has the authority to select which and how many
securities and other instruments to buy or sell without consultation with the Clients or Fund
Investors. Merewether does not tailor its advisory services to the individual needs of Fund
Investors and does not accept Fund Investor imposed investment restrictions. The Adviser
may tailor its advisory services with respect to the individual needs of its Managed Account
Clients. Each advisory agreement with Managed Account Clients was separately negotiated
and designed to suit the needs of the respective Client and its respective investment guidelines
which may include restrictions on investing in certain securities or types of securities.
D. The Adviser will not participate in wrap fee programs.
E. As of December 31, 2023, the Adviser managed approximately $2,295,972,250 in regulatory
assets under management on a discretionary basis. Merewether does not manage any
advisory client assets on a non-discretionary basis.
1 As a registered investment adviser, the Adviser owes a fiduciary duty to all of its clients. In 2006, the decision by
the Court of Appeals for the D.C. Circuit in Goldstein v. SEC, 451 F.3d 873 (D.C. Cir. June 23, 2006), with respect
to private funds, clarified that the “client” of an investment adviser to a private fund is the Fund itself and not an
Investor in the Fund.