Bayswater Management Company LP

Bayswater Management Company LP acts as a discretionary manager to privately offered pooled natural‑resources funds, overseeing roughly $991 million in regulatory assets and serving only accredited and qualified purchasers through fund vehicles rather than individualized retail accounts. Its client base consists of limited partners in a series of private funds (Fund III, Fund IV including an Annex, and Fund V) and an affiliated co‑investment vehicle, Bayswater Resources, which invests alongside the Funds.

The firm’s investment approach focuses on acquiring and developing oil and gas properties, including working interests, mineral and overriding royalty interests, and redevelopment of conventional fields, using underwriting, operator oversight, and production hedging as part of portfolio management. It employs parallel A/B fund structures — with A funds typically holding working interests (and in some cases using leverage) and B funds holding preferred equity or net profits interests — and delegates operations to affiliated operator entities that handle permitting, drilling, marketing, and revenue collection.

Compared with many peers, the brochure discloses the firm’s predecessor funds (Blenheim Natural Resources Fund I and II) and references senior management’s prior fund activity, and it also notes that the Funds hold commodity interests for hedging and that the Adviser has filed for an exemption from CFTC registration as a commodity pool operator under Reg. 4.13(a)(3). The firm’s setup is further distinguished by affiliated operator subsidiaries and a co‑investment vehicle that participates on predefined allocations (for example, certain Fund III warehoused projects had a 10% Bayswater Resources allocation and later funds are allocated 3%), arrangements the brochure discloses and addresses as related‑party and operational practices.