# Waterous Energy Fund Management (US), LLC

> Waterous Energy Fund Management (US), LLC is an SEC-registered investment advisory firm in Houston, TX, registered since 2018, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 29, 2026.

- CRD: 290952
- Filed as: WATEROUS ENERGY FUND MANAGEMENT (US), LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Houston, TX
- Filing period: October 2026
- Form ADV filing dated: March 29, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/290952
- AdvisorCensus page: https://advisorcensus.com/firm/waterous-energy-fund-management-us-llc-houston-tx-290952

## Quick answers

**How is Waterous Energy Fund Management (US), LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Waterous Energy Fund Management (US), LLC reports these compensation arrangements: performance-based fees; other.

**Where is Waterous Energy Fund Management (US), LLC located?**
Waterous Energy Fund Management (US), LLC's principal office is in Houston, TX, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Waterous Energy Fund Management (US), LLC registered with the SEC or a state?**
Waterous Energy Fund Management (US), LLC is an SEC-registered investment advisory firm, registered since 2018. Status as filed: Approved. CRD 290952.

**How much does Waterous Energy Fund Management (US), LLC manage?**
Waterous Energy Fund Management (US), LLC reports $4,010,153,798 in regulatory assets under management in its Form ADV filing dated March 29, 2026 (0% discretionary).

**How have Waterous Energy Fund Management (US), LLC's assets and staff changed since 2021?**
In the Form ADV data for Waterous Energy Fund Management (US), LLC: Regulatory assets under management: $1,877,186,314 in the October 2021 data and $4,010,153,798 in the October 2026 data, up 114%. Total employees: 3 in October 2021 and 2 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Waterous Energy Fund Management (US), LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (12).

**Does Waterous Energy Fund Management (US), LLC report any disciplinary disclosures?**
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/290952

**Does Waterous Energy Fund Management (US), LLC state an account minimum?**
Its Form ADV Part 2A brochure dated March 29, 2026 says: "The Funds generally require a minimum initial investment of $10,000,000 however, the General Partners may waive or reduce such initial investment minimum in their sole discretion."

**What changed in Waterous Energy Fund Management (US), LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $5,166,632,243 to $4,010,153,798 (-22%).

## From the Form ADV filing

### Compensation (Item 5.E)
- Performance-based fees
- Other

### Fees and minimums (Form ADV Part 2A brochure dated March 29, 2026)

- Account minimum: $10,000,000 (the brochure says it may be waived or negotiated)

> The Funds generally require a minimum initial investment of $10,000,000 however, the General Partners may waive or reduce such initial investment minimum in their sole discretion.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $4,010,153,798
- Discretionary: $0
- Non-discretionary: $4,010,153,798

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 12 | $4,010,153,798 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 0 | Not reported |
| Other | 0 | Not reported |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2018 (8 years)
- Employees: 2 total, 2 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CT, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Greenwich, CT

### Websites listed on Form ADV (Item 1.I)
- [waterous.com](https://waterous.com)
- LinkedIn @waterous-energy-fund

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,877,186,314 | 3 | March 31, 2021 |
| October 2022 | $3,629,195,303 | 3 | March 24, 2022 |
| October 2023 | $5,703,700,373 | 2 | March 30, 2023 |
| October 2024 | $3,966,342,875 | 2 | March 28, 2024 |
| October 2025 | $5,166,632,243 | 2 | March 26, 2025 |
| October 2026 | $4,010,153,798 | 2 | March 29, 2026 |

Regulatory assets under management: $1,877,186,314 in the October 2021 data and $4,010,153,798 in the October 2026 data, up 114%.
Total employees: 3 in October 2021 and 2 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $5,166,632,243 to $4,010,153,798 (-22%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Waterous Energy Fund Management (US), LLC (CRD 290952): Form ADV filing data as of October 2026.