Azora Capital LP (“Advisor,” “we” or “us”) is a Delaware limited partnership that was formed in June
2016. We are principally owned by Ravi Chopra.
We advise Azora Onshore Fund, LP (the “Onshore Fund”), Azora Offshore Fund, Ltd. (the “Offshore
Fund,” and together with the Onshore Fund, the “Feeder Funds”), Azora Master Fund, LP (the “Master
Fund”), Azora Next Gen Fund LP (the “NextGen Fund”) and together with the Feeder Funds and
Master Fund,” the “Funds”), and separately managed accounts (the “Managed Accounts,” and
collectively, the “client” or “clients”). Azora Capital Advisors LLC is the general partner (the
“General Partner”) of the Onshore Fund, the Master Fund and the NextGen Fund. Like the Advisor,
the General Partner is principally owned by Ravi Chopra. The General Partner is a “relying adviser”
as that term is described in the SEC Staff No-Action Letter, dated January 18, 2012, to the American
Bar Association, Business Law Section. Unless and only to the extent that the context otherwise
requires, references to Advisor herein are deemed to include references to the General Partner.
We provide discretionary investment advice to the clients. Notwithstanding the foregoing, we are
required to invest all investable capital of the Feeder Funds in the Master Fund.
Our general investment and trading objective with respect to our clients is to generate consistently
attractive risk-adjusted returns primarily by employing a fundamental, long/short equity strategy. Our
strategy is primarily focused on the financial services sector. However, we may invest
opportunistically in any other sector in our discretion.
We generally do not permit investors in the private investment funds we manage to impose limitations
on the investment activities described in the offering documents for those funds. Under certain
circumstances, we may contract with a client to adhere to limited risk and/or operating guidelines
imposed by the client. We negotiate such arrangements on a case by case basis. (See Item 16
“Investment Discretion.”)
As of December 31, 2023, we had $1,556,978,315 in regulatory assets under our management on a
discretionary basis.