Overview
For purposes of this Brochure, the “Investment Manager” means MFN Partners Management, LP,
a Delaware Limited Partnership, together (where the context permits) with its affiliated general
partner of the Partnership (as defined below). Established in 2016, the principal owners of the
Investment Manager are Michael DeMichele and Farhad Nanji.
The Investment Manager provides investment advisory services to an investment vehicle, MFN
Partners, LP (the “Partnership”), that is exempt from registration under the Investment Company
Act of 1940, as amended (the “1940 Act”) and whose securities are not registered under the
Securities Act of 1933, as amended (the “Securities Act”).
The strategy of the Partnership is to invest in securities that can be purchased at a significant
discount to underlying economic value. The Partnership seeks to do so by combining investment
expertise and the ability to be flexible across a variety of different asset classes, industries and
geographies with fundamental analysis, thoughtful consideration of risk, intellectual honesty, and a
disciplined investment approach. The Investment Manager’s advisory services consist of
investigating, identifying, and evaluating investment opportunities, structuring, negotiating, and
making investments on behalf of the Partnership, managing and monitoring their performance and
disposing of such investments.
The Investment Manager provides investment advisory services to the Partnership in accordance
with the investment management agreement (the
“Investment Management Agreement”) and the
Partnership’s limited partnership agreement (as amended, the “Partnership Agreement”). The
Investment Manager is permitted to provide investment advisory services to other clients,
including investment funds and managed accounts that may either co-invest with the Partnership or
follow investment programs similar to or different from that of the Partnership, but does not
currently provide such services to other clients.
Investment advice is provided directly to the Partnership, subject to the discretion and control of
MFN Partners GP, LLC (the “General Partner”), and not individually to the investors in the
Partnership (each a “Limited Partner”). Investment restrictions for the Partnership, if any, are
established in the Partnership Agreement, the confidential Private Placement Memorandum of the
Partnership, the Investment Management Agreement and/or side letter agreements (although no
side letters currently exist) negotiated with investors in the Partnership (such documents
collectively, the Partnership’s “Organizational Documents”).
The Investment Manager does not currently participate in any Wrap Fee Programs.
As of January 1, 2024, the Investment Manager managed $5,454,270,028 on a discretionary basis,
which represents the net asset value (regulatory assets under management minus outstanding
indebtedness or other accrued but unpaid liabilities) of assets as of such date. The Investment
Manager does not manage any assets on a non-discretionary basis.