Blue Water Advisors LP

Blue Water Advisors LP serves pooled investment vehicles and their accredited, qualified client and qualified purchaser investors, providing discretionary investment advisory services to private funds rather than individual accounts. As of December 31, 2025 the firm reported managing approximately $927.9 million and tailors advisory services to each fund’s governing documents and stated investment objectives.

The brochure describes a deal-focused, real‑asset investment process that relies on a management team network for sourcing, formal due diligence, investment‑committee review and the use of third‑party consultants and advisors as appropriate. It also discloses performance‑based compensation arrangements (carried interest) and that management fees may be calculated on commitments, invested capital or net asset value with discretion to defer or waive fees in certain circumstances.

Compared with many peers, the firm’s marketing and distribution practices include the use of third‑party placement agents and solicitors (Item 14) and the brochure indicates that predecessor performance and endorsement‑type materials are used in its advertising. The brochure also highlights features that can be atypical for managers of this size — for example, charging a wide range of portfolio and transaction expenses to funds (including travel, charter flights and affiliate property‑management fees), explicit discussions of valuation discretion and conflicts arising from fee and carry structures, and sector emphasis on aggregates, real estate and equipment‑dealership investments.