Tw Im, Llc
SEC-registered
Private Fund Manager · Mid-sized ($1B–$10B)
CRD 167240
· SEC file 801-77769
· Dallas, TX
· TAILWATERCAPITAL.COM
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ADV data as of Jun 12, 2026
- Regulatory AUM
- $4.0B
- Discretionary
- $3.3B
- Clients
- 21
- Avg AUM / client
- $189M
- Accounts
- 21
- Employees
- 46
AUM over time
$0
$4.0B
Dec 2012
Jun 2026
Annual snapshots from Form ADV filings · as of Jun 12, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 21 | $4.0B | 100.0% |
Private funds (12)
Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $3.1B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Tailwater Energy Fund Iv Lp master | Private Equity Fund | Delaware | $1.3B | 66 |
| Tailwater Energy Fund Iii Lp | Private Equity Fund | Delaware | $675M | 84 |
| Tailwater Energy Fund Ii Lp | Private Equity Fund | Delaware | $381M | 102 |
| Tailwater E&P Opportunity Fund Ii Lp | Private Equity Fund | Delaware | $291M | 15 |
| Goodnight Midstream Co Invest Lp | Private Equity Fund | Delaware | $129M | 31 |
| Silver Creek Midstream Co Invest Lp | Private Equity Fund | Delaware | $119M | 28 |
| Tailwater Royalties Fund Lp | Private Equity Fund | Delaware | $106M | 110 |
| Tw Tsl Holdco Lp | Private Equity Fund | Delaware | $50.7M | 3 |
| Tailwater E&P Opportunity Fund Lp | Private Equity Fund | Delaware | $42.1M | 34 |
| Blue Tide Environmental Co Invest Lp | Private Equity Fund | Delaware | $31.4M | 5 |
| Tw Ef Ii Advisors Lp | Private Equity Fund | Delaware | $4.4M | 4 |
| Tailwater Energy Fund Ii (N Qp) Lp | Private Equity Fund | Delaware | $1.7M | 7 |
People (3)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Downie, Jason, Howland | Managing Partner | Mar 2013 (13y) | Less than 5% | |
| Herring, James, Edward | Managing Partner | Mar 2013 (13y) | Less than 5% | |
| Blakeman, Brian, Michael | Chief Compliance Officer And Vice President Of Tax And Finance | Sep 2013 (13y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Tailwater Capital, Llc | Sole Member | Mar 2013 | A | 75% or more |
| Tailwater Holdings, Lp | Member | Dec 2014 | B | ≈ 56.25% – 100% via Tailwater Capital, Llc |
| 2021 Herring Family Trust | Owner | Nov 2021 | B | ≈ 21.09% – 75% via Ek Horizon Partners, Lp |
| Down E Holdings, Lp | Partner | Dec 2020 | B | ≈ 28.13% – 75% via Tailwater Holdings, Lp |
| Ek Horizon Partners, Lp | Partner | Dec 2020 | B | ≈ 28.13% – 75% via Tailwater Holdings, Lp |
| 2021 Downie Family Trust | Owner | Oct 2021 | B | ≈ 14.06% – 56.25% via Down E Holdings, Lp |
| Tw Gp Holdings, Llc | General Partner | Dec 2014 | B | GP / trustee / elected manager of Tailwater Holdings, Lp (indirect) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Tailwater Holdings, Lp: 75% – 100% of Tailwater Capital, Llc × 75% – 100% direct ≈ 56.25% – 100% of the firm
- 2021 Herring Family Trust: 75% – 100% of Ek Horizon Partners, Lp × 50% – 75% of Tailwater Holdings, Lp × 75% – 100% of Tailwater Capital, Llc × 75% – 100% direct ≈ 21.09% – 75% of the firm
- Down E Holdings, Lp: 50% – 75% of Tailwater Holdings, Lp × 75% – 100% of Tailwater Capital, Llc × 75% – 100% direct ≈ 28.13% – 75% of the firm
- Ek Horizon Partners, Lp: 50% – 75% of Tailwater Holdings, Lp × 75% – 100% of Tailwater Capital, Llc × 75% – 100% direct ≈ 28.13% – 75% of the firm
- 2021 Downie Family Trust: 50% – 75% of Down E Holdings, Lp × 50% – 75% of Tailwater Holdings, Lp × 75% – 100% of Tailwater Capital, Llc × 75% – 100% direct ≈ 14.06% – 56.25% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (12, $3.1B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Tailwater Energy Fund Iv Lp | Private Equity Fund | $1.3B | $500K | 66 |
| Tailwater Energy Fund Iii Lp | Private Equity Fund | $675M | $5.0M | 84 |
| Tailwater Energy Fund Ii Lp | Private Equity Fund | $381M | $5.0M | 102 |
| Tailwater E&P Opportunity Fund Ii Lp | Private Equity Fund | $291M | $0 | 15 |
| Goodnight Midstream Co Invest Lp | Private Equity Fund | $129M | $0 | 31 |
| Silver Creek Midstream Co Invest Lp | Private Equity Fund | $119M | $1.0M | 28 |
| Tailwater Royalties Fund Lp | Private Equity Fund | $106M | $0 | 110 |
| Tw Tsl Holdco Lp | Private Equity Fund | $50.7M | $0 | 3 |
| Tailwater E&P Opportunity Fund Lp | Private Equity Fund | $42.1M | $0 | 34 |
| Blue Tide Environmental Co Invest Lp | Private Equity Fund | $31.4M | $0 | 5 |
| Tw Ef Ii Advisors Lp | Private Equity Fund | $4.4M | $0 | 4 |
| Tailwater Energy Fund Ii (N Qp) Lp | Private Equity Fund | $1.7M | $0 | 7 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 06/12/2026 | 5.14 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for pooled investment vehicles
- • Other services
Custody
Firm reports having custody of client funds or securities (Item 9.A).
No custodian data reported or mined yet.
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Jun 12, 2026.
View current Form ADV (SEC/IAPD) ↗