We investigate the relationship of the spontaneously inter-layer coherent ``111''state of quantum Hall bilayers at total filling factor \nu=1 to ``mutual'' composite fermions, in which vortices in one layer are bound to electrons in the other. Pairing of the mutual composite fermions leads to the low-energy properties of the 111 state, as we explicitly demonstrate using field-theoretic techniques. Interpreting this relationship as a mechanism for inter-layer coherence leads naturally to two candidate states with non-quantized Hall conductance: the mutual composite Fermi liquid, and an inter-layer coherent charge e Wigner crystal. The experimental behavior of the interlayer tunneling conductance and resistivity tensors are discussed for these states.