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Adviser Profile

As of Date 08/07/2024
Adviser Type - Large advisory firm
Number of Employees 56 3.70%
of those in investment advisory functions 36 5.88%
Registration SEC, Approved, 12/21/2015
AUM* 3,654,141,655 -7.37%
of that, discretionary 3,654,141,655 -7.37%
Private Fund GAV* 2,842,164,108 -1.55%
Avg Account Size 174,006,745 -7.37%
SMA’s No
Private Funds 22 2
Contact Info 612 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Recent News

Reported AUM

Discretionary
Non-discretionary
4B 3B 3B 2B 2B 1B 564M
2015 2016 2017 2018 2019 2020 2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypePrivate Equity Fund Count22 GAV$2,842,164,108

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Brochure Summary

Overview

Proterra is a Delaware limited partnership, established in 2015 and founded by Partners Richard Gammill, Brent Bechtle, James Sayre and Torben Thordsen (collectively, the “Founders”). As of January 1, 2024, Jim Sayre retired from Proterra. He will continue as an employee in a limited advisory role during a sunset period, but will no longer be a member of the Firm’s Management Committee, Investment Committee or Valuation Committee. In September 2019, Proterra secured a minority, non-voting investor (Pacific Current Group) who purchased a 16% stake in the firm. In June of 2023, a subsidiary of Challenger Limited (“Challenger”) acquired a 25% non-voting ownership interest in one of Proterra’s relying advisers, Proterra Investment Advisors (Singapore) Pte. Ltd. (“Proterra Singapore”). Through this acquisition, Challenger acquired Pacific Current Group’s entire interest in Proterra Singapore. In March 2024, Pacific Current Group announced that it will be selling its investment in Proterra to an affiliate of GQG Private Capital Solutions. The transaction is expected to close in the first half of 2024, according to Pacific Current Group. Proterra’s main operations are located in Minneapolis, Minnesota. The term “Proterra” as used herein, can also mean one or more of its relying advisers, as the context requires. Proterra provides investment management services to private pooled investment vehicles (“Private Funds” or “Funds”) offered to investors on a private placement basis. Proterra has various related entities that serve as either the managing members or general partners for the Funds. The interests in the Funds are not registered under the Securities Act of 1933, as amended, and the Funds themselves are not registered under the Investment Company Act of 1940, as amended. Accordingly, interests in the Funds are offered and sold exclusively to investors satisfying the applicable eligibility and suitability requirements in private transactions within the United States. Any such offer or solicitation of interests will be made pursuant
to the confidential private placement memoranda for the Funds (the “PPM”), which should be read carefully prior to investing for a description of the merits and risks of such an investment. The Private Funds are managed according to the terms set forth in each Fund’s PPM, limited partnership agreement and/or other governing documents applicable to the Fund (the “Offering Documents”), and the investment objectives for each of the Private Funds are set out in the Offering Documents that have been provided to investors. The roles and responsibilities of Proterra are defined in the Investment Advisory Agreements between Proterra and the Private Funds and in the Sub-Advisory Agreements (collectively, “Advisory Agreements”) between Proterra and its subsidiaries. In the case of Proterra Asia Food Fund 3, which is managed directly by Proterra Singapore, its Investment Advisory Agreement defines the roles and responsibilities of Proterra Singapore as investment adviser. Proterra assumed management of certain Private Funds on January 1, 2016 (the date of such assumption is referred to herein as the “Assumption Date”) from Black River Asset Management LLC (“Black River”), a formerly SEC registered investment adviser, who performed the investment management services for the Private Funds prior to the Assumption Date. Black River is a wholly owned subsidiary of Cargill, Incorporated (“Cargill”), a privately owned corporation that is an international marketer, processor and distributor of agricultural, food, financial and industrial products and services. After the Assumption Date, former employees of Black River involved in the management of the Private Funds became partners and employees of Proterra (including the Founders), and neither Black River nor Cargill has any ownership interest in Proterra. However, Cargill and certain former Black River employees remain investors in the Funds. As of December 31, 2023, Proterra manages approximately $3,654,141,655 of regulatory assets under management on a discretionary basis in its Private Funds.