{ "crd_number": 167240, "slug": "tailwater-capital-dallas-tx-167240", "primary_business_name": "TAILWATER CAPITAL", "legal_name": "TW-IM, LLC", "dbas": [ "TAILWATER" ], "city": "Dallas", "state": "TX", "country": "United States", "cbsa_code": "19100", "metro": { "cbsa_code": "19100", "common_name": "Dallas", "msa_name": "Dallas-Fort Worth-Arlington, TX", "path": "/advisors/tx/dallas" }, "registration_type": "sec", "registration_status": "Approved", "registration_date": "2013-03-28", "years_registered": 13, "period": "2026-10-01", "filing_date": "2026-06-12", "carried_forward": false, "raum_total": 3974046326.0, "raum_discretionary": 3314298688.0, "raum_non_discretionary": 659747638.0, "raum_band": "1b_5b", "raum_band_label": "$1 billion to $5 billion", "total_employees": 46, "advisory_employees": 27, "client_count_bucket": null, "clients_by_type": { "pooled_investment_vehicles": { "raum": 3974046326.0, "count": 21 } }, "compensation_types": [ "percentage_of_aum", "performance_based" ], "advisory_activities": [ "other", "portfolio_management_pooled_vehicles" ], "wrap_fee_participant": false, "disclosure_yes_count": 0, "states_registered": [ "TX" ], "websites": [ "https://linkedin.com/COMPANY/TAILWATER-CAPITAL-LLC", "https://tailwatercapital.com" ], "iapd_url": "https://adviserinfo.sec.gov/firm/summary/167240", "city_as_filed": "DALLAS", "url": "https://advisorcensus.com/firm/tailwater-capital-dallas-tx-167240", "display_name": "Tailwater Capital", "summary": "Tailwater Capital is an SEC-registered investment advisory firm in Dallas, TX, registered since 2013, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated June 12, 2026.", "citation": "AdvisorCensus. Tailwater Capital (CRD 167240): Form ADV filing data as of October 2026.", "registration_type_label": "SEC-registered investment adviser", "compensation_labels": [ "A percentage of assets under your management", "Performance-based fees" ], "advisory_activity_labels": [ "Portfolio management for pooled investment vehicles (other than investment companies)", "Other" ], "quick_answers": [ { "q": "How is Tailwater Capital compensated?", "a": "On its Form ADV (Item 5.E, October 2026), Tailwater Capital reports these compensation arrangements: a percentage of assets under its management; performance-based fees." }, { "q": "Where is Tailwater Capital located?", "a": "Tailwater Capital's principal office is in Dallas, TX, according to its Form ADV; the July 2026 filing also lists 1 other office (Schedule D, Section 1.F)." }, { "q": "Is Tailwater Capital registered with the SEC or a state?", "a": "Tailwater Capital is an SEC-registered investment advisory firm, registered since 2013. Status as filed: Approved. CRD 167240." }, { "q": "How much does Tailwater Capital manage?", "a": "Tailwater Capital reports $3,974,046,326 in regulatory assets under management in its Form ADV filing dated June 12, 2026 (83% discretionary)." }, { "q": "How have Tailwater Capital's assets and staff changed since 2021?", "a": "In the Form ADV data for Tailwater Capital: Regulatory assets under management: $2,821,492,331 in the October 2021 data and $3,974,046,326 in the October 2026 data, up 41%. Total employees: 26 in October 2021 and 46 in October 2026. Assets under management move with markets as well as with clients coming and going." }, { "q": "What types of clients does Tailwater Capital serve?", "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (21)." }, { "q": "Does Tailwater Capital report any disciplinary disclosures?", "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/167240" }, { "q": "Does Tailwater Capital state an account minimum?", "a": "Its Form ADV Part 2A brochure dated June 12, 2026 says: \"The Funds generally have no minimum investment amount for third- party investors\"" }, { "q": "What changed in Tailwater Capital's recent Form ADV filings?", "a": "In the April 2026 filing data: Regulatory assets under management went from $3,397,731,345 to $3,974,046,326 (+17%)." } ], "filing_history": [ { "period": "2021-10-01", "regulatory_assets_under_management": 2821492331.0, "total_employees": 26, "filing_date": "2021-07-07" }, { "period": "2022-10-01", "regulatory_assets_under_management": 3379624080.0, "total_employees": 43, "filing_date": "2022-03-31" }, { "period": "2023-10-01", "regulatory_assets_under_management": 3318460315.0, "total_employees": 41, "filing_date": "2023-03-31" }, { "period": "2024-10-01", "regulatory_assets_under_management": 3125915284.0, "total_employees": 48, "filing_date": "2024-03-28" }, { "period": "2025-10-01", "regulatory_assets_under_management": 3397731345.0, "total_employees": 46, "filing_date": "2025-03-31" }, { "period": "2026-10-01", "regulatory_assets_under_management": 3974046326.0, "total_employees": 46, "filing_date": "2026-06-12" } ], "recent_changes": [ { "period": "2026-04-01", "period_label": "April 2026", "notes": [ "Regulatory assets under management went from $3,397,731,345 to $3,974,046,326 (+17%)." ] } ], "fees_from_brochure": { "source": "Form ADV Part 2A brochure dated June 12, 2026", "tiers": [], "flat_rate": null, "stated_range": null, "stated_maximum": null, "account_minimum": "None", "account_minimum_may_be_waived": false, "minimum_annual_fee": null, "figures": [ { "label": "Account minimum", "statements": [ "Account minimum: None" ], "quotes": [ "The Funds generally have no minimum investment amount for third- party investors" ] } ], "quotes": [ "The Funds generally have no minimum investment amount for third- party investors" ], "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable." }, "custodians": [], "custodians_note": null, "markdown_url": "https://advisorcensus.com/firm/tailwater-capital-dallas-tx-167240.md", "clients": [ { "type": "pooled_investment_vehicles", "label": "Pooled investment vehicles (other than investment companies and business development companies)", "count": 21, "fewer_than_5": false, "raum": 3974046326.0 } ], "disclosure_line": "Reports no disclosure items on Form ADV Item 11.", "disclosure_items": [], "indexable": true, "suppressed": false, "claimed": false, "enhanced": false, "provided_by_the_firm": null, "source": { "name": "Form ADV", "as_of": "2026-10-01", "iapd_url": "https://adviserinfo.sec.gov/firm/summary/167240", "operator": "BH Monitor Services, LLC", "license": "https://creativecommons.org/licenses/by/4.0/", "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data" } }