CPMG, Inc., a Texas corporation and private investment advisory firm (“we,” “us,” “our” or “CPMG”), was formed
in 2005. When CPMG was formed it assumed the advisory business of Cardinal Investment Company, Inc., a Texas
corporation and private investment advisory firm which was formed in 1972. We provide investment management
and other services to various private pooled investment vehicles and a separately managed account with respect to
investments in securities and other financial instruments. We have full discretionary authority with respect to
investment decisions, and our investment advice is provided in accordance with the investment objectives and
guidelines set forth in the applicable offering, governing and/or account documents. The information set forth in
this brochure is qualified in its entirety by the applicable offering, governing and/or account documents.
R. Kent McGaughy, Jr. and Antal R. Desai are our shareholders.
Funds
We serve as investment manager to various private pooled investment vehicles organized as Texas limited
partnerships, including Bearded Reedling, LP, (“Bearded Reedling”), Bullfinch, LP, (“Bullfinch”), Canary
Partners, LP (“Canary”), Cerulean Warbler, LP (“Cerulean Warbler”), Cotinga, LP (“Cotinga”), Garganey, LP
(“Garganey”), Ibisbill, L.P. (“Ibisbill”), Kestrel Fund, L.P. (“Kestrel”), Oriole, LP (“Oriole”), Petrel Fund, L.P.
(“Petrel”), Snowy Owl, LP,
(“Snowy Owl”), Whimbrel Partners, LP (“Whimbrel”), White Tailed Ptarmigan, LP
(“Ptarmigan”), and Willet Fund, L.P. (“Willet”).
In addition, we serve as investment manager to various private investment vehicles, including Barred Owl Partners,
L.P. (“Barred Owl”), Crested Crane, L.P. (“Crested Crane”), Elepaio Partners, LP (“Elepaio”), Gallopavo, LP
(“Gallopavo”), Killdeer Fund, L.P. (“Killdeer”), Mallard Fund, L.P. (“Mallard”), Nighthawk Partners, LP
(“Nighthawk”), Roadrunner Fund, L.P. (“Roadrunner”), and Yellow Warbler, L.P. (“Yellow Warbler,” and
together with Barred Owl, Crested Crane, Elepaio, Gallopavo, Killdeer, Mallard, Nighthawk, and Roadrunner, the
“Institutional Funds,” and the Institutional Funds together with Bearded Reedling, Bullfinch, Canary, Cerulean
Warbler, Cotinga, Ibisbill, Garganey, Kestrel, Petrel, Oriole, Ptarmigan, Snowy Owl, Whimbrel, and Willet, the
“Funds”). The Institutional Funds have been established as private investment vehicles primarily for the benefit of
one or more institutional investors and their affiliates.
We serve as investment manager with respect to each of the Funds and are responsible for investing and re-investing
the assets of each Fund in securities, financial instruments and/or other assets in accordance with the investment
objectives, policies and guidelines set forth in the applicable offering memoranda and/or governing documents. See