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Adviser Profile

As of Date 03/29/2024
Adviser Type - Large advisory firm
Number of Employees 53 55.88%
of those in investment advisory functions 28 7.69%
Registration SEC, Approved, 3/15/2021
AUM* 7,876,634,167 59.14%
of that, discretionary 7,876,634,167 59.14%
Private Fund GAV* 7,876,634,167 59.14%
Avg Account Size 393,831,708 19.35%
SMA’s No
Private Funds 20 5
Contact Info 650 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Reported AUM

Discretionary
Non-discretionary
5B 4B 4B 3B 2B 1B 707M
2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypePrivate Equity Fund Count20 GAV$7,876,634,167

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Brochure Summary

Overview

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.