9AT: PERMIAN - Summary

other names

PERMIAN
PERMIAN INVESTMENT PARTNERS, LP
PERMIAN GP, LLC (RELYING ADVISER)

Adviser Profile

As of Date	10/31/2025
Registration	SEC, Approved, 05/10/2011
ADV Location	DALLAS, TX, United States
Contact Info	212 xxxxxxx
Websites

AUM^*	2,131,220,008 -4%
of that, discretionary	2,131,220,008 -4%
Private Fund GAV^*	1,320,714,359
Avg Account Size	177,601,667 -36%
SMA’s	Yes
Private Funds	7

Adviser Type

- Large advisory firm

Number of Employees 12

of those in investment advisory functions 7

Client Types

- Pooled investment vehicles
- Pension and profit sharing plans
- Charitable organizations
- Sovereign wealth funds and foreign official institutions

Advisory Activities

- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

SEC Fund Type	Count	GAV
Fund TypeHedge Fund	Count7	GAV$1,320,714,359

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser SSI INVESTMENT MANAGEMENT LLC	Hedge Fund10.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV10.8m	AUM2.2b	#Funds1
Adviser TREE LINE CAPITAL PARTNERS, LLC	Hedge Fund2.3b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.3b	AUM3.0b	#Funds14
Adviser GAM SYSTEMATIC LLP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM2.0b	#Funds-
Adviser PRANA CAPITAL MANAGEMENT LP	Hedge Fund2.4b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.4b	AUM3.3b	#Funds2
Adviser TOMS CAPITAL INVESTMENT MANAGEMENT LP	Hedge Fund1.3b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.3b	AUM2.4b	#Funds4
Adviser 140 SUMMER PARTNERS LP	Hedge Fund4.8b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV4.8b	AUM2.8b	#Funds3
Adviser GHISALLO CAPITAL MANAGEMENT LLC	Hedge Fund3.8b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.8b	AUM3.8b	#Funds6
Adviser CARLSON CAPITAL, L.P.	Hedge Fund266.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV266.2m	AUM266.2m	#Funds12
Adviser ABRAMS BISON INVESTMENTS, L.L.C.	Hedge Fund2.5b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.5b	AUM2.5b	#Funds3
Adviser TRUST ASSET MANAGEMENT LLC	Hedge Fund1.6b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.6b	AUM2.8b	#Funds5

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker00510N102	Stock NameACUREN CORP	$ Position$193,910,968	% Position22.00%	$ Change	# Change
Stck Ticker398438408	Stock NameGrifols SA	$ Position$173,825,117	% Position20.00%	$ Change	# Change
Stck Ticker48242W106	Stock NameKBR INC	$ Position$150,514,186	% Position17.00%	$ Change	# Change
Stck Ticker629377508	Stock NameNRG ENERGY INC	$ Position$124,957,705	% Position14.00%	$ Change	# Change
Stck Ticker03852U106	Stock NameARAMARK	$ Position$81,740,429	% Position9.00%	$ Change	# Change
Stck Ticker601137102	Stock NameMILLROSE PPTYS INC	$ Position$58,932,177	% Position7.00%	$ Change	# Change
Stck Ticker00187Y100	Stock NameAPI GROUP CORP	$ Position$51,178,270	% Position6.00%	$ Change	# Change
Stck Ticker76118Y104	Stock NameRESIDEO TECHNOLOGIES INC	$ Position$41,709,116	% Position5.00%	$ Change	# Change
Stck Ticker46438F101	Stock NameISHARES BITCOIN TRUST ETF	$ Position$8,905,000	% Position1.00%	$ Change	# Change

Brochure Summary

Overview

ADVISORY BUSINESS A. General Description of Advisory Firm Permian Investment Partners, LP is a Delaware limited partnership formed on February 28, 2008, and HTC Partners, LLC, a Delaware limited liability company formed on February 28, 2008, serves as its general partner. Our principal owners are Alex Jason Duran, Scott Michael Hendrickson, Flinn Permian LLC, and, indirectly, Lawrence Flinn, Jr. Our affiliate, Permian GP, LLC, a Delaware limited liability company formed on May 7, 2008, serves as the general partner of Permian Master Fund, LP and the Permian Nautilus Master Fund, LP, which are organized as Cayman Islands exempted partnerships (the “Master Funds”), and also serves as the general partner of Permian Fund, LP, Permian Nautilus Fund, LP, and Permian Treble Master Fund, LP, respectively, which are organized as Delaware limited partnerships (the “Domestic Feeders”). Permian Investment Partners, LP serves as the investment manager of the Master Funds, the Domestic Feeders and Permian Fund, Ltd. and Permian Nautilus Fund, Ltd., which are organized as Cayman Islands’ exempted companies (the “Offshore Feeders,” and together, with the Domestic Feeders, the “Feeder Funds”). The Feeder Funds invest substantially all of their assets in limited partnership interests of the Master Funds. The Master Funds and Feeder Funds are sometimes collectively referred to in this brochure as the “Permian Funds.”

In addition to the Permian Funds, we also manage and/or advise certain separately managed accounts (together, the “Managed Accounts”). From time to time, we may launch, sponsor, or provide investment advisory services to other pooled investment vehicles or managed accounts. We refer to the Permian Funds and the Managed Accounts, collectively, as our “Client Accounts,” or more generally, with other potential clients, as our “clients.” As an investment adviser, we provide discretionary investment management services and design, structure, and implement investment strategies for our clients. Pursuant to our investment advisory agreements with each of the Permian Funds and the Managed Accounts, we provide advisory services and manage client assets in accordance with one or more of our established investment strategies. Any restrictions on investing in certain securities, types of securities, or any geographic areas or industry sectors will be specified in the investment advisory agreement with, or offering documents of, the relevant client. See “Item 8 Methods of Analysis, Investment Strategies and Risk of Loss” for a detailed discussion of our strategies. B. Wrap Fee Programs We do not participate in wrap fee programs. C. Regulatory Assets Under Management As of December 31, 2023 we had $2,225,591,459 in regulatory assets under management on a discretionary basis and $0 assets under management on a non-discretionary basis.

PERMIAN

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