Sandbrook Capital Management LP, a Delaware limited partnership and a registered
investment adviser, and its affiliates (collectively, “Sandbrook”) provide investment advisory
services to investment funds privately offered to qualified investors in the United States and
elsewhere. Sandbrook commenced operations in November 2021 as “Sandbrook Capital
Management LLC,” a Delaware limited liability company, and converted to a limited partnership
in June 2023.
Sandbrook’s clients include the following (each, a “Fund,” and collectively, together with
any future private investment fund to which Sandbrook and/or its affiliates provide investment
advisory services, the “Funds”):
• Sandbrook Climate Infrastructure Fund I LP
• Sandbrook Climate Infrastructure Fund I-B LP
• Sandbrook Climate Infrastructure Fund I-C LP (together with Sandbrook
Climate Infrastructure Fund I LP and Sandbrook Climate Infrastructure Fund I-B
LP, “Climate Infrastructure Funds”)
• Sandbrook Climate Infrastructure Fund Co-Investment I-A LP
• Sandbrook Climate Infrastructure Fund Co-Investment I-B LP
• Sandbrook Climate Infrastructure Fund Co-Investment I-C LP
• Sandbrook HF Co-Invest LP
• Sandbrook NxW Co-Invest LP
• Sandbrook NxW Co-Invest II LP
The following general partner entities are affiliated with Sandbrook:
• SCIF I GP LP
• Sandbrook Co-Invest GP I LLC
• Sandbrook Co-Invest GP II LLC
(each, a “General Partner,” and collectively, together with any future affiliated general
partner entities, the “General Partners”). Each General Partner is subject to the Advisers Act
pursuant to Sandbrook’s registration in accordance with SEC guidance. This Brochure also
describes the business practices of the General Partners, which operate as a single advisory
business together with Sandbrook. Whenever from the context it appears appropriate, reference
herein to Sandbrook includes the General Partners.
The Funds are private equity funds and invest through negotiated transactions in operating
entities, generally referred to herein as “portfolio companies.” Sandbrook’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 for
such investments. Although investments are made predominantly in non-public companies,
investments in public companies are permitted, subject to the restrictions in each Fund’s respective
Governing Documents (as defined below). Where such investments consist of portfolio companies,
the senior principals or other personnel of Sandbrook or its affiliates generally serve on such
portfolio companies’ respective boards of directors or otherwise act to influence control over
management of portfolio companies in which the Funds have invested.
Sandbrook’s advisory services to the Funds are detailed in the relevant private placement
memoranda or other offering documents (each, a “Memorandum”), limited partnership or other
operating agreements of the Funds (each, a “Partnership Agreement”
and, together with any
relevant Memorandum, the “Governing Documents”) and are further described below under
“Methods of Analysis, Investment Strategies and Risk of Loss.” Investors in the Funds (generally
referred to herein as “investors” or “limited partners”) participate in the overall investment
program for the applicable Fund, but in certain circumstances are excused from a particular
investment due to legal, regulatory or other agreed-upon circumstances pursuant to the Governing
Documents; for the avoidance of doubt, such arrangements generally do not and will not create an
adviser-client relationship between Sandbrook and any investor. The Funds or the General Partners
have entered into side letters or other similar agreements (“Side Letters”) with certain investors
that have the effect of establishing rights under, or altering or supplementing the terms (including
economic or other terms) of, the Governing Documents with respect to such investors.
Additionally, as permitted by the Governing Documents, Sandbrook has provided and
expects to provide (or agree to provide) investment or co-investment opportunities (including the
opportunity to participate in co-invest vehicles) to certain current or prospective investors or other
persons, including other sponsors, market participants, finders, consultants and other service
providers, portfolio company management or personnel, Sandbrook personnel and/or certain other
persons associated with Sandbrook and/or its affiliates. Such co-investments typically involve
investment and disposal of interests in the applicable portfolio company at the same time and on
the same terms as the Fund making the investment. However, for strategic and other reasons, a co-
investor or co-invest vehicle (including a co-investing Fund) purchases a portion of an investment
from one or more Funds after such Funds have consummated their investment in the portfolio
company (also known as a post-closing sell-down or transfer), which generally will have been
funded through Fund investor capital contributions and/or use of a Fund credit facility. Any such
purchase from a Fund by a co-investor or co-invest vehicle generally occurs shortly after the
Fund’s completion of the investment to avoid any changes in valuation of the investment and
within 180 days, unless the Fund’s advisory committee otherwise consents. Where appropriate,
and in Sandbrook’s sole discretion, Sandbrook reserves the right to charge interest on the purchase
to the co-investor or co-invest vehicle (or otherwise equitably to adjust the purchase price under
certain conditions), and to seek reimbursement to the relevant Fund for related costs. However, to
the extent any such amounts are not so charged or reimbursed (including charges or
reimbursements required pursuant to applicable law), they generally will be borne by the relevant
Fund.
As of December 31, 2023, Sandbrook managed $2,147,908,316 in regulatory assets under
management on a discretionary basis. Sandbrook is ultimately managed and controlled by Kenneth
Ryan, Alfredo Marti, German Cueva, Christopher Hunt, and Carl Williams.