Overview
FIRM AND PRINCIPAL OWNERS
Periphas Capital, LP (“Periphas”) is a Delaware limited liability company. Periphas is
sometimes called the “Firm” in this brochure. The Firm was formed in late 2017 and
began operations as an investment adviser in June 2020. We provide continuous and
regular supervisory or management services with respect to assets totaling
approximately $143 million as of December 31, 2023. All clients are private investment
funds, although some funds may rely on exemptions other than those provided by
Sections 3(c)1 and 3(c)7 of the Investment Company Act of 1940, as amended.
For purposes of this Part 2 Form, an advisory affiliate or a related person of the Firm is
considered to be a person or entity that controls the Firm, is controlled by the Firm or is
under common control with the Firm.
The Firm has two members: SKM LLC and Periphas Capital GP LLC. Periphas Capital
GP LLC is owned by two individuals: Sanjeev and his spouse Karen Mehra. SKM LLC
is solely owned by Sanjeev Mehra and a trust for the benefit of his family, Mehra Family
Trust. The members’ ownership interests are not equal. Periphas Capital LP is currently
member managed. Additionally, there are two other individuals who hold senior officer
positions for the Firm: Jeff Dodge and Todd Nice.
The Firm has no subsidiaries.
The principal office and place of business for Periphas is 745 5th Avenue, 16th Floor, New
York, New York 11051. Please see Item 10 for more information about financial industry
activities and affiliations.
The Firm’s investment policies and decisions are set by its Investment Committee. The
members of the Firm’s Investment Committee are Sanjeev Mehra, Jeff Dodge and Todd
Nice. The Firm’s other investment professionals also participate in this process to
determine investment recommendations on an as needed basis and provide valuable
input. The Investment Committee members and other investment professionals may be
referred to throughout this brochure as “Investment Professionals”. Additional
information is included in brochure supplements with respect to (i) each person who
formulates investment advice for a client and has direct client contact, and (ii) each
person who has discretionary authority over a client’s assets even if that person has no
direct client contact.
As described below, the Firm’s clients are expected to be investment funds and other
similar entities that we advise.
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INVESTMENT SUPERVISORY SERVICES
The Firm’s main business is to provide investment advice to various private fund entities
which are our clients. Some of our clients will be limited partnerships or limited liability
companies that are related to us because there is common ownership and/or control
between the Firm and the general partners or managers of those investment funds.
Currently, all of our clients are expected to be closed-end (meaning they do not accept
additional subscribers after a stated offering period) investment funds with capital
committed by investors that is drawn down and contributed over time to purchase
investment securities or real estate and pay expenses. Most of our clients are not
expected to offer redemption rights or liquidity to their investors.
Our advice is considered to be investment supervisory services because we provide
continuous advice based on the individual needs of each client. We look for investments
that meet the stated objectives, strategy and investment guidelines of each client. We
usually only recommend that a client buy a security if that type of security and the
amount to be invested in that security meets the client’s objectives, strategy and
investment guidelines as stated in the client’s offering memorandum and partnership
agreement or joint venture or other agreement negotiated directly with its investor(s). We
supervise the entire investment process and monitor the performance of each investment
security held by our clients. We make recommendations to buy, hold, finance and/or sell
investment securities. However, we do not make the final investment decisions. In other
words, we do not have investment discretion. The final investment decisions are made by
the general partners or managers of the various investment funds that are our clients. As
stated above, there may be common ownership and/or control between the Firm and most
of those general partners or managers.
We primarily provide advice with respect to equity securities in private companies and
limited partnerships. Occasionally, we may offer advice with respect to a wide variety of
other securities.
We do not participate in wrap fee programs.
The amount of client assets we are managing is $142.7 million as of valuations available on
December 31, 2023.
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