Overview
The Adviser is an investment advisory firm located in Boston, Massachusetts that commenced business
in 2017. The Adviser specializes in advising on the collection of interest payments and other fees
related to asset-based lending or “ABL” across a variety of industries in order to generate strong risk
adjusted returns.
The Adviser is principally owned and controlled by Daniel Platt. Mr. Platt is also the sole owner of the
Adviser’s general partner, Pathlight GP LLC.
The Adviser provides investment advisory services to affiliated pooled investment vehicles (each a
“Fund” and, collectively, the “Funds”) into which certain qualified investors will make investments, as
well as separate accounts for unaffiliated pooled investment vehicles (each a “Separate Account
Client,” and, together with the Funds, the “Clients”). The general partner or equivalent of each Fund
will be an affiliate of the Adviser (the “General Partner”). The governing documents of each Client
also provide for the establishment of parallel, co-investment or other alternative investment vehicles in
certain circumstances. Client investors may participate in such vehicles for the purposes of certain
investments, and if formed, such vehicles would also become Clients of the Adviser. In this brochure,
because it is uncertain whether such additional parallel, co-investment or alternative investment
vehicles will be classified as clients of the Adviser, when we refer to a Fund or Client, we are also
referring to such additional parallel, co-investment
or alternative investment vehicles, if any.
The investment advisory services provided by the Adviser to each of its Clients primarily focus on
investments related to the collection of interest payments and other fees related to ABL across a variety
of industries in order to generate strong risk adjusted returns. The Adviser, on behalf of its Clients,
intends to achieve this objective by investing primarily in first and second lien secured asset-based
loans (each, a “Portfolio Investment” and collectively, the “Portfolio Investments”) to middle market
companies headquartered in North America.
Each Client’s portfolio is managed pursuant to an investment management agreement with the Client,
a limited partnership agreement or similar governing document, any investment guidelines attached
thereto, the Client’s investment policy, and/or other governing documentation that may be entered into
from time to time, and any applicable regulations. While it is anticipated that each of its Clients will
follow the strategy stated above, the Adviser may tailor the specific advisory services with respect to
each Client to the individual investment strategy of that Client. In addition, the governing documents
of Clients may, in certain limited circumstances, impose restrictions on investing in certain securities
or types of securities, for example in connection with regulatory or compliance reasons.
As of December 31, 2023, the Adviser manages approximately $2,793,424,174, all of which is managed
on a discretionary basis.