ADVISORY BUSINESS
A. General Description of Advisory Firm
Permian Investment Partners, LP is a Delaware limited partnership formed on February 28,
2008, and HTC Partners, LLC, a Delaware limited liability company formed on February 28, 2008,
serves as its general partner. Our principal owners are Alex Jason Duran, Scott Michael
Hendrickson, Flinn Permian LLC, and, indirectly, Lawrence Flinn, Jr. Our affiliate, Permian GP,
LLC, a Delaware limited liability company formed on May 7, 2008, serves as the general partner
of Permian Master Fund, LP and the Permian Nautilus Master Fund, LP, which are organized as
Cayman Islands exempted partnerships (the “Master Funds”), and also serves as the general
partner of Permian Fund, LP, Permian Nautilus Fund, LP, and Permian Treble Master Fund, LP,
respectively, which are organized as Delaware limited partnerships (the “Domestic Feeders”).
Permian Investment Partners, LP serves as the investment manager of the Master Funds, the
Domestic Feeders and Permian Fund, Ltd. and Permian Nautilus Fund, Ltd., which are organized
as Cayman Islands’ exempted companies (the “Offshore Feeders,” and together, with the
Domestic Feeders, the “Feeder Funds”). The Feeder Funds invest substantially all of their assets
in limited partnership interests of the Master Funds. The Master Funds and Feeder Funds are
sometimes collectively referred to in this brochure as the “Permian Funds.”
In addition to the
Permian Funds, we also manage and/or advise certain separately managed accounts (together, the
“Managed Accounts”). From time to time, we may launch, sponsor, or provide investment
advisory services to other pooled investment vehicles or managed accounts. We refer to the
Permian Funds and the Managed Accounts, collectively, as our “Client Accounts,” or more
generally, with other potential clients, as our “clients.”
As an investment adviser, we provide discretionary investment management services and
design, structure, and implement investment strategies for our clients.
Pursuant to our investment advisory agreements with each of the Permian Funds and the
Managed Accounts, we provide advisory services and manage client assets in accordance with one
or more of our established investment strategies. Any restrictions on investing in certain securities,
types of securities, or any geographic areas or industry sectors will be specified in the investment
advisory agreement with, or offering documents of, the relevant client. See “Item 8 Methods of
Analysis, Investment Strategies and Risk of Loss” for a detailed discussion of our strategies.
B. Wrap Fee Programs
We do not participate in wrap fee programs.
C. Regulatory Assets Under Management
As of December 31, 2023 we had $2,225,591,459 in regulatory assets under management
on a discretionary basis and $0 assets under management on a non-discretionary basis.