Pentwater Capital Management LP (collectively with the Relying Advisers (as defined below), the
“Adviser”, “Pentwater”, “we”, “us” or “our”) is a Delaware limited partnership with its principal
place of business in Naples, Florida. Together with our affiliates, PWCM New York Inc. and
Pentwater Capital Management Europe LLP (collectively, the “Relying Advisers”), which house our
New York- and European-based operations, respectively, we serve as an investment adviser or
trading manager to private investment funds (individually, a “Fund” and collectively, the “Funds”)
and separately managed accounts (together, the Funds and separately managed accounts shall be
referred to herein as “clients” or, individually, as a “client”). We provide discretionary investment
management services to our clients. The Relying Advisers are registered with the SEC as relying
advisers of Pentwater Capital Management LP under a single Form ADV filing.
We were founded in 2007 and commenced investment advisory operations in that same year. Our
principal owner and founder is Matthew C. Halbower. We also are owned by Halbower Holdings
Inc., which serves as our general partner and is wholly owned and controlled by Mr. Halbower, and
the Halbower Legacy Trust, (which is also a principal owner of the Adviser), and was established for
the benefit of Mr. Halbower’s family and is controlled by two co‐trustees, Julie Halbower and Susan
Halbower. The Relying Advisers are direct or indirect wholly owned subsidiaries of Pentwater
Capital Management LP – please refer to Schedule R of the Adviser’s Form ADV Part 1A for
additional information.
The Funds we advise are private investment funds and are offered and sold to investors under
exemptions from applicable securities laws. The Funds we advise are private investment fund
structures commonly referred to as “master‐ feeder” structures and private funds.
• Pentwater Event Funds:
o Pentwater Event Fund LLC
o Pentwater Event Fund Ltd.
o PWCM Master Fund Ltd.
• Pentwater Equity Opportunities Funds:
o Pentwater Equity Opportunities Fund LLC
o Pentwater Equity Opportunities Fund Ltd.
o Pentwater Equity Opportunities Master Fund Ltd.
• Oceana Funds:
o Oceana Fund LLC
o Oceana Fund Ltd.
o Oceana Master Fund Ltd.
• Pentwater Merger
Arbitrage Funds:
o Pentwater Merger Arbitrage Fund LLC
o Pentwater Merger Arbitrage Fund Ltd.
o Pentwater Merger Arbitrage Master Fund Ltd.
• Pentwater Unconstrained Funds:
o Pentwater Unconstrained Fund LLC
o Pentwater Unconstrained Fund Ltd.
o Pentwater Unconstrained Master Fund Ltd.
• Pentwater Credit Funds:
o Pentwater Credit Fund LLC
o Pentwater Credit Fund Ltd.
o Pentwater Credit Master Fund Ltd.
Restrictions on the type of investments and exposures that we will make in a particular Fund, which
are set forth in the offering documents and organizational documents of the respective Funds (the
“Offering Documents”) are implemented. In the absence of such restrictions in the Offering
Documents for a Fund, we are free to invest the Fund’s assets in any type of securities, instruments,
or other assets. The investment advice we provide to the Funds is dependent on the investment
objectives of the respective Fund as set forth in the Fund’s governing documents. Such investment
advice is not based upon the individual needs of the investors in the Funds. The information in this
Brochure that describes or relates to the Funds is qualified in its entirety by the Offering Documents
for the Funds. This Brochure is not a substitute for the Offering Documents and should not be treated
as such.
We also provide investment services from time to time to other types of investment vehicles including
single investor hedge funds, commonly referred to as a fund of one. These investment vehicles are
negotiated and tailored to the specific needs of the investor. Single investor vehicles may not be
offered or available to all investors.
We also provide investment services to clients through separately managed accounts. When
providing investment services to separately managed accounts, we generally tailor our advisory
services to the individual needs of such clients, including any specific guidelines or restrictions such
client request.
Please see Item 8 - “Methods of Analysis, Investment Strategies and Risk of Loss” for a more detailed
discussion of our investment objective and strategies.
As of December 31, 2023, we manage regulatory assets of $8,351,972,000 on a discretionary basis.
We do not currently manage any client assets on a non-discretionary basis.