# Bitterroot Capital Advisors

Bitterroot Capital Advisors is a Multi Family Office based in Bozeman, United States.

## Overview

- **Organization type:** Multi Family Office
- **Headquarters:** Bozeman, United States
- **Region:** North America
- **Address:** Bozeman, MT, United States
- **Founded:** 1998
- **Assets under management:** 1.45B (Altss estimate)
- **Website:** bitterrootcapital.com
- **LinkedIn:** https://www.linkedin.com/company/bitterroot-capital-advisors

## Regulatory record

- **CRD number:** 109088
- **SEC file number:** 801-58029
- **Registration status:** APPROVED
- **Latest Form ADV filing:** 2026-04-30T05:00:00.000Z
- **Reports private funds:** No
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/109088

## About

Andrew S. Martzloff established Bitterroot Capital Advisors in 1998. He retains 61 percent ownership. Carl W. Gardiner holds the remaining 25 percent stake. The firm allocates across private equity, hedge funds, real estate, private credit, and natural resources. It also executes direct co-investments and secondaries. Geographic reach spans North America, Europe, Asia, Africa, South America, and Oceania. No specific portfolio companies appear in public records. The team includes Chief Operating Officer Carrie P. Chestnut. Keith Gertsen joined as Partner in October 2024 after more than twenty years of prior professional ties to Martzloff and Gardiner. Bitterroot maintains a board seat at the Property and Environment Research Center. Bitterroot operates without proprietary funds or products. It instead selects third-party managers and structures mandates around client-specific risk parameters.

## Sectors

- Energy Transition & Renewables
- PropTech
- Healthcare Services
- AI/ML
- Biotech

## People

- Andrew S. Martzloff — Founder / Majority Owner
- Keith Gertsen — Partner

## Questions

### Who runs investment decisions at Bitterroot Capital Advisors?

Andrew S. Martzloff serves as founder and majority owner. Carl W. Gardiner acts as co-owner and business partner. Keith Gertsen joined as partner in October 2024.

### Does Bitterroot Capital Advisors participate in fund commitments or only direct deals?

The firm uses fund commitments, direct co-investments, SPVs, secondaries, and distressed strategies.

### What investment stages does Bitterroot Capital Advisors typically target?

It covers buyout, growth equity, and venture capital stages.

### Where does Bitterroot Capital Advisors maintain its headquarters?

The firm is headquartered in Bozeman, Montana.

## Related profiles

- [Delegate Advisors](https://altss.com/profile/delegate-advisors)
- [Auxano Advisors](https://altss.com/profile/auxano-advisors-llc)

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Last updated: 2026-06-28T01:52:43.672Z

Canonical page: https://altss.com/profile/bitterroot-capital-advisors-llc

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