A. General Description of Advisory Firm.
Key Square, an investment advisory firm organized in 2015 under the laws of the State of Delaware,
provides discretionary investment advisory services to clients that include current and future funds
and managed accounts (collectively, the “Clients”). Key Square is headquartered in Greenwich, CT,
with offices in Charleston, South Carolina and London, United Kingdom.
Key Square is ultimately controlled by Mr. Scott Bessent.
B. Description of Advisory Services.
Key Square currently manages assets for various clients, including, but not limited to, the following
commingled funds:
1
• Key Square Master Fund LP, a Cayman Island exempted limited partnership (“Master Fund
I”), Key Square Partners LP, a Delaware limited partnership, and Key Square International
Fund Ltd, a Cayman Islands exempted limited company (together, “Fund I”); and
• Key Square Master Fund II LP, a Cayman Island exempted limited partnership (“Master
Fund II”), Key Square Partners II LP, a Delaware limited partnership, and Key Square
International Fund II Ltd, a Cayman Islands exempted limited company (“Fund II” and
together, with Fund I, each a “Fund” and collectively, the “Funds”).
Key Square Fund General Partner I LP (“General Partner I”) is the general partner of Key Square
Partners LP and Key Square Master Fund LP. Key Square Fund General Partner II LP (“General
Partner II”) is the general partner of Key Square Partners II LP and Key Square Master Fund II LP.
Furthermore, Key Square Capital Management LLC is the investment manager of the Master Funds.
Key Square currently applies a multidisciplinary approach to investing and may pursue multiple
investment strategies including, without limitation: multi-asset global macro; long/short equities;
investing in commodity and commodity-related industries; high yield, credit and distressed credit;
event-driven/special situations investing; and relative value investing. Key Square’s investment
objective is to achieve superior risk-adjusted returns over the medium to long term by seeking
capital appreciation through a multi-asset global macro strategy, without being limited by pre-
defined strategies with respect to each Client. In some cases, there are no limitations on the markets
or types of instruments in which an Investment Manager (as defined below) may pursue investments
deemed by it to have the most attractive risk-reward characteristics for each Client. The Investment
Manager utilizes the services of any sub-advisor or similar consultant (including the Sub-Advisor
(as defined in Item 10 below)) to provide non-binding (
i.e.,
with no authority to either bind Clients
or make investment decisions) research-related or other advice, operational due diligence or on-
going monitoring of investments, trade execution, accounting and operational and other outsourced
1 In addition to its current and future commingled structures, Key Square currently does, and may in the future,
manage separate dedicated bespoke vehicles, single trading subsidiaries and/or managed accounts.
services. Please see Item 10 (Other Financial Industry Activities and Affiliations) below for additional
information associated with the Service Provider.
Key Square’s investment strategies are more fully described
in the offering documents for each
Fund and will be available in the offering documents or agreements for any other current or future
Client. Please see Item 8 (Methods of Analysis, Investment Strategies and Risk of Loss) below for
a more detailed description of the investment strategies pursued and types of investments made by
Key Square.
The descriptions set forth in this Brochure of specific advisory services that Key Square offers to
Clients, and investment strategies pursued, and investments made by Key Square on behalf of its
Clients, should not be understood to limit in any way Key Square’s investment activities. Key Square
may offer any advisory services, engage in any investment strategy and make any investment, even
if not described in this Brochure, that Key Square considers appropriate, subject to each Client’s
investment objectives and guidelines. Not all of the strategies described in this Brochure may be
used at the same time or in the same proportions, and Key Square may add, suspend, eliminate or
modify investment strategies at its discretion. The investment strategies Key Square pursues are
speculative and entail substantial risks. Investors should be prepared to bear a substantial loss of
capital. There can be no assurance that the investment objectives of any Client will be achieved.
C. Availability of Tailored Services for Clients.
As mentioned above, Key Square’s investment advice is subject to investment objective and
guidelines of each Client, as set forth in the offering documents and/or constituent documents of
such Client, as applicable. With respect to the Funds, Key Square’s advice is not subject to
modification by investors, other than certain investors who currently have and may in the future
have more favorable rights not afforded to other investors such as (i) greater information than may
be provided to other investors, including greater transparency into a Client’s portfolio; (ii) different
liquidity rights; (iii) different fee and/or allocation terms; (iv) different transfer rights; (v) risk, tax
or other reporting and/or (vi) different portfolios.
The terms of Clients (other than the Funds) in some cases, currently are, or may in the future be,
individually negotiated and provide better terms than those offered to investors in the Funds,
including, but not limited to, lower management and performance-based compensation, different
liquidity, leverage, expenses, loss carry forward, high water mark, liability, indemnity, risk and/or
compliance restrictions, tax reporting, co-investment, most favored nation and information rights
(including better transparency with respect to the holdings of each Client) relative to other investors.
Some Clients have overlapping strategies to other Clients, and some do not and may not in the
future.
D. Wrap Fee Programs.
Key Square does not participate in wrap fee arrangements.
E. Assets under Management.
As of December 31, 2023, Key Square had approximately $577 million in regulatory assets under
management. In addition to managing assets for its Clients and advising its non-discretionary sub-
advisory relationship, Key Square has a consulting relationship with a third-party family
office/endowment that has approximately $11 billion of assets under management.