A. Describe your advisory firm, including how long you have been in business.
Identify your principal owner(s).
Firm Description
Founded in December 2011, Longford Capital Management, LP (“Longford Capital” or the
“Firm”), a Delaware limited partnership with its principal place of business in Chicago, Illinois,
serves as an investment adviser for and provides discretionary investment advisory services to
Longford Capital Fund I, LP (“Fund I”), Longford Capital Fund II, LP (“Fund II”), Longford
Capital Fund III, LP (“Fund III”), and Longford Capital Fund P, LP (“Fund P” and
collectively with Fund I, Fund II, and Fund III the “Funds”). Longford Capital registered as
an exempt reporting adviser in June 2016 and as a full reporting advisor in April 2017.
The following general partners (collectively “General Partners”) are affiliated with Longford
Capital and have the authority to make investment decisions on behalf of the Funds: Longford
Advisors, LLC, Longford Investment Group, LLC, Longford Investment Group II, LLC,
Longford Investment Group III, LLC, and Longford Investment Group IIIP-GP, LLC. More
information about Longford Capital’s General Partners is available in Form ADV Part 1,
Schedule D, Section 7.B.(1) Private Fund Reporting. The General Partners are registered
under the Investment Advisers Act of 1940, as amended (“Advisers Act”), pursuant to
Longford Capital’s registration in accordance with SEC guidance.
Principal Owners/Ownership Structure
Longford Capital is owned by Co-Founders and Managing Directors Timothy S. Farrell,
William P. Farrell, Jr., Esq. and Michael A. Nicolas, Esq., as well as Former Chairman and
Managing Director William H. Strong. For more information about Longford Capital’s
owners and executive officers, see Longford Capital’s Form ADV Part 1, Schedule A.
B. Describe the types of advisory services you offer. If you hold yourself out as
specializing in a particular type of advisory service, such as financial planning,
quantitative analysis, or market timing, explain the nature of that service in greater
detail. If you provide investment advice only with respect to limited types of
investments, explain the type of investment advice you offer, and disclose that your
advice is limited to those types of investments.
Longford Capital invests in the outcome of commercial litigation that it believes to be high
value and meritorious. Longford Capital offers non-recourse capital solutions to leading law
firms, public and private businesses of all sizes, universities, government agencies, estates in
bankruptcy and liquidation proceedings, and other entities that are involved in legal disputes
with $25 million to more than $2 billion in controversy. Longford Capital provides capital to
companies and other entities to pay attorneys’ fees and expenses incurred in single-case and
multi-case litigation, invests in portfolios of cases managed by leading law firms, and monetizes
corporate legal claims. Longford Capital manages a diversified portfolio of legal claims, and
considers investments in business-to-business disputes
(e.g., breach of contract, fraud, breach
of fiduciary duty, partnership disputes, joint venture disputes), antitrust and trade regulation
claims (e.g., competition claims, opt-out cases, anti-dumping actions, Section 337 claims),
intellectual property claims (e.g., patent infringement, trademark infringement, copyright
infringement, theft of trade secrets), domestic and international arbitration, claims in
bankruptcy and liquidation, insurance coverage disputes, qui tam/whistleblower actions, mass
actions and class actions, and a variety of others.
Longford Capital will consider investments involving claims at all stages of the litigation life
cycle, including during the initial dispute or pre-filing phase; before, during, and after the
completion of discovery and dispositive motions; through the pre-trial and trial process; during
appeal; and as part of the collection phase of a final judgment or award. Longford Capital
considers investments in a variety of industries and market sectors in numerous jurisdictions.
C. Explain whether (and, if so, how) you tailor your advisory services to the
individual needs of clients. Explain whether clients may impose restrictions on
investing in certain securities or types of securities.
Longford Capital does not tailor its advisory services to the individual needs of investors in its
Funds; the Firm’s investment advice and authority for each Fund is tailored to the investment
objectives of that Fund and the particular circumstances of the underlying investment(s).
These objectives are described in the private placement memorandum, limited partnership
agreement and other governing documents of the relevant Fund (collectively, “Governing
Documents”).
Fund investors generally cannot impose restrictions on investing in certain securities or types
of securities, other than through side letter agreements. Investors in the Funds participate in
the overall investment program for the applicable Fund, but may be excused from a particular
investment due to legal, regulatory or other applicable constraints, pursuant to the terms of
the applicable Governing Documents. Longford Capital may enter into side letters or similar
agreements with certain investors that have the effect of establishing rights under, or altering
or supplementing a Fund’s Governing Documents.
D. If you participate in wrap fee programs by providing portfolio management
services, (1) describe the differences, if any, between how you manage wrap fee
accounts and how you manage other accounts, and (2) explain that you receive a
portion of the wrap fee for your services.
Longford Capital does not participate in wrap fee programs.
E. If you manage client assets, disclose the amount of client assets you manage
on a discretionary basis and the amount of client assets you manage on a non-
discretionary basis. Disclose the date “as of” which you calculated the amounts.
As of December 31, 2023, Longford Capital had $1,003,154,470 of regulatory assets under
management, all managed on a discretionary basis.