Patient Square Capital, LP (hereinafter “Patient Square,” “we,” “us,” “our,” or the “Firm”) was
established in 2020 as a Delaware limited partnership with a principal place of business located
in Menlo Park, CA. The principal owner of Patient Square is Jim Momtazee (the “Managing
Partner”), and he is joined by ten highly complementary and experienced senior team members
(collectively with Mr. Momtazee, the “Partners”) who collectively have decades of experience and
a long-standing shared professional history.
Patient Square currently provides discretionary investment advisory services to private
investment vehicles (each a “Fund,” and collectively, the “Funds”) and additional private
investment vehicles, including co-investment vehicles (“Co-Invest Vehicles”), and, potentially in
the future, separately managed accounts (collectively with the Funds, the “Clients”). Investors in
the Funds are referred herein as “Investors,” or “Limited Partners.” Where the context so requires,
in certain circumstances, references to the Funds also includes Co-Invest Vehicles. Co-Invest
Vehicles include vehicles established for individual or multiple investors seeking exposure to
single or multiple investments, as well as vehicles where Patient Square has varying levels of
investment discretion.
The Funds will generally be exempt from registration under the U.S. Investment Company Act of
1940, as amended (the “Investment Company Act”), and will issue securities that will not be
registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”).
Patient Square will act as the alternative investment fund manager of the Funds for the purposes
of the European Union (the “EU”) Alternative Investment Fund Managers Directive (2011/61/EU)
(the “Directive”), together with Commission Delegated Regulation (EU) No 231/2013
supplementing the Directive, as well as any similar or supplementary law, rule, or regulation, in
each case as amended from time to time, including as implemented in any relevant jurisdiction
and the United Kingdom (the “UK”) Alternative Investment Fund Managers Regulations
2013/1773, as amended from time to time, or any subordinate legislation thereto.
Each Fund’s general partner (each, a “General Partner,” and collectively, together with any future
affiliated general partner entities, the
“General Partners”) has the power and authority to delegate
the management of the respective Fund(s) to Patient Square, which is an affiliate of each General
Partner. Each General Partner is subject to the Investment Advisers Act of 1940 (the “Advisers
Act”) pursuant to Patient Square’s registration in accordance with SEC staff guidance. All
references to the Firm include each General Partner.
The Funds will generally be private equity funds and invest through negotiated transactions in
operating entities, generally referred to herein as “portfolio companies.” Patient Square’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 will be made predominantly in
non-public companies, investments in public companies are permitted. Where such investments
consist of portfolio companies, the Partners, other senior personnel of Patient Square or their
affiliates generally serves on such portfolio companies’ respective boards of directors or otherwise
act to influence control over management of portfolio companies in which the Funds will invest.
Patient Square manages the assets of each Fund in accordance with the terms of each Fund’s
private placement memorandum, limited partnership agreements and other governing documents
(collectively, “Governing Documents”).
Patient Square does not currently provide investment advice to separately managed accounts nor
does it provide investment advice to individual Investors. However, the Firm or its affiliates have
entered, and expect to continue entering into, side letters (each a “Side Letter”) or similar
agreements with Investors that may entitle such Investors to impose restrictions on investing in
certain securities or types of securities. Even in such cases, investors in the Funds (generally
referred to herein as “investors” or “limited partners”) participate in the overall investment program
for the applicable Fund and such arrangements generally do not create an adviser-client
relationship between Patient Square and any investor.
As of December 31, 2023, Patient Square has regulatory assets under management of
approximately $7.9B, all managed on a discretionary basis.