White Deer

White Deer Management LLC is an independent, federally registered investment adviser specializing in managing energy private equity funds. Founded in 2008, the firm's primary focus is on middle-market buy-and-build private equity funds investing in energy services, oil and gas exploration, industrial services, renewables, and midstream infrastructure sectors. The firm's investment strategy includes targeting companies with strong management teams, investing $15 to $50 million of equity capital, and seeking substantial growth through various means. As of December 31, 2024, the firm's assets under management totaled $1,399,198,377. The firm charges asset-based fees, with management fees ranging from 1% to 2% based on the fund and type of investment. Additionally, the firm holds a performance-based interest in the funds, with carried interest ranging from 10% to 20% of profits. The firm exercises investment discretion for the funds on a discretionary basis. The firm has established a Code of Ethics and Personal Securities Trading Policy to address potential conflicts of interest and personal trading by employees. The firm has custody of client funds and utilizes a qualified custodian to hold all assets. The firm provides advisory services on a discretionary basis and votes client securities in a manner that maximizes value for the funds. The firm does not have any disciplinary information or requirements for state registration.