New China Capital Management Corp. (“NCCM ” or the “Adviser”) provides investment advice
to private equity funds. NCCM is directly and indirectly 50% owned by each of Paul S. Wolansky
and S. Donald Sussman. NCCM is registered with the SEC as an investment adviser under the
Investment Advisers Act of 1940, as amended (the “Advisers Act”).
NCCM was formed as a Delaware corporation in 2013. The Adviser, along with its affiliates and
predecessors have, since 1992, implemented a core strategy of providing growth capital to middle-
market companies in the fast growing private sector of the Chinese economy.
NCCM acts as the investment adviser to Cathay Capital Holdings III, L.P. (“CCH III”) and Cathay
Opportunity Fund, L.P. (“COF”) (together, the “Cathay Funds”). NCCM Corp. indirectly
provides investment advisory services to Cathay Capital Holdings III Corp. Ltd. (which invests
substantially all of its assets in CCH III) and Cathay Opportunity Fund Corp, Ltd. (which invests
substantially all of its assets in COF) (together, the “Overseas Funds”), The Cathay Funds are
pooled investment vehicles that are not registered under the Investment Company Act of 1940, as
amended (the “ICA”), and whose securities are not registered under the Securities Act of 1933, as
amended (the “Securities Act”). The investors in the Cathay Funds are primarily “qualified
purchasers” as defined in the ICA. Investors in the Overseas Funds must be “accredited investors”
as defined under Regulation D under the Securities Act, “qualified purchasers” as defined in the
ICA and “qualified eligible persons” as defined in regulations promulgated by the U.S.
Commodities Futures Trading Commission. An affiliate of NCCM previously acted as the
investment adviser to Cathay Capital Holdings, L.P. (“CCH”) and Cathay Capital Holdings II, L.P
(“CCH II”). In 2022, CCH was liquidated and the remaining assets of CCH II were transferred to
a liquidating trust.
As the investment adviser of CCH III, NCCM, along with Cathay Capital III Master GP, Ltd., the
general partner of CCH III (“Cathay Capital III Master GP”), selects and disposes of
investments of CCH III. As the investment adviser of COF, NCCM, along with Cathay Capital
IV Master GP, Ltd., the general partner of COF (“Cathay Capital IV Master GP”), selects and
disposes of investments of COF. Each of Cathay Capital III Master GP and Cathay Capital IV
Master GP are referred to herein individually as a “General Partner” and collectively as the
“General Partners”. In making decisions for or on behalf of the Cathay Funds, including with
respect to the nature or structuring of investments, the General Partners and the Adviser consider
the interests of each of the Cathay Funds, as applicable, and not the particular interest of investors
individually. Thus, any such decision may be more or less beneficial for one investor than for
another investor, in respect of their individual tax situations, investment objectives or otherwise.
The Adviser provides investment advisory services to the Cathay Funds pursuant to investment
management agreements (each, an “Investment Management Agreement”). The terms of the
investment advisory services provided by NCCM to a Cathay Fund, including specific investment
guidelines and restrictions, are set forth in each Cathay Fund’s Investment Management
Agreement, offering documents and/or governing documents. Such investment guidelines and
restrictions limit the focus of the Adviser’s investment advisory activity primarily to the
development of a portfolio of direct and other investments in companies operating in or affected
by economic activity in the People’s Republic of China (the “PRC”) and securities reasonably
related to such investments. Investors in the Cathay Funds cannot impose any additional
investment guidelines or restrictions on the Cathay Funds.
As of December 31, 2023, NCCM managed a total of approximately $279 million client assets on
a discretionary basis. The Adviser does not manage client assets on a non-discretionary basis.