Firm Overview
Lantern Capital Partners, L.P. (“LCP”), a Texas limited partnership and private equity firm, was established
in 2014. Lantern Asset Management, L.P. (“LAM” and, together with LCP, “Lantern”), a Delaware limited
partnership and asset management firm, was formed in 2010. Lantern provides investment advisory,
management and various other services with respect to private equity funds and other pooled investment
vehicles.
LAM, Lantern Management Partners, LLC (“LMP”) and certain other affiliates of LCP (including the GP,
as defined below) (collectively, “Relying Advisers”) rely or may rely on LCP’s registration instead of
separately registering as investment advisers and are together filing a single umbrella registration with the
Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended
(the “Advisers Act”). LCP, LAM and each other applicable Relying Adviser are or will be under common
control and are or will be subject to a unified compliance program administered by a single Chief
Compliance Officer. Each relying adviser is listed on Schedule R of LCP’s Form ADV Part 1. References
throughout this Brochure to Lantern include LCP, LAM and each applicable Relying Adviser, as
appropriate. See Item 10.
Principal Owner
The general partner of LCP and LAM is ultimately owned and controlled by L. Andy Mitchell, and the
limited partner of LCP actively involved with LCP and LAM is Mr. Mitchell (the “Principal”). The majority
limited partner of LAM is LCP. LMP is ultimately owned and controlled by Mr. Mitchell. For more
information regarding the ownership of Lantern, please see Schedules A and B of Part 1 of Form ADV.
Types of Advisory Services
Lantern serves as investment manager to various affiliated private equity funds, including Lantern Capital
Partners Fund I (A), L.P., a Delaware limited partnership (“LCPF I A”), Lantern Capital Partners Fund I
(E), L.P., a Delaware limited partnership (“LCPF I E”), LCPF I SLP (A), L.P., a Delaware limited
partnership (“SLP A”), and LCPF I SLP (E), L.P., a Delaware limited partnership (“SLP E”). LCPF I
Holdings (A), L.P., a Delaware limited partnership (“Holdings A”) and LCPF I Holdings (E), L.P., a
Delaware limited partnership (“Holdings E”), together with Holdings A, LCPF I A, LCPF I E, SLP A, and
SLP E are referred to herein as “LCPF I”. Lantern also serves as investment manager to a co-investment
vehicle named Lantern Entertainment Holdings LLC (“LEH”), a Delaware limited liability company,
(which together with LCPF I are the “Lantern Funds”). Lantern may in the future serve as investment
manager to one or more additional affiliated private equity funds. LCPF I A, LCPF I E, SLP A, and SLP E
invest or will invest substantially all of their respective assets, directly or indirectly, in Holdings A and
Holdings E and all investments for LCPF I are and will be made by Holdings A and Holdings E. LCP I
GP, LLC, an affiliate of LCP, serves as general partner (“GP”) to LCPF I. LEH invests substantially all its
assets in a single portfolio company. LCP has entered into a services agreement with LAM, pursuant to
which LAM and various professionals associated therewith provide various services in connection with the
diligence, underwriting and monitoring of investments of LCPF I and other Lantern Funds. LAM will or
may also provide, among other things, origination, underwriting and asset management services to Portfolio
Company (as defined below) investments of LCPF I and other Lantern Funds.
Lantern
or an affiliate serves, or may in the future serve, as the general partner or managing member to
single-purpose acquisition vehicles established for the purpose of acquiring private equity investments,
which are generally referred to as “Portfolio Companies”. To the extent there are third party co-investors
in such acquisition vehicles, in addition to Lantern, an affiliate thereof, or a Lantern Fund, the vehicle is or
may be an advisory client of Lantern (“Acquisition Vehicles”), including, but not limited to, Bluejack
Holdings, LLC (“Bluejack”), and LEH.
In addition to the Lantern Funds and Acquisition Vehicles, Lantern also may in the future provide
investment advisory and other services with respect to one or more other advisory clients.
Separate and apart from the advisory services provided in respect of the Lantern Funds and other advisory
clients, LAM, LMP or an affiliate also serve and may serve as an asset manager with respect to certain other
investments or entities. LAM and LMP do not provide any investment advisory services with respect to any
of these investments and they are not advisory clients of Lantern.
Regulatory Assets under Management
As of December 31, 2023, Lantern had approximately $180 million in discretionary regulatory assets under
management and $81 million in non-discretionary regulatory assets under management (as reflected in Item
5.F.(2) of Part 1A of Lantern’s Form ADV).
Investment Mandates
The Lantern Funds and other clients generally are managed in accordance with the investment objectives,
strategies and guidelines set forth in the applicable confidential offering memorandum, organizational and
governing documents and/or other related documents (collectively, the “Governing Documents”). Lantern
provides or will provide investment advice to its advisory clients in accordance with the investment
objectives, strategies, guidelines, restrictions and limitations described in the applicable Governing
Documents, and the information in this Brochure is qualified in its entirety by the information set forth in
such documents. Investors generally are not permitted to impose restrictions or limitations on the
management of the Lantern Funds or other clients.
Notwithstanding the foregoing, the initial investor in LCPF I has certain preferential economic and non-
economic rights and terms with respect to LCPF I and Lantern (including, without limitation, certain
consent, notification, transparency, information and other preferential rights and terms). The initial investor
and its affiliates are not sponsors or promoters of LCPF I, do not owe any fiduciary duties or other special
duties or obligations to LCPF I or any of the other investors and may have interests that conflict with LCPF
I and the other investors. See Item 10.
The GP, Lantern or an affiliate thereof has entered into and may in the future enter into side letter
agreements or arrangements with one or more investors in the Lantern Funds (or other clients) that have the
effect of establishing rights under, or altering, modifying, waiving or supplementing the terms of, the
governing documents of the applicable Lantern Fund in respect of such investors. Among other things, these
agreements entitle or may entitle an investor in a Lantern Fund or other client to lower fees, information or
transparency rights, most favored nations’ status, notification rights or other preferential rights and terms.
Information about each Lantern Fund and other advisory client is set forth in its Governing Documents,
which are available to current and eligible prospective investors only through Lantern.