Overview
A. Woodbourne Capital Management International LP (“Advisor,” “we” or “us”) is a Delaware
limited partnership that was formed in February 2007. We are principally owned by Jeffrey “TJ”
Heyman, both directly and indirectly through a limited liability corporation called Woodbourne
Capital Management GP LLC.
B. We provide discretionary investment advice to private investment funds that are not registered
under the Investment Company Act of 1940, as amended (the “1940 Act”), and whose securities
are not registered under the Securities Act of 1933, as amended (the “Securities Act”). Our
investment advice to private funds encompasses global real estate-related securities and private
equity investments in real estate-related assets.
C. We generally provide investment advisory services to each private investment fund (i.e., each
client) pursuant to an advisory services agreement. Each advisory services agreement sets forth the
terms of the investment advisory services we provide to each respective client, including any
specific investment guidelines or restrictions. Investment guidelines for each client are generally
established in its organizational or offering documents,
the advisory services agreement and/or side
letter agreements negotiated with investors in each client. We provide investment advice directly
to our clients, and not individually to the investors in the clients. However, we and our affiliates
routinely enter into side letter agreements with certain investors in the clients providing such
investors with customized terms, which often results in preferential treatment.
(See Item 16 “Investment Discretion.”)
D. We do not participate in wrap fee programs.
E. As of December 31, 2023, we managed approximately $2,069,427,000 on a discretionary basis.
We do not manage any assets on a non-discretionary basis.
Regulatory assets under management (“RAUM”) reported both in this brochure and in Part I of the
ADV might differ from assets under management (“AUM”) presented in marketing materials
because the Advisor manages certain joint venture arrangements on behalf of certain private
investment funds. The joint ventures are neither “private funds” nor “securities portfolios” as
defined in the ADV glossary; therefore, they are not included when calculating RAUM and they
are included when calculating AUM.