Waterous/WEF confusion?Adam Waterous is the general partner of the Waterous Energy Fund. The GP runs the investment portfolio of the WEF while the limited partners put up the capital and effectively own the stock in SCR. Waterous likely has limited exposure to the price moves in SCR other than how it relates to his performance fee.
In all likelihood, the performance fee for the general partner was crystalized on Strathcona going public. Typically a private equity performance fee is 20% of the gain (in addition to a 2% annual management fee). If the performance fee is around 20% of the deal price gain then Waterous' performance fee would be around $1B+ in addition to an annual management fee of about $100M (if it is 2%). These fees would be paid by the limitied partners. He has made his money without risking his own capital - that's private equity - use other people's money to make your own. Smart? Yes. Shareholder friendly? That remains to be seen..
Waterous' recent firing as board chair at the Banff Centre has also clouded his management credibility in running a public company. The impact of that situation on SCR is unclear.