Cibolo is an investment adviser organized as a Delaware limited liability company which was formed
in June 2016 to pursue alternative credit opportunities and non-control equity investments in energy
and energy related infrastructure projects and companies in North America. Justin Teltschik and J.
William Sikora (together referred to as the “Founders”) are the sole members of Cibolo. A two-
person committee, consisting of Messrs. Teltschik and Sikora controls Cibolo and manages its
operations. The Management Company together with an affiliate, Cibolo Energy Partners GP, LP
(the “Fund I General Partner”) and Cibolo Energy Partners II GP, LP (the “Fund II General Partner”
or together with the Fund I General Partner, the “General Partners”) provides discretionary advisory
services to private investment vehicles. Cibolo provides investment advisory services to Cibolo
Energy Partners I, LP (“Fund I”), Cibolo Energy Partners II, LP (“Fund II”) and CEP Associates
Vehicle, LP that primarily target privately negotiated debt and equity-like investments in lower,
middle market energy companies in the general target range of $20 million to $75 million per
standalone investment. The Funds’ investments seek to provide capital to energy companies to
allow them to recapitalize their balance sheets, access additional liquidity, and provide growth
capital for both acquisitions and organic development. Cibolo expects that the Funds’ portfolio
companies will be able to leverage these relationships to optimize production, lower operating
expenses, and increase commodity-price realizations.
Cibolo currently provides, and may in the future provide, similar services to private funds and/or
accounts that have been formed to co-invest with Fund I and/or Fund II in one or more portfolio
companies. Such funds
and/or accounts are generally structured in a manner similar to Fund I and
Fund II (each such fund and/or account, a “Co-investment Fund”, and collectively, the “Co-
investment Funds”). Cibolo currently provides investment advisory services to the following
Coinvestment Funds: Cibolo Energy Coinvestment I, LLC, Cibolo Energy Coinvestment II, LLC,
Cibolo Energy Coinvestment III, LLC, Cibolo Energy Coinvestment V, LLC, Cibolo Energy
Coinvestment VI, LLC, Cibolo Energy Coinvestment VII, LLC and Cibolo Cornerstone
Coinvestment, LP. For purposes of this brochure, each of Fund I, Fund II and any current and
future Co-Investment Funds are individually referred to as a “Fund” and collectively as the
“Funds” or the “Clients.”
Investment advice is provided directly to the Funds in accordance with the applicable governing
and offering documents, including certain investment restrictions and guidelines applicable to
each Fund, and not individually to underlying investors. Fund limited partners generally do not
have the ability to direct the Funds’ investments or strategies, however, Cibolo has agreed to
certain investment criteria in conjunction with the Fund limited partners as generally set forth in
accordance with the terms of each Fund’s confidential offering or private placement memoranda,
individual limited partnership or shareholder agreements and other governing documents
applicable to each Fund (the “Governing Fund Documents”).
Cibolo currently does not provide investment advisory services to Clients apart from each of the
Funds and does not provide investment advisory services for individual investors.
As of December 31, 2023, Cibolo had regulatory assets under management of approximately
$478.6 million. Cibolo does not manage any regulatory assets on a non-discretionary basis.