Firm Description
Founded in December 2015, Gillson Capital LP, a Delaware limited partnership, together with its
general partner (unless otherwise specified) (“Gillson Capital”, the “Investment Manager” or the
“Firm”), is a hedge fund manager with a focus in the financial services sector. The Investment
Manager employs a fundamental market and factor neutral long/short equity strategy focused on the
global financial services sector. This approach includes identification of emerging trends, analysis of
their impact at the sector and company level and understanding the motivations of consensus
investors. Gillson Capital seeks to create a diversified portfolio of opportunities across financial
subsectors based on compelling risk/reward ratios and idiosyncratic drivers.
Investment Advisory Services
Gillson Capital serves as the Investment Manager for and provides discretionary investment advisory
services to the following investment clients: (i) Gillson Capital Master Fund LP, a Cayman Islands
exempted limited partnership (the “Master Fund”), which is comprised of Gillson Capital Onshore
Fund LP, a Delaware limited partnership (the “Onshore Fund”) (the Onshore Fund, also referred to
as the “Feeder Fund” and together with the Master Fund, the “Fund”); and (ii) other private funds or
sub-accounts of other private funds managed by unaffiliated third-party investment advisers (“Third-
Party Funds” and together with the Fund, “Clients”). The Clients generally share the same investment
objectives and investment strategies. The purpose of the Master Fund is to achieve certain
administrative efficiencies; the Master Fund has no investors other than the Feeder Fund, the Fund’s
general partner and certain Gillson Capital employees.
With regard to the management of the Fund, pursuant to the offering memoranda, private placement
memoranda, investment management agreements, limited partnership documents and any other
organizational documents and side letters (the “Governing Documents”), the Investment Manager is
responsible for the Fund’s day-to-day management and has ultimate authority over all investment
decisions, asset acquisitions and dispositions, distributions and Fund affairs generally, subject, as
applicable, to the policies and control of the Fund general partner (the “General Partner”). Gillson
Capital does not require, nor does it seek, approval from the Fund or the investors in the Fund with
respect to its trading, nor does it accept investment restrictions imposed by such investors (although
it is permitted, in certain circumstances, to exclude certain investors from certain investments made
by the Fund). For more information about the Fund, or the General Partner, please see Gillson
Capital’s Form ADV Part 1, Schedule D, 7.A.(1) and 7.B.(1).
With regard to the management of the Third-Party Funds,
Gillson Capital’s authority is established
with each such Client on a Client-by-Client basis and memorialized in an investment management
agreement with each Client at the time of the commencement of the relationship. The Investment
Manager is similarly responsible for the day-to-day management of the Third-Party Funds and does
not require, nor does it seek, approval from the Third-Party Funds with respect to trading for such
Client. For more information about the Third-Party Funds, please see Gillson Capital’s Form ADV
Part 1, Schedule D, 7.B(2).
Investment advice is provided directly to the Clients and not individually to investors in the Clients.
With regard to the Fund, while Gillson Capital does not tailor its advisory services to the individual
needs of investors in the Fund, in order to comply with certain legal and regulatory requirements,
there can be instances when an investor does not participate in an investment by the Fund (such as
with respect to “new issues”) and appropriate measures will be taken by the respective Fund to comply
with such laws and regulations. In addition, in accordance with industry common practice, Gillson
Capital has entered into side letters or similar agreements with certain Fund investors (generally
including those who make substantial commitments of capital) that have the effect of establishing
rights under, or altering or supplementing, the Fund’s Governing Documents. Examples of side letter
rights entered into include portfolio transparency rights, reduced fees and “most favored nations”
protection. Side letter provisions are not always made available to all investors nor, consistent with
general market practice, are they required to be disclosed to all investors. Side letter provisions are
negotiated prior to investment and once invested in a Fund, investors generally cannot impose
additional investment guidelines or restrictions on such Fund. There can be no assurance that the
side letter rights granted to one or more investors will not in certain cases disadvantage other investors.
With regard to the Third-Party Funds, investment advice is tailored to the specific Client as negotiated
and memorialized in their investment management agreement. Investors in the Third-Party Funds
are permitted to customize the services obtained on their behalf.
Regulatory Assets Under Management
As of March 27, 2024, Gillson Capital has regulatory assets under management of approximately
$1,668,708,323, all of which are managed on a discretionary basis in Gillson Capital’s sole discretion.
Principal Owners/Ownership Structure
The Investment Manager is owned by Gillson Capital (GP) LLC, a Delaware limited liability company,
controlled by Daniel Johnson, the Firm’s Founder and Portfolio Manager (the “Principal”). For more
information about Gillson Capital’s owners and executive officers, see Gillson Capital’s Form ADV
Part 1, Schedule A.