CIRRUS OIL & GAS CAPITAL MANAGEMENT LP

Thesis

Cirrus Oil & Gas Capital Management LP is a private equity firm founded in 2019 and based in Denver, Colorado. The firm focuses on acquiring non-operated working interests within proven U.S. resource plays, positioning itself as a specialized investor in the energy sector. Their strategy involves deploying capital into minority, non-operated positions, being basin- and commodity-agnostic. They partner with operators they have thoroughly vetted and utilize their in-house technical expertise in engineering, geosciences, and land management for due diligence and asset monitoring. This approach aims to offer investors diversified exposure to the upstream oil and gas sector without direct operational management. Cirrus employs a proprietary, data-driven underwriting method. They have invested over $400 million and screened more than 900 deals. While they report a blended IRR of 80% for their portfolio, audited performance data is not publicly available. Their investment structure is a curated portfolio of working interests, not a traditional buyout fund. Specific fund sizes and AUM are not disclosed. The firm emphasizes its technical team's expertise as a key differentiator. They operate as an Exempt Reporting Adviser (ERA).

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• Series C+ investors based in Denver, CO