Overview
IC LLC is an investment adviser organized as a Delaware limited liability company with its principal office
and place of business in Minneapolis, Minnesota, USA. IC LLC was founded in 2019 and is a wholly owned
subsidiary of India Capital Management Limited, a company incorporated in Mauritius (“ICM”). Dan
Tennebaum is the president and manager of IC LLC.
IC LLC is a “one person shop.” Dan Tennebaum is the only officer and employee of IC LLC. However, IC
LLC is part of the broader group of companies that conduct business under the “India Capital” brand. Thus
Dan Tennebaum, in his role as president and manager of IC LLC, provides ongoing advice and other inputs
on the business of the India Capital group of companies.
IC LLC serves as sub-adviser to each of India Capital Fund Limited, an open-ended investment company
incorporated under the laws of Mauritius (the “Fund”), and ICM, the investment manager of the Fund,
pursuant to a written sub-advisory agreement among IC LLC, the Fund and ICM (the “Sub-Advisory
Agreement”). As sub-adviser, IC LLC assists ICM, which is an investment adviser registered with the SEC,
by (i) providing advice to ICM regarding listed Indian securities and
other equities and (ii) providing
continuous and regular supervisory and management services to the Fund. IC LLC does not provide
investment advice to any clients other than ICM and the Fund.
The Fund invests primarily in shares of companies listed on Indian stock exchanges and certain other
equities in accordance with the Fund’s investment strategy disclosed in the Fund’s confidential Offering
Memorandum (the “Memorandum”). The Fund is exempt from the registration requirements of the U.S.
Investment Company Act of 1940, as amended, pursuant to Section 3(c)(1) of that Act. The Fund offers
its shares in the United States solely in private transactions exempt from the registration requirements of
the U.S. Securities Act of 1933, as amended, pursuant to Regulation D under that Act and on the terms
and conditions set forth in the Memorandum.
As of December 31, 2023, IC LLC had total regulatory assets under management of US$365,191,055, which
consists entirely of the assets of the Fund.
IC LLC tailors its advisory services to meet the investment strategy of the Fund as disclosed within the
Memorandum.
IC LLC does not participate in wrap fee programs.
This brochure is not an offer to invest in the Fund.