NGP Energy Capital Management, L.L.C. (“NGP”) is a manager of private equity investment funds
organized to make direct equity investments in the energy industry. The business now conducted by NGP
began with the formation of the first Natural Gas Partners investment fund, Natural Gas Partners, L.P., in
November 1988. NGP is principally owned by NGP Management Company, L.L.C. and is also minority
owned by ECM Capital, L.P. and ECMA Holdings, L.L.C.
NGP is a private equity investment adviser that provides discretionary investment management and
advisory services to pooled private equity funds which are exempt from registration under the Investment
Company Act of 1940, as amended (the “Investment Company Act”), and the Securities Act of 1933, as
amended. These funds invest the majority of their assets directly in securities of privately-owned
companies. Because the funds are pooled investment vehicles, in general each investor participates in each
fund’s investments on the same terms and conditions, as set forth in the governing documents. Co-
investment funds are expected to be formed to co-invest alongside the funds. NGP is managed by an
Executive Committee with four voting members that currently consists of Chris G. Carter, Craig S. Glick, Jill
W. Lampert and Philip J. Deutch.
Management and advisory services for the funds, including all day-to-day operations and investing
activities, are delegated by the general partners of the funds to NGP. NGP employs all members of its
management team and personnel and it provides similar management and advisory
services for each of the
funds that are currently active.
The general partners of the funds managed by NGP are “related persons” and are not separately registered
as investment advisers with the SEC on the basis that their activities and ownership substantially overlap
with those of NGP. The general partners have undertaken to operate in conformance with all rules and
regulations under the Advisers Act of 1940, as amended (the “Advisers Act”) and the compliance policies
and procedures maintained by NGP on its and their behalf. For more information about these general
partner entities, see Item 10 below.
NGP owns interests in related entities, including an interest in the general partner of NGP Energy
Technology Partners II, L.P. (a private equity fund managed by Energy Technology Partners, LLC, that
invested in growth equity capital in companies providing technology-related products and services to the
oil and gas, power and alternative energy industries) and an interest in the general partner and the manager
of NGP Midstream & Resources, L.P. (a fund that made direct investments in the energy infrastructure, and
mining and minerals industries). An affiliate of NGP owns an interest in the related entity Tillridge GAP II GP,
L.P., the general partner of Tillridge Global Agribusiness Partners II, L.P. (a private fund that invested in
companies that provide products and services to the midstream agribusiness industry).
As of December 31, 2023, NGP managed approximately $11,277,021,508 in client assets on a discretionary
basis. NGP does not manage any client assets on a non-discretionary basis.