Silversmith Management, L.P. (“Silversmith”) is a growth equity firm that focuses on making investments
in lower-middle market companies in two core industry verticals, (i) Software-as-a-Service and Information
Services (“SaaS & Information Services”) and (ii) Healthcare Information Technology and Services
(“Healthcare IT & Services”). Silversmith was founded in 2015. The principal owners of Silversmith are
Jeffrey Crisan, Todd MacLean, Jim Quagliaroli and Lori Whelan.
Silversmith primarily provides investment advisory services to private investment funds that principally
seek investment opportunities in private lower-middle market companies in the SaaS & Information
Services and Healthcare IT & Services sectors. Transactions in these lower-middle market companies are
expected to include growth equity investments, both minority and majority, as well as platform build-ups
in situations where Silversmith believes that profitable growth can be most effectively achieved through a
targeted M&A strategy. Silversmith seeks to make investments in profitable, high-growth companies
poised for continued expansion with the potential to become market leaders.
Silversmith provides the services described above to its advisory clients, which are private investment funds
(collectively, the “Funds” or “Silversmith Funds”). Generally, an affiliate of Silversmith acts as the general
partner of (or other equivalent control position for) each Silversmith Fund, and Silversmith serves as
investment adviser to each Silversmith Fund. References to Silversmith in this Brochure include, as the
context requires, affiliates through which Silversmith provides investment advisory services or that act in
any capacity referenced in the previous sentence.
Silversmith tailors its advisory services to the specific investment objectives and restrictions of each
Silversmith Fund as set forth in such Silversmith Fund’s limited partnership agreement (or similar
governing agreement) and investment management agreement, as applicable, and does not tailor its
advisory services to investors in the Silversmith Funds. In certain circumstances, investors are excused
from a particular investment due to legal, regulatory or other agreed-upon circumstances; for the avoidance
of doubt, such arrangements generally do not and will not create an adviser-client relationship between
Silversmith and any investor. Investors and prospective investors of each Silversmith Fund should refer to
the confidential private placement memorandum, limited partnership agreement (or similar governing
agreement), investment management agreement and/or other governing documents, as applicable
(collectively, the “Governing Documents”) of the applicable Silversmith Fund for complete information on
the investment objectives and investment restrictions with respect to such Silversmith Fund. There is no
assurance that any of the Silversmith Funds’ investment objectives
will be achieved.
In accordance with common industry practice, one or more of the Silversmith Funds and/or their general
partners have entered into “side letters” or similar agreements with certain investors that have the effect of
establishing rights under, or altering or supplementing the terms (including economic or other terms) of,
the Governing Documents with respect to such investors that are not made available to investors generally.
Such “side letters” or similar agreements generally are disclosed only to investors in the applicable
Silversmith Fund that have separately negotiated with Silversmith for the right to review such “side letters”
or similar agreements.
Additionally, as permitted by the Governing Documents, Silversmith expects to provide (or agree to
provide) certain personnel, consultants and advisors of Silversmith, portfolio company management or
personnel, and other persons with a strategic relationship with Silversmith, the opportunity to participate in
investments made by the Silversmith Funds, including through one or more co-investment vehicles that are
structured to facilitate such investments on a side-by-side basis with a Silversmith Fund (each, an
“Employee Co-Investment Fund”). Silversmith generally intends for each Employee Co-Investment Fund
to co-invest with a single corresponding Silversmith Fund. However, for strategic and other reasons, a co-
investor or co-invest vehicle (including a co-investing Silversmith Fund) purchases a portion of an
investment from one or more Silversmith Funds after such Funds have consummated their investment in
the portfolio company (also known as a post-closing sell-down or transfer), which generally will have been
funded through investor capital contributions and/or use of a Silversmith Fund credit facility. Any such
purchase from a Silversmith Fund by a co-investor or co-invest vehicle generally occurs shortly after a
Silversmith Fund’s completion of the investment to avoid any changes in valuation of the investment, but
in certain instances could be well after the Fund’s initial purchase. Where appropriate, and in Silversmith’s
sole discretion, Silversmith reserves the right to charge interest on the purchase to the co-investor or co-
invest vehicle (or otherwise equitably to adjust the purchase price under certain conditions), and to seek
reimbursement to the relevant Silversmith Fund for related costs. However, to the extent any such amounts
are not so charged or reimbursed (including charges or reimbursements required pursuant to applicable
law), they generally will be borne by the relevant Silversmith Fund.
Silversmith does not participate in any wrap fee programs.
Silversmith manages all assets on a discretionary basis in accordance with the terms and conditions of each
Silversmith Fund’s Governing Documents. As of December 31, 2023, the amount of assets Silversmith
manages on a discretionary basis is $4,944,253,169.