Overview
Madison River Capital LLC (“MRC”) is an investment advisory firm headquartered in New York, New
York, that was founded in 2016 to manage private equity investments in the lower middle market.
Originally known as “DMW Capital Management LLC”, MRC’s investment professionals are the former
corporate private equity investment team of Jefferson River Capital LLC (“JRC”), the family office of
Hamilton “Tony” James. MRC is principally owned by David M. Wittels.
MRC provides discretionary investment advice to private funds (each, a “Fund” and, collectively, the
“Funds”) that are exempt from registration under the Investment Company Act of 1940, as amended,
and whose offerings of securities are exempt from registration under the Securities Act of 1933, as
amended. MRC currently manages a single Fund, but may sponsor and manage additional Funds in
the future. In addition, MRC continues to manage a portfolio of private investments on behalf of JRC
(each, a “Legacy Investment” and collectively the “Legacy Portfolio”). MRC also provides consulting
services and investment management services to Scopia Capital Management LP with respect to
three private funds sponsored by Scopia (each, a “Sub-Advised Fund” and collectively the “Sub-
Advised Funds”). JRC, the Funds and the Sub-Advised Funds are collectively referred to as the
“Clients.”
As the investment adviser to each Client, MRC invests each Client’s assets pursuant to an investment
advisory agreement that such
Client has entered into with MRC, and in accordance with such Client’s
limited partnership agreement and other governing documents, as the same may be amended from
time to time (the “Governing Documents”).
For the Fund, MRC tailors its investment advisory activities to comply with the investment objectives,
guidelines and restrictions set forth in the Fund’s Governing Documents, but does not tailor its
investment advisory activities on behalf of the Fund to the needs of any individual investors in the
Fund. However, in accordance with common industry practice, the Fund or its general partner may
from time to time enter into a “side letter” or similar agreement with an investor pursuant to which
the Fund or its general partner grants the investor specific rights, benefits or privileges that are not
generally made available to all investors. The terms of such “side letters” or similar agreements are
generally not disclosed to other investors in a Fund, except to investors that have separately
negotiated for the right to review such agreements. See “Item8–MethodsofAnalysis,Investment
StrategiesandRiskofLoss” for additional details.
MRC manages the Legacy Portfolio in accordance with the needs and directions of JRC.
As of December 31, 2023, MRC had approximately $1,291,646,313 in regulatory assets under
management, of which $176,550,000 are managed on a discretionary basis and $1,115,096,313 are
managed on a non-discretionary basis.