NORTH OF SOUTH CAPITAL LLP
North of South Capital LLP is a limited liability partnership which was incorporated in the United
Kingdom on 18 August 2004. We are based in London, England, and are authorised and regulated by
the UK Financial Conduct Authority (“FCA”). We are an SEC registered investment adviser.
We have twelve employees. Our partners are: Matthew Linsey, Managing Partner and Lead Fund
Manager; Kamil Dimmich, Co-Fund Manager; Robert Holmes; Arnoud van Leeuwen, Chief Operating
Officer (“COO”); Mark Latham, Tony Tsai, Nick Page and Pacific Asset Management Services LLP
(“PAMSL”). James Davidson, the COO of PAMSL LLP, is an officer. We are owned by Matthew Linsey
– 25.5%, PAMSL - 49%, Kamil Dimmich – 13.52%, Mark Latham – 3.83%, Arnoud van Leeuwen –
6.63%, Tony Tsai – 0.51%, Nick Page – 0.51% and Robert Holmes – 0.51%. PAMSL, Pacific Capital
Partners Limited (“PCP”) and Pacific Asset Management LLP (“Pacific LLP”) are related persons. Our
business affairs are directed by our Executive Committee (“EC”), which meets quarterly and
attended by our Partners.
We provide discretionary investment management services as a sub-adviser to separately managed
accounts (“SMA”) to Xponance, Inc (“Xponance”), the adviser of record to the SMA clients. We
provide discretionary investment management services to one ERISA client. We also provide
discretionary investment services to four pooled investment vehicles (“Funds”), which are North of
South Emerging Markets Master Fund (“NOSEMF”); Pacific Capital UCITS Funds PLC - Pacific North of
South EM All Cap Equity (“PNOSEMF”), a UCITs long only emerging markets fund; Pacific Capital
Funds LLC
- Pacific North of South EM All Cap Equity Fund (“PNOSEMD”), a Delaware long only
emerging markets fund; and Pacific Capital UCITS Funds PLC - Pacific North of South EM Equity
Income Opportunities (“PNOSEMI”), a UCITS long only emerging markets fund focused on dividend
income generation. All investors, including U.S. persons, invest in NOSEMF via the North of South
Emerging Markets Fund, a Cayman Islands feeder fund of NOSEMF, in their respective share class.
The SMAs and the Funds are our “clients”. North of South Capital (Cayman) Limited, a related
person, is the corporate manager of NOSEMF.
We serve as discretionary sub- manager to PNOSEMF, PNOSEMD and PNOSEMI. PCP is the
Investment Manager to PNOSEMF, PNOSEMD and PNOSEMI. PCP is an affiliate of North of South
Capital LLP as further described below.
A prospect for or an investor in a Fund should refer to the confidential private placement
memorandum, limited liability company agreement, articles of association and other governing
documents for more complete information about the investment objectives and restrictions
applicable to such Fund. Each Fund has entered into “side letters” or similar agreements with
investors granting the investor certain rights, benefits or privileges that are not available to other
investors, or generally available. This is a conflict of interest. We will upon request make side letters
available.
We sign an investment management agreement (“Mandate”) with each client that documents the
investment objectives, strategy, restrictions and fees
We do not participate in wrap fee programs.
As of 31 December 2023, we managed $1,678,124,868 for our clients.