Drew Winston

Drew Winston is a Partner at Tailwater Capital, a Dallas-based private equity firm focused on energy and infrastructure. Tailwater’s team page states that he is responsible for sourcing, evaluating, executing, and monitoring the firm’s investments, and that he serves on the boards of Goodnight Midstream, Producers Midstream, and Triten Energy Partners.

Winston joined Tailwater in 2018. Tailwater promoted him to Principal in February 2021 and then to Partner on December 16, 2025. In announcing the Partner promotion, Tailwater said he had led sourcing, evaluation, execution, and ongoing management of investments across the firm and served on boards including WTG Energy, Central Midstream, Producers Midstream, Summit Midstream, and Goodnight Midstream.

Before Tailwater, Winston was Director of Business Development & Finance at Sage Midstream from 2014 to 2018, where his work included project origination, analysis, and execution. Earlier, he worked at Austin Ventures from 2010 to 2012 and in the investment banking group at Simmons and Company International from 2008 to 2010.

He earned an MBA from the University of Virginia Darden School of Business in 2014, where Summit Midstream’s leadership bio says he received the Frank S. Batten Scholarship and Frank Genovese Fellowship. He earned a BBA in Finance from Texas A&M University in 2007.

• Tailwater’s stated focus is “Research-Driven Energy & Infrastructure Investing,” with a “Full Immersion” approach that combines sector research, direct industry engagement, and partnership with management teams.
• The firm targets energy and infrastructure assets tied to reliability, efficiency, sustainability, and market bottlenecks, including gathering, processing, transportation, storage, distribution, carbon capture, wastewater treatment, and recycling of energy by-products.
• Tailwater has described its strategy as focused on “the highest returning assets with the least risk,” with emphasis on balance-sheet discipline and risk-adjusted returns.
• In midstream, Tailwater prioritizes infrastructure underpinned by strong basin fundamentals, fixed assets, contracted revenue streams, proprietary sourcing, and management teams with basin or vertical-segment expertise.
• Winston’s own recent comments show interest in natural gas demand-pull infrastructure. On Central Midstream, he said the company expanded Tailwater’s investments in “natural gas demand-pull infrastructure.” On WTG Energy, he pointed to demand from data centers, manufacturing reshoring, industrial growth, and Texas population growth.