The Registrant, a Delaware limited partnership and a registered investment adviser, and its
affiliated entities, provide investment advisory services to investment funds privately offered to
qualified investors in the United States and elsewhere. The Registrant commenced operations in
June 2012.
The Registrant’s clients include Amulet Capital Fund I, L.P. (“Fund I”), Amulet Capital
Fund II, L.P. (“Fund II”), Amulet Capital Fund III, L.P. (“Fund III”), Amulet Capital Network
Fund II, L.P. (“Network Fund”), Amulet Capital Remedy Co-Invest, L.P. (“Remedy”), and Stork
SPV L.P. (“Stork”) (together with any future private investment funds to which Amulet Capital
and/or its affiliates provide investment advisory services, the “Funds” and each, a “Fund”).
Amulet Capital Fund GP, L.P., Amulet Capital Fund II GP, L.P., Amulet Capital Fund III GP, L.P.
and Stork SPV GP, L.P., are general partner entities affiliated with the Registrant (together with
any current or future affiliated general partner entities, the “General Partners” and each a
“General Partner,” and the General Partners together with the Registrant and their respective
current or future affiliated entities, “Amulet Capital”).
Each General Partner is, or will be, subject to the Advisers Act pursuant to the Registrant’s
registration in accordance with SEC guidance. This Brochure also describes the business practices
of the General Partners, which operate as a single advisory business together with the Registrant.
The Funds are private equity funds and invest through negotiated transactions in operating
entities, generally referred to herein as “portfolio companies.” Certain Funds invest in a single
portfolio company, including OHPE, Remedy, and Stork. The Network Fund invests in parallel
and on substantially the same terms and in the same fixed percentage in Fund II portfolio
investments subject to legal, tax, regulatory and other similar considerations. Amulet Capital’s
investment advisory services to the Funds consist of identifying and evaluating investment
opportunities, negotiating the terms of investments, managing and monitoring investments and
achieving dispositions for such investments. Although investments are made predominantly in
non-public companies, investments in public companies are permitted. Where such investments
consist of portfolio companies, the senior principals or other personnel of Amulet Capital or its
affiliates generally serve on such portfolio companies’ respective boards of directors or otherwise
act to influence control over management of portfolio companies in which the Funds have invested.
Amulet Capital’s advisory services to the Funds are detailed in the applicable private
placement memoranda or other offering documents (each, a “Memorandum”), limited partnership
or other operating agreements or governing documents
(each, a “Partnership Agreement” and,
together with any relevant Memorandum, the “Governing Documents”) and are further described
below under “Methods of Analysis, Investment Strategies and Risk of Loss.” Investors in the
Funds (generally referred to herein as “investors” or “limited partners”) participate in the overall
investment program for the applicable Fund but may be excused from a particular investment due
to legal, regulatory or other agreed-upon circumstances pursuant to the relevant Partnership
Agreement. The Funds or the General Partners generally enter into side letters or other similar
agreements (“Side Letters”) with certain investors that have the effect of establishing rights
(including economic or other terms) under, or altering or supplementing the terms of, the relevant
Partnership Agreement with respect to such investors.
Additionally, as permitted by the Governing Documents, Amulet Capital expects to
provide (or agree to provide) investment or co-investment opportunities (including the opportunity
to participate in co-invest vehicles) to certain investors, including investors in the Funds, other
sponsors, market participants, finders, consultants and other service providers, portfolio company
management or personnel, Amulet Capital personnel and/or certain other persons associated with
Amulet Capital and/or its affiliates. Such co-investments often involve investment and disposal of
interests in the applicable portfolio company at the same time and on the same terms as the Fund
making the investment. However, for strategic and other reasons, a co-investor or co-invest vehicle
may purchase a portion of an investment from one or more Funds after such Funds have
consummated their investment in the portfolio company (also known as a post-closing sell-down
or transfer). Any such purchase from a Fund by a co-investor or co-invest vehicle generally occurs
shortly after such 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 Amulet Capital’s sole discretion, Amulet Capital is authorized 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 Fund for
related costs. However, to the extent such amounts are not so charged or reimbursed, they generally
will be borne by the relevant Fund.
As of December 31, 2023, the Registrant managed approximately $2,679,428,369 in client
assets on a discretionary basis. Amulet Capital Partners, L.L.C., a Delaware limited liability
company, acts as the general partner of the Registrant. The Registrant is principally owned by
Ramsey Frank and Jay Rose.