Realization Capital Partners Management (the “Manager”) is an investment adviser registered with the
United States Securities and Exchange Commission (SEC) and is a limited liability company formed
under the laws of the State of Delaware. We began operations in March 2019 and are based in the San
Francisco Bay Area. We filed our initial application to become registered as an investment adviser in
November 2022. Prior to that time, we replied on the Private Fund Adviser exemption to full registration
and filed an Exempt Reporting Adviser (ERA) report with securities regulators. Jason Donahue is the
owner and Managing Member of Realization Capital Partners Management.
Description of Advisory Services
Realization Capital Partners Management serves as investment adviser to clients that are pooled
investment vehicles which are managed by affiliated manager or general partner entities. The pooled
investment vehicles currently are not, and will not be, registered as investment companies in reliance on
an exemption from registration under the Investment Company Act of 1940, as amended, and the
securities of which will be offered and sold in reliance on an exemption from registration under the
Securities Act of 1933, as amended.
As of the date of this Brochure, we provide advisory services to the General Partners (“GPs”) of
Realization Capital Partners I, L.P. and Realization Capital Partners II, L.P. (referred to collective as the
“Private Funds”).
Companies affiliated with Realization Capital Partners Management serve as the sponsor and General
Partner of the Private Funds. Thus, Realization Capital Partners Management is not independent of the
Private Funds.
See also Item 10 – Other Financial Industry Activities and Affiliations, Item 11 – Participation in Client
Transactions and Personal Trading and Item 16 – Custody of this brochure for more information.
Each Private Fund’s investment objectives and other characteristics are set forth in the Private Placement
Memorandum (“PPM”), Limited Partnership Agreement (“LPA”), and/or any other governing documents
provided to investors in such Private Fund (“Investors”). We will tailor the advisory services for each
Private Fund based on each Private Fund’s investment objective and investment strategy. We do not
tailor advisory services to the individual Investors.
The following are descriptions of our advisory services. A written agreement, which details the exact
terms of the service, must be executed by each Private Fund, its associated General Partner entity, and
Realization Capital Partners Management before we can provide the services described below.
Overview
The Manager’s services can best be described as providing investment advice and other advisory
services to private funds (directly or through their affiliated GP entities) that are established for investment
in the private equity / venture capital market with a focus on technology-related investments. We strive to
select investments to achieve attractive long-term capital growth. We make both secondary and primary
direct investments from under $1 million to $100 million in companies ranging in revenue from under $10
million to $1 billion in partnership with management, owners, and controlling shareholders. These
transactions can include acquiring existing minority stakes from other venture capital and private equity
firms, leading or joining primary rounds, or effecting buyouts and recapitalizations. We often focus on
providing liquidity for shareholders whose time frames don't align with those of the majority shareholders.
Realization Capital Partners Management LLC Page 5 Form ADV Part 2A: Firm Brochure
Types of Investments
We describe our firm as an opportunistic, fundamentals-based investor seeking significant discounts to
intrinsic value in high potential, privately held, growing software and technology companies. More
specifically, we specialize in direct and portfolio secondaries as well as select primary capital special
situations which align with our value-oriented approach and risk-adjusted underwriting objectives.
Private equity is an alternative investment class that invests in or acquires private companies that are not
listed on a public stock exchange. Generally speaking, private equity funds invest in private companies
or engage in buyouts of public companies. Institutional and retail investors provide the capital for private
equity, and the capital can be utilized to fund new technology, make acquisitions, expand working capital,
and bolster and solidify a balance sheet.
Please see Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss for more information.
Tailor Advisory Services to Individual Needs of Clients
We do not currently have individual, natural-person clients or institutional, company-clients. We serve as
the investment adviser to affiliated Private Funds (through their affiliated General Partner entities) and
have no other clients. All management and investment decisions regarding our Private Funds is based
on the individual fund objectives, strategies and policies. We are responsible for all major investment
decisions including, without limitation, amending or changing an individual Private Fund’s investment
objective; determining investment strategies; and establishing and implementing investment policies or
limitations.
Assets Managed by Realization Capital Partners Management
As of September 30, 2023, we managed $477,469,017 in Private Fund assets.