Overview
A. General Description of Advisory Firm
Founded in 2002, Permit Capital, LLC, a Delaware limited liability company (“Permit Capital,” the
“Firm,” or “we”), is an investment advisory firm that structures and manages private investment funds.
Permit Capital was originally formed to invest the financial assets of its founders, their families and close
associates through privately held limited partnerships.
Richard B. Worley, Caroline J. Ritter, and John C. Broderick are the principal owners of Permit
Capital.
B. Description of Advisory Services
Our sole business consists of managing private investment funds on a discretionary basis. We
offer three different types of investment programs for our fund clients:
(i) direct investment programs where we invest in public and/or privately held securities;
(ii) fund-of-funds investment programs where we invest in funds (“Underlying Investment
Funds”) managed by investment advisors and managers who are not affiliated with us
(“Third Party Managers”); and
(iii) investment programs that pursue a combination of direct investments and fund-of-funds
investments.
Currently, we provide investment advice only to the following private investment funds. In this
brochure, we may refer to them individually as a “Permit Fund” or collectively as the “Permit Funds”. The
Permit Funds are exempt from registration under the Investment Company Act of 1940, as amended.
(i) Permit Capital Fund, L.P. (“Capital Fund”) and its feeder fund, Permit Capital Cayman
Fund, Ltd. (“Capital Cayman Fund”)
(ii) Permit Capital International Fund, L.P. (“International Fund”)
(iii) Permit Capital Telecom, L.P. (“Telecom Fund”)
(iv) Permit Capital Enterprise Fund, L.P. (“Enterprise Fund”)
(v) Permit Capital Private Equity Fund, L.P. (“Private Equity Fund”)
Each of the Permit Funds (other than the Capital Cayman Fund) has been formed as a Delaware
limited partnership. The Private Equity Fund is a series limited partnership. Each series of the Private
Equity Fund is considered to be a separate Permit Fund, having its own investment strategy and group of
investors and owns its own portfolio of securities. The Capital Cayman Fund is a Cayman Islands company.
From time-to-time, we may provide investment advice to newly formed private investment funds
or newly formed series of existing Permit Funds.
Permit
Capital manages the Permit Funds in accordance with the investment strategies and
restrictions (if any) of the Permit Funds as set forth in their limited partnership agreements and
confidential private placement memoranda (“Operating Documents”). Permit Capital does not provide
investment advice to the investors in the Permit Funds and does not tailor the Permit Funds’ investments
to any individual investor. Investors purchase limited partnership interests in the Permit Funds and
investments are made at the Permit Fund level, not for individual investors in the Permit Funds.
We also do not offer wrap fee programs or manage individual client accounts.
From time-to-time, we will engage other investment managers as sub-advisers (on a discretionary
or non-discretionary basis) to assist us in the management of the Permit Funds or to identify and research
investment opportunities for the Permit Funds. Currently, the Permit Funds have the following investment
management/sub-advisory arrangements.
International Fund: The International Fund has retained Gardner Russo & Quinn, LLC (“Gardner
Russo”) to manage its assets. The International Fund’s general partner, in consultation with
Permit Capital, identifies the specific assets that are to be managed by Gardner Russo and Permit
Capital. Gardner Russo has discretionary authority for investment decisions with respect to assets
of the International Fund allocated to them for management. Gardner Russo is based in Lancaster,
Pennsylvania. Gardner Russo is a separate SEC-registered investment adviser.
Fund of Funds: With respect to Capital Fund and International Fund, Permit Capital has retained
the services of Cerity Partners, LLC (“Cerity”) to provide non-discretionary sub-advisory services
to Permit Capital. This means that Cerity helps us identify and research investment opportunities
for these Permit Funds and assists us in monitoring investments identified by Cerity and in which
these Permit Funds are invested. However, Permit Capital will make all investment decisions with
respect to investment opportunities identified by Cerity for such Permit Funds.
C. Assets Under Management
As of December 31, 2023, Permit Capital managed approximately $545,640,270 on a discretionary
basis. We do not manage any accounts on a non-discretionary basis.