Overview
PetroCap is a Delaware limited liability company with a principal place of business in Dallas,
Texas. The Firm provides discretionary investment advisory services to pooled investment
vehicles that specializes in investments in the oil and gas and solar sectors. This Form ADV
Part 2A applies to PetroCap and its relying adviser, Aplomado. PetroCap is the investment
adviser to PetroCap Partners II, L.P., and PetroCap Partners III, L.P. (the “PetroCap Funds”)
and a related co-investment entity, Four Rivers Co-Invest, L.P. (“Four Rivers”). Aplomado is
the investment adviser to Aplomado Partners I-A, LP (Fund 1-A”), Aplomado Partners I-B,
LP (“Fund 1-B”), and Aplomado Partners Holding I, LLC (collectively, the “Aplomado Funds”,
and together with the PetroCap Funds and Four Rivers, the “Funds”).
OWNERSHIP
PetroCap was formed in 2014 and its principal owners are William Britain, Marc Manzo, and
David Hopson.
TYPES OF ADVISORY SERVICES
The Funds are currently the sole advisory clients of the Company. The PetroCap Funds
generally invest in stand-alone oil and natural gas projects with a focus on the
“upstream” or
exploration and production (E&P) segment of the domestic oil and natural gas industry. Four
Rivers generally invests in an upstream and midstream oil and gas project in the San Juan
Basin. The Aplomado Fund generally invests in solar royalties through the acquisition of
land and lease payment rights under photovoltaic (PV) solar farms that are in current
operation as well as those in the development phase.
TAILORING SERVICES
The Company provides investment advice directly to the Funds and does not tailor its
services individually to the investors. The Company invests in a manner which is consistent
with the stated investment objectives as detailed in the private placement memorandum and
limited partnership agreement (the “governing documents”) of the Funds.
WRAP FEE PROGRAMS
The Company does not participate in wrap fee programs.
REGULATORY ASSETS UNDER MANAGEMENT
As of December 31, 2023, the Company managed approximately $914 million in regulatory
assets under management, on a discretionary basis. The Company does not manage any
client assets on a non-discretionary basis.