Overview
A. Vortus Investment Advisors, LLC, a Texas limited liability company, is a private equity firm
located in Fort Worth, Texas. The Adviser provides investment advisory services to pooled
investment vehicles (each a “Fund” and together the “Funds”) that are exempt from registration
under the Investment Company Act of 1940, as amended (the “1940 Act”), and whose securities
are not registered under the Securities Act of 1933, as amended (the “Securities Act”).
The Adviser was formed in 2012 and is principally owned by Jeffrey W. Miller and Brian C.
Crumley (collectively, the “Principals”). The Funds are managed by the Principals, who have
more than 45 years of complementary global energy experience across a wide range of financial
disciplines supported by a foundation of technical and operational support. They have invested
across various domestic regions and internationally. The Principals have deep energy experience
in petroleum engineering, private equity operations/management, investment banking/M&A,
capital markets, public equity and debt investing or restructuring.
B. Investment advisory services include establishing each Fund’s investment objective and
selecting portfolio investments according to each Fund’s specific investment strategy, as
described in the applicable Fund’s governing documents (including confidential offering
memoranda, as applicable) (the “Offering Documents”). The investment activity of the
Adviser generally focuses on onshore Exploration & Production (“E&P”) opportunities in the
U.S. lower middle market. The Adviser seeks investment opportunities in which the Adviser
can partner with owner/operators on specific assets with conservative capital structures that
provide downside protection, enhanced visibility of investment performance and multiple exit
options.
The Adviser provides investment advisory services to each of the Funds pursuant to separate
advisory agreements or the other governing
documents. Investment advice is provided by Vortus
directly to the Funds, subject to the direction and control of the affiliated general partner of such
Fund.
Any restrictions on investments in certain types of securities are established by the general
partner of the applicable Fund and are set forth in the Offering Documents for each respective
Fund. Fund investors have imposed restrictions on the types of securities in which such Fund
may invest, including being restricted from investing in securities of an issuer that (i) has its
principal place of business outside the contiguous United States, (ii) is a publicly listed company
(subject to the exceptions described in the Offering Documents) or (iii) is a commingled blind-
pool investment fund that has not identified to its investors the specific transactions in which it
proposes to invest prior to the time such investors commit to invest in such investment fund
and that requires the payment of a management or similar fee or “carried interest” in respect of
the investment fund’s invested capital or similar incentive fee to the manager or sponsor of
such commingled investment fund (subject to the exceptions described in the Offering
Documents).
Admission to the Funds managed by the Adviser is not open to the general public.
C. While each of its Funds will follow the general strategy stated above, the Adviser tailors its
advisory services based on the individual investment strategy of each Fund and the investment
guidelines and restrictions stated in each Fund’s respective Offering Documents. The Adviser
does not tailor its investment advisory services to individual limited partners in any of the Funds.
D. The Adviser does not participate in wrap fee programs.
E. As of December 31, 2023, the Adviser managed approximately $828 million in regulatory assets
under management of client assets on a discretionary basis. The Adviser does not currently
manage assets on a non-discretionary basis.