A. Describe your advisory firm, including how long you have been in business.  Identify 
your principal owner(s). 
Edgewater Capital Management, LLC (“ECM” or the “Firm”), an Ohio limited liability company, is a 
private  equity  firm  based  in  Cleveland,  Ohio.    Founded  in  1998,  ECM  focuses  on  acquiring 
performance products companies in the lower middle market.  The Firm has extensive experience and 
expertise with niche manufacturers of specialty chemicals, pharmaceuticals and engineered substances.   
ECM serves as the investment adviser for, and currently provides discretionary investment advisory 
services to, the following private funds:  Edgewater Capital Partners II, LP (“Fund II”); Edgewater 
Capital Partners III, LP (“Fund III”);  Edgewater Capital Partners IV, LP (“Fund IV”); and Edgewater 
Capital Partners V, LP (each, a “Fund” and collectively, the “Funds”).  In addition, as described more 
fully in Item 7 below, the Firm permits certain investors and third parties to co-invest alongside a 
Fund directly into a portfolio company.  Such direct co-investments are not considered Funds or 
clients of ECM.  
Each Fund is affiliated with a general partner (each a “General Partner,” or collectively the “General 
Partners”) with authority to make investment decisions on behalf of the Funds.  Edgewater Group II, 
LLC is the General Partner of Fund II; Edgewater Group III, LLC is the General Partner of Fund 
III; Edgewater Group IV, LLC is the General Partner of Fund IV; and Edgewater Group V, LLC is 
the General Partner of Fund V.  These General Partners are deemed registered under the Investment 
Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder (“Advisers 
Act”)  pursuant  to  ECM’s  registration  in  accordance  with  SEC  guidance.    The  applicable  General 
Partner of each Fund retains investment discretion and investors in the Funds do not participate in 
the control or management of the Funds.  While the General Partners maintain ultimate authority 
over the respective Funds, ECM has been designated the role of investment adviser.  References to 
ECM  throughout  this  Brochure  also  references  the  General  Partner  entities,  unless  the  context 
otherwise requires.  For more information about the Funds and General Partners, please see ECM’s 
Form ADV Part 1, Schedule D, Section 7.A.(1) and Section 7.B.(1). 
Principal Owners/Ownership Structure 
ECM  is  owned  by  Ryan  Meany,  Christopher  Childres,  Robert  Girton,  Peter  Ostergard  and  Brian 
Leonard.  For more information about ECM’s owners and executive officers, see ECM’s Form ADV 
Part 1, Schedule A.   
B. Describe  the  types  of  advisory  services  you  offer.    If  you  hold  yourself  out  as 
specializing in a particular type of advisory service, such as financial planning, quantitative 
analysis, or market timing, explain the nature of that service in greater detail.  If you provide 
investment  advice  only  with  respect  to  limited  types  of  investments,  explain  the  type  of 
investment  advice  you  offer,  and  disclose  that  your  advice  is  limited  to  those  types  of 
investments. 
ECM provides investment advisory services as a manager to its Funds.  The Funds invest through 
privately  negotiated  transactions  in  operating  companies  in  the  performance  products  industry 
(generally  referred  to  as  “portfolio  companies”),  with  a  focus  on  companies  in  the  lower  middle 
market.    Each  portfolio  company  has  its  own  independent  management  team  responsible  for 
managing its day-to-day operations, although the senior principals or other personnel and/or third 
parties  appointed  by  ECM  will  generally serve  on  such  portfolio  companies’  respective  boards  of 
directors or otherwise act to influence control over management of portfolio companies held by the 
Funds.  In addition, in some cases, ECM will more directly influence the day-to-day management of a 
portfolio company by recruiting and installing certain individuals in various leadership roles, such as 
chief  executive  officer,  chief  operating
                                        
                                        
                                              officer,  chief  financial  officer  or  in  other  roles.    ECM’s 
investment  advisory  services  to  the  Funds  consist  of  identifying  and  evaluating  investment 
opportunities,  negotiating  the  terms  of  investments,  managing  and  monitoring  investments  and 
achieving  dispositions  of  such  investments.    Investments  are  made  predominantly  in  nonpublic 
companies.  
C. Explain whether (and, if so, how) you tailor your advisory services to the individual 
needs  of  clients.  Explain  whether  clients  may  impose  restrictions  on  investing  in  certain 
securities or types of securities. 
The Firm’s investment advice and authority for each Fund is tailored to the investment objectives of 
that Fund; ECM does not tailor its advisory services to the individual needs of investors in its Funds.  
These objectives are described in and governed by, as applicable, the private placement memorandum, 
limited partnership agreement, investment advisory agreements, subscription agreements, side letter 
agreements  and  other  governing  documents  of  the  relevant  Fund  (collectively,  “Governing 
Documents”) and investors determine the suitability of an investment in a Fund based on, among 
other  things,  the  Governing  Documents.    The  Firm  does  not  seek  or  require  investor  approval 
regarding each investment decision.   
Fund  investors  generally  cannot  impose  restrictions  on  investing  in  certain  securities  or  types  of 
securities, other than through side letter agreements.  Investors in the Funds participate in the overall 
investment  program  for  the  applicable  Fund  and  generally  cannot  be  excused  from  a  particular 
investment except pursuant to the terms of the applicable Governing Documents.  In accordance with 
industry  common  practice,  ECM  has  entered  into  side  letters  or  similar  agreements  with  certain 
investors including those who make substantial commitments of capital or were early-stage investors 
in the Funds, or for other reasons in the sole discretion of ECM, in each case that have the effect of 
establishing rights under, or altering or supplementing, a Fund’s Governing Documents.  Examples 
of  side  letter  rights  entered  into  include  certain  notification  provisions,  disclosure  of  confidential 
information, transfer rights, indemnification provisions, provisions whereby investors have expressed 
an interest in participating in co-investment opportunities, advisory board representation, reporting 
requirements, tax matters and most favored nations provisions, among others.  These rights, benefits 
or privileges are not always made available to all investors, consistent with the Governing Documents 
and general market practice.  Commencing in March 2025, ECM will make required disclosure of 
certain side letters to all investors (and in certain cases, to prospective investors) in accordance with 
the new Private Fund Rule.  Side letters are negotiated at the time of the relevant investor’s capital 
commitment, and once invested in a Fund, investors generally cannot impose additional investment 
guidelines or restrictions on such Fund.  There can be no assurance that the side letter rights granted 
to one or more investors will not in certain cases disadvantage other investors.   
D. If you participate in wrap fee programs by providing portfolio management services, 
(1) describe the  differences, if any,  between how  you manage wrap fee  accounts  and how 
you  manage other accounts, and (2) explain that you receive a portion of the wrap fee for 
your  services. 
 
ECM does not participate in wrap fee programs. 
E. If  you  manage  client  assets,  disclose  the  amount  of  client  assets  you  manage  on  a 
discretionary basis and the amount of client assets you manage on a non-discretionary basis.  
Disclose the date “as of” which you calculated the amounts. 
As of December 31, 2023, ECM managed approximately $572,097,621 in Fund regulatory assets, all 
managed on a discretionary basis.  ECM does not manage any investments on a non-discretionary 
basis.