Petrocap, LLC

**Background:** PetroCap, LLC, established in 2014, is a Delaware limited liability company based in Dallas, Texas. The firm specializes in providing discretionary investment advisory services to pooled investment vehicles focusing on the oil, gas, and solar sectors. PetroCap is the investment adviser to PetroCap Partners II, L.P., PetroCap Partners III, L.P., and Four Rivers Co-Invest, L.P. Aplomado Partners, LLC, a relying adviser of PetroCap, manages Aplomado Partners I-A, LP, Aplomado Partners I-B, LP, and Aplomado Partners Holding I, LLC. **Expertise & Investment Strategy:** PetroCap's investment strategy involves investments in stand-alone oil and natural gas projects, with a focus on the upstream segment of the domestic oil and gas industry. Four Rivers invests in upstream and midstream oil and gas projects in the San Juan Basin, while Aplomado Fund focuses on solar royalties through solar farm investments. **Consumer Terms:** - **Minimum Investment:** Minimum investment amounts are specified in the governing documents of the Funds. - **Fee Structure:** Management fees are paid quarterly in advance and may be deducted directly from the Funds or called from investors. - **Fiduciary Status:** PetroCap acts as a fiduciary to the Funds. - **Investment Discretion:** PetroCap manages the Funds on a discretionary basis. - **Regulatory Assets Under Management:** As of December 31, 2024, PetroCap managed approximately $807 million in regulatory assets under management on a discretionary basis. **Investment Philosophy:** PetroCap employs a disciplined investment process from transaction sourcing to management, focusing on complementary team strengths. The firm screens and analyzes potential investments before making decisions, overlaying macro outlooks to determine exit points. **Risk Factors:** Investments involve risks such as industry concentration, lack of liquidity, inflation risk, unforeseen risks, and compliance with anti-money laundering requirements. **Code of Ethics:** PetroCap maintains a Code of Ethics ensuring compliance with ethical standards, confidentiality, personal trading policies, and prohibition against insider trading. **Proxy Voting:** The firm generally does not vote proxies but has established policies and procedures for proxy voting if required. **Financial Information:** PetroCap does not solicit prepayment of fees, has a stable financial condition, and has not been subject to bankruptcy. For more detailed information, please refer to the original brochure.