David Waters, CFA, is Alluvial Capital Management's managing member and has focused on delivering exceptional results for investors since launching Alluvial in 2014. Waters brings professional experience from Wilmington Trust and BNY Mellon Wealth Management, providing a strong foundation in wealth management and investment advisory services. Under his leadership, Alluvial Capital Management has grown from approximately $3 million in assets at founding to over $105 million in total assets under management as of April 2025. Waters holds the Chartered Financial Analyst designation and has been registered with the SEC since January 17, 2014, with no disciplinary history. He is supported by Tom Kapfer, who serves as associate handling research, due diligence, and operational responsibilities, bringing eight years of experience from a local investment advisory firm focused on business intelligence, operations, and compliance. The management team demonstrates a commitment to long-term value creation through patient capital deployment and disciplined investment selection.

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Tactile Fund LP invests in companies with extraordinary physical assets that will stand the test of time. The fund seeks to deliver robust returns while protecting against the risks of inflation and accelerating technological change. Holdings must derive their value from exceptional physical assets which cannot be duplicated, targeting investments in businesses that fulfill fundamental human needs such as food, shelter, luxury, leisure, infrastructure, and industry. The fund employs two primary selection criteria: Durability (holdings must fulfill human needs that will be relevant 100 years from now) and Return Potential (holdings are undervalued due to market inattention, underappreciation, and barriers to ownership). The strategy focuses on three core categories: Food, Water, and Shelter; Luxury and Leisure; and Industry and Infrastructure, while explicitly avoiding unproductive assets, undifferentiated commodities, unstable jurisdictions, and poor management.

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