White Deer Management LLC (the “Firm”) is an investment advisory firm founded in
2008 to manage energy private equity funds. The founding partners and principal owners of the
Firm are Thomas J. Edelman and Ben A. Guill (the “Founding Partners”). James K. Meneely III
and Joseph R. Edwards are the “Managing Partners” (and together with the Founding Partners,
the “Partners”). The Firm’s clients are private equity funds sponsored by the Partners and their
affiliates, as follows: (i) White Deer Energy L.P. II and its three parallel funds, White Deer Energy
IND L.P. II, White Deer Energy FI L.P. II and White Deer Energy TE L.P. II (collectively, the
“WD II Funds”), (ii) White Deer Energy L.P. III and its three parallel funds, WD III NEP Coinvest
LP, WD III Coinvest LP and White Deer Energy FI L.P. III (collectively, the “WD III Funds”),
(iii) White Deer Fund I Liquidating Trust (the “Liquidating Trust”), (iv) WDE TorcSill Coinvest
LLC (“WDE TorcSill”) and (v) WD Thunder CV LP and its two parallel funds, WD Thunder CV
IND LP and WD Thunder CV Parallel LP (collectively, the “CV Funds”). WD III Coinvest LP
and White Deer Energy FI L.P. III are funds of one. The WD II Funds, the WD III Funds, the
Liquidating Trust, WDE TorcSill and the CV Funds are sometimes referred to as the “Funds”.
Investors in the Funds include public and private pension plans, financial institutions, endowments,
foundations and high net worth individuals.
The general partner of the WD II Funds is Edelman & Guill Energy L.P. II (“GP II”) and
the general partner of the WD III Funds and
WDE TorcSill is White Deer GP III, L.P. (“GP III”),
which includes participation from all the Firm’s Partners. The general partner of the CV Funds is
WD Thunder CV GP LP (“CV GP”). GP II, GP III and CV GP are the “General Partners” each
of which is an affiliate of the Firm. The Funds are middle market buy-and-build private equity
funds that focus on investing in the: i) energy services and equipment; ii) oil and gas exploration
and production; iii) industrial service and equipment; iv) renewable; and v) midstream
infrastructure sectors of the energy business. In pursuing investment opportunities for the Funds,
the Firm focuses on:
• Energy services and infrastructure companies in attractive market niches with strong
management teams
• Opportunities to invest $15 to $50 million of equity capital
• Continued involvement of owners and/or senior management
• Potential for substantial growth
— Internally
— Through geographic expansion
— Via consolidation
In addition, the Firm generally pursues:
• Negotiated transactions
• Conservative capitalizations
• Development of a culture of continuous improvement and operational excellence
• Potential for an attractive exit through a public offering, sale or merger
As of February 29, 2024, the Firm’s assets under management totaled $1,337,350,359. The
General Partners of the Funds, each of which is one of the Firm’s affiliates, make all investment
decisions. Advice to the Funds is provided, and all assets are managed, on a discretionary basis.