Overview
A. Description of the Advisory Firm
BHZ Capital is a federally registered investment adviser that provides investment management
services to its Clients (as defined below). The Firm is a Delaware limited partnership which
commenced providing services in 2012 and is headquartered in San Jose, California. BHZ
Capital’s principal owners are BHLZ Equity Research, LLC and Accord Family Office, LLC.
B. Types of Advisory Services
BHZ Capital provides discretionary investment advice and management (the “Services”) to
private investment funds, the securities or interests of which are offered to investors on a private
placement basis, and include BHZ Consolidation Fund, LP and BHZ Consolidation Cayman
Fund, LP (which invests substantially all of its assets in BHZ Consolidation Fund, LP) (each a
“Fund” and collectively, the “Funds”). Affiliated entities of BHZ Capital serve as the general
partner for each of the pooled investment vehicles to which BHZ Capital currently provides
Services. BHZ Capital also could, from time to time, offer Services as a sub-advisor to various
other pooled investment vehicles (the “Sub-Advised Funds”). The Firm also could, from time to
time, provide discretionary Services to separately managed accounts (“SMAs”). Together, the
Funds, Sub-Advised Funds and SMAs will be known as Clients (the “Clients”), and individually
a Client (“Client”).
BHZ Capital focuses on
investments in the U.S. community and regional banking sector. BHZ
Capital utilizes a relative value-based strategy comprised of long and short positions in publicly
traded equity securities.
BHZ Capital manages the Clients in accordance with the investment objectives and limitations
set forth in each Client’s governing documents. BHZ Capital’s advisory services for each Client
are detailed in the Clients’ governing documents and are further described below under Item 8 in
this Brochure.
The Funds are closed to new investors and have ceased to make new investments. BHZ Capital
does not anticipate launching any new investment funds and is in the process of winding down.
C. Client Tailored Services and Client Imposed Restrictions
Advisory services are tailored to achieve the investment objectives stated in the Funds’ offering
documents but are not tailored to the individual needs of the investors in the Funds. Generally,
BHZ Capital has the authority to select which and how many securities and other instruments to
buy or sell without approval from Clients or their investors.
D. Wrap Fee Programs
BHZ Capital does not participate in wrap-fee programs.
E.Amounts under Management
As of December 31, 2023, BHZ Capital managed approximately $152,979,340 in regulatory
assets under management on a discretionary basis. Such amount is preliminary and unaudited.
BHZ Capital does not manage Client assets on a non-discretionary basis.