# White Deer

> White Deer is an SEC-registered investment advisory firm in Houston, TX, registered since 2012, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated August 20, 2026.

- CRD: 161361
- Filed as: WHITE DEER
- Legal name: White Deer Management LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Houston, TX
- Filing period: October 2026
- Form ADV filing dated: August 20, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/161361
- AdvisorCensus page: https://advisorcensus.com/firm/white-deer-houston-tx-161361

## Quick answers

**How is White Deer compensated?**
On its Form ADV (Item 5.E, October 2026), White Deer reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees.

**Where is White Deer located?**
White Deer'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 White Deer registered with the SEC or a state?**
White Deer is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 161361.

**How much does White Deer manage?**
White Deer reports $960,846,750 in regulatory assets under management in its Form ADV filing dated August 20, 2026 (100% discretionary).

**How have White Deer's assets and staff changed since 2021?**
In the Form ADV data for White Deer: Regulatory assets under management: $1,364,542,636 in the October 2021 data and $960,846,750 in the October 2026 data, down 30%. Total employees: 19 in October 2021 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does White Deer serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (13); other (2).

**Does White Deer 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/161361

**What changed in White Deer's recent Form ADV filings?**
In the September 2026 filing data: No longer lists an office in New York, NY.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $960,846,750
- Discretionary: $960,846,750
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 13 | $926,240,772 |
| Other | 2 | $34,605,978 |

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

### Firm details
- Registered since: 2012 (14 years)
- Employees: 9 total, 7 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: 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
- New York, NY

### Websites listed on Form ADV (Item 1.I)
- whitedeerenergy.com
- LinkedIn @WHITE-DEER-ENERGY

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,364,542,636 | 19 | June 17, 2021 |
| October 2022 | $1,646,893,555 | 17 | April 28, 2022 |
| October 2023 | $1,903,454,806 | 20 | March 28, 2023 |
| October 2024 | $1,337,350,359 | 11 | July 1, 2024 |
| October 2025 | $1,399,198,377 | 10 | July 30, 2025 |
| October 2026 | $960,846,750 | 9 | August 20, 2026 |

Regulatory assets under management: $1,364,542,636 in the October 2021 data and $960,846,750 in the October 2026 data, down 30%.
Total employees: 19 in October 2021 and 9 in October 2026.

## Changes in the filing (last 12 months)

### September 2026
- No longer lists an office in New York, NY.

### April 2026
- Employees performing advisory functions went from 8 to 7.
- Regulatory assets under management went from $1,448,117,802 to $960,846,750 (-34%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. White Deer (CRD 161361): Form ADV filing data as of October 2026.