Overview
A. General Description of Advisory Business
DeepCurrents Investment Group LLC (“DCIG”) is a limited liability company organized in the state of
Delaware. DCIG was formed in September 2016, and the principal owner is Kai (Steve) Zheng. DCIG
registered as an investment advisor with the SEC in April of 2017.
B. Description of Advisory Services
DCIG is an investment adviser providing discretionary investment advisory services to hedge fund clients.
Currently, DCIG has the following clients: DCIG Capital Master Fund LP, a Cayman Islands limited
partnership (the “Master Fund”), DCIG Capital LP, a Delaware limited partnership (the “Onshore Feeder”),
and DCIG Capital Ltd, a Cayman Islands exempted company (the “Offshore Feeder” and together with the
Master Fund and the Onshore Feeder, “DCIG Capital”). The Onshore Feeder and the Offshore Feeder invest
all or substantially all of their assets in, and conduct their investment activities through, the Master Fund,
which serves as the trading vehicle. DCIG Capital seeks to achieve positive absolute returns while
minimizing downside volatility. A more complete description of the investment strategy and risks specific
to DCIG Capital is outlined in the Onshore Feeder’s and the Offshore Feeder’s respective offering
documents. DCIG has ultimate discretion and control over the investment activities of DCIG Capital. A
description of the terms of the advisory relationship between DCIG Capital and DCIG, as well as the terms
governing an investment in DCIG Capital, are set forth in DCIG Capital’s applicable offering and related
documents (collectively, the “Offering Documentation”).
DCIG also acts as a sub-adviser to a private investment fund (the “Sub-Advised Fund”). In this capacity,
DCIG provides discretionary investment advisory
services to the Sub-Advised Fund subject to the terms of
an investment management agreement and other related agreements which set forth the guidelines or
restrictions related to DCIG’s permitted and restricted investment activities on behalf of the Sub-Advised
Fund. As it relates to the Sub-Advised Fund, DCIG (i) does not have custody of its assets, (ii) cannot
determine the final value of the Sub-Advised Fund’s positions, (iii) cannot transfer cash or securities out of
the Sub-Advised Fund, and (iv) cannot enter into any agreements on behalf of the Sub-Advised Fund.
DCIG Capital, the Sub-Advised Fund, and any future funds or separately managed accounts advised by
DCIG are referred to as “Clients” and investors in DCIG Capital are referred to as “Investors” in this
brochure.
C. Availability of Customized Advisory Services
The investment services offered by DCIG with respect to any Client are subject to the terms and conditions
set forth in the investment management agreement with such Client and, with respect to DCIG Capital, are
summarized in the Offering Documentation. Investors in DCIG Capital generally cannot impose restrictions
on the types of securities or investments that are made on DCIG Capital’s behalf, provided that, on a case-
by-case basis, DCIG may agree to limit profit and loss allocations with respect to certain securities (e.g.,
securities issued by companies in a specified sector) to accommodate the investment restrictions or mandate
of a particular Investor.
D. Wrap Fee Programs
DCIG does not currently offer wrap fee programs.
E. Assets Under Management
As of December 31, 2023, DCIG had approximately $3,156,938,383 in discretionary regulatory assets
under management. DCIG does not manage any assets on a non-discretionary basis.