9AT: THEOREM - Summary

other names

THEOREM
THEOREML
THEOREM PARTNERS LLC

Adviser Profile

As of Date	05/14/2025
ADV Location	SAN FRANCISCO, CA, United States
Adviser Type - Large advisory firm
Number of Employees	133 108%
of those in investment advisory functions	5 -76%
Registration	SEC, Approved, 11/04/2016
Other registrations (2)	SEC, ERA - Withdrawn, 10/27/2016 California, ERA - Withdrawn, 10/27/2016

AUM^*	1,683,790,473 -39%
of that, discretionary	1,683,790,473 -39%
Private Fund GAV^*	1,663,706,506 -15%
Avg Account Size	336,758,095 10%
SMA’s	No
Private Funds	9 7
Contact Info	415 xxxxxxx
Websites

Client Types

- Pooled investment vehicles
- Charitable organizations

Advisory Activities

- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

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

Fund Type	Count	GAV
Fund TypeHedge Fund	Count6	GAV$1,641,037,131
Fund TypePrivate Equity Fund	Count2	GAV$20,500,000
Fund TypeOther Private Fund	Count1	GAV$2,169,375

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser LAB QUANTITATIVE STRATEGIES, LLC	Hedge Fund1.6b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.6b	AUM1.6b	#Funds3
Adviser GLADIUS CAPITAL MANAGEMENT LP	Hedge Fund2.9b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.9b	AUM3.1b	#Funds6
Adviser SCOPUS ASSET MANAGEMENT, L.P.	Hedge Fund3.1b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.1b	AUM3.1b	#Funds5
Adviser RED CLIFF ASSET MANAGEMENT LIMITED	Hedge Fund1.6b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.6b	AUM2.2b	#Funds4
Adviser BARES CAPITAL MANAGEMENT, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.3b	#Funds-
Adviser CALYDON CAPITAL, LLC	Hedge Fund24.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV24.0m	AUM2.9b	#Funds1
Adviser CASTLEARK MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM4.0b	#Funds-
Adviser STENHAM ASSET MANAGEMENT LIMITED	Hedge Fund92.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV92.1m	AUM3.4b	#Funds1
Adviser ANTARA CAPITAL LP	Hedge Fund957.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV957.8m	AUM1.1b	#Funds6
Adviser LYNROCK LAKE LP	Hedge Fund2.5b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.5b	AUM2.5b	#Funds3

Brochure Summary

Overview

Theorem Partners LLC (“Theorem” or the “Firm”) is a Delaware limited liability company that has been in business since October 2013. The Firm serves as the investment adviser and, for certain vehicles, General Partner of investment limited partnerships, manages a single-investor fund and an internal employee investment vehicle, herein all are referred to as the “Funds.” Theorem is wholly owned by Theorem Technology, Inc. (“Theorem Tech”). The only controlling owner with beneficial ownership of 25% or more of Theorem Tech is Hugh Edmundson who serves as the Chairman and Chief Investment Officer of Theorem. As of December 31, 2023, Theorem had total discretionary regulatory assets under management of approximately $2.02 billion. Theorem only manages assets on a discretionary basis.
Theorem invests principally, but not solely, in trust certificates, notes and other instruments that derive their value from loans made to borrowers through online lending platforms. Theorem also invests in notes and equity securities of securitization structures consisting of similar assets.
Theorem is authorized, however, to enter into any type of investment transaction that it deems appropriate under the terms of the client’s partnership or other account agreement.
Investors in the

Funds have no opportunity to select or evaluate any Fund investments or strategies. Theorem selects all Fund investments and strategies.
Theorem does not participate in wrap fee programs.
Other Business In addition to our advisory business, Theorem provides other services to customers or clients.
Theorem integrates with certain platforms through what is referred to as a Custom Loan Integration Partnership (“CLIP”).In a CLIP program, Theorem licenses its underwriting model to the platform and the originator for use in assessing the creditworthiness of the loan and establishing the appropriate interest rate based on the expected risk. The Funds typically purchase loans that conform to the parameters of the CLIP program, but platforms are not required to sell, nor are the Funds required to buy, loans generated through the use of the CLIP model.
Securitization as a Service (“SAS”) is a service offered by Theorem to customers (not advisory clients) where Theorem buys and sells loans with a mark-up to public or private securitization vehicles. Theorem will only buy or sell what is requested by the customer and provides no investment advisory service to SAS customers.
Theorem also assesses and monitors securitizations sponsored by advisory clients.

THEOREM

Adviser Profile

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Brochure Summary

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