Overview
PFM is a Delaware limited partnership with its principal place of business in San Francisco, California.
The Adviser serves as an investment adviser to private investment funds in which qualified investors
invest directly (the “Offered Funds”). Certain Offered Funds (the “Feeder Funds”), in turn, invest
substantially all of their assets in Cayman Islands’ exempted limited partnerships for which PFM
serves as investment adviser (the “Master Funds,” and together with the Offered Funds, the “Funds”
or “Clients”), which invest directly in investment instruments. The Adviser receives certain assistance
in providing investment advice from its affiliates, Partner Advisory Services, L.P. (“PAS”), a
Delaware limited partnership, and Partner Fund Management, Inc. (“PFMI”), a Delaware corporation.
PFMI and PAS are referred to herein as the “Affiliated Advisers.”
PFM has been in the investment advisory business since its inception in September 2004. Brian D.
Grossman is the principal owner of and controls, directly and indirectly, the Adviser and Affiliated
Advisers. As of January 1, 2024, the Adviser has approximately $2.4 billion of regulatory assets
under management, all of which is managed on a discretionary basis.
The Adviser has
broad discretion with respect to the Funds’ investment decisions, selection of
brokers, dealers and other counterparties, and the amount of commissions or other compensation to
be paid by the Funds. The Adviser provides investment advisory services to the Funds based on the
particular investment objectives and strategies described in the relevant Offered Fund’s Offering
Documents (defined below).
Unless otherwise specified herein, all discussions relating to the Adviser relates equally to each of
PFM and the Affiliated Advisers, as applicable. PFMI and PAS provide research services to the
Adviser. PAS acts as a sub-advisor to PFM.
All discussions of the Funds in this brochure, including but not limited to their investments, the
strategies used in managing the Funds, the fees, allocations and other costs associated with an
investment in the Funds, and conflicts of interest faced by the Adviser and its Affiliated
Advisers in connection with management of the Funds are qualified in their entirety by
reference to each Fund’s respective confidential private offering memorandum (if any) and the
governing documents of that Fund (referred to collectively as “Offering Documents”).