Overview
Readystate is a Delaware limited partnership that was formed in 2021 and maintains its principal place of
business in Chicago, Illinois. Readystate provides investment advisory services on a discretionary basis to
private investment funds operating through a “master-feeder” structure sponsored by Readystate (each
a “Fund” and collectively, the “Funds”) and in the future may also provide advisory services to co-
investment vehicles established to provide co-investment with the Funds or other special purpose vehicles
with tailored investment objectives (collectively with the Funds, “Clients”). An affiliate of Readystate acts
as the general partner of certain of the Funds (the “General Partner”). Readystate and the General
Partner (collectively, the “Adviser”) are principally owned by Ryan Garino and David Grossman
(collectively, the “Managing Partners”).
The Adviser generally has broad and flexible investment authority with respect to Clients and tailors its
advisory services to Client needs respective to the investment objectives set forth in the applicable
governing documents. Each Fund’s objectives and strategies are set forth in a confidential private offering
memorandum (and any applicable supplements) provided to each investor in the relevant Fund. The
investment objectives and strategies of any co-investment or special purpose vehicle managed by the
Adviser will be set forth in the respective investment management agreement or other offering materials.
The Adviser’s investment objective is to maximize risk-adjusted returns over intermediate- and long-term
horizons through relative value and absolute value investment strategies that focus on identifying
imbalances in credit, equity and
volatility markets using proprietary quantitative analysis and fundamental
research. Our views are expressed via a full spectrum of asset classes including corporate bonds, credit
derivatives, convertible bonds, equities, equity derivatives and other macro instruments.
The Adviser does not tailor its advisory services to the individual needs of underlying investors in the
Funds. However, the Adviser reserves the right to enter into side letters and other agreements and
arrangements with certain investors in the Funds primarily to accommodate such investor’s particular
legal, tax or regulatory requirements.
Any co-investment or special purpose vehicle established by the Adviser may (i) tailor its investment
objectives to specific financial instruments and/or (ii) be subject to different terms and fees than those of
other Clients. Such investment objectives, fee arrangements and terms will be individually negotiated
with the underlying investor(s).
The Adviser does not participate in any wrap fee programs.
As of December 31, 2023, the Adviser had $5.58 billion of regulatory assets under management on a
discretionary basis. The Adviser does not currently advise any client assets on a nondiscretionary basis.
All discussions of the Funds in this brochure, including, but not limited to, their investments, the
strategies used in managing the Funds, the fees and other costs associated with an investment in the
Funds, and conflicts of interest faced by the Adviser in connection with management of the Funds, are
qualified in their entirety by reference to each Fund’s respective offering memorandum and advisory
agreement.
Readystate: Part 2A Page 5