Värde Management, L.P. (“VMLP”) is the registered investment adviser in the broader Värde
organization (“Värde” or the “Firm”), a global alternative investment firm. In addition to VMLP,
the Firm provides advisory services through affiliated relying adviser entities, including
MPowered Capital, LLC (“MPowered”). Värde was founded in 1993 and operates with major
offices in Minneapolis, London, Singapore and New York.
The Firm is managed by a group of senior professionals, including sixteen partners: Bradley P.
Bauer, Ilfryn C. Carstairs, James E. Dunbar, Carlos Sanz Esteve, Shannon R. Gallagher, George
G. Hicks, Anthony C. Iannazzo, Andrew P. Lenk, Haseeb K. Malik, Andrew C. Malone, Aneek S.
Mamik, David A. Marple, Francisco Milone, Timothy J. Mooney, Giuseppe Naglieri, and Marcia
L. Page (the “Principals”). The Principals own 100% of the Firm.
The Firm sponsors and manages a family of private investment funds (the “Private Funds”). A
related entity of the Firm generally acts as the general partner of each Private Fund. VMLP serves
as the investment manager for all Private Funds other than certain Private Funds that invest in
Diverse Talent (as defined below) and are managed by MPowered.
The Firm currently categorizes the Private Funds into two primary categories: “closed-end funds”
and “evergreen funds.” The closed-end funds are typically structured to raise capital and then close
to new investors and have a stated investment period. Generally, the evergreen funds do not have
a defined investment period, and permit investors to make subscriptions and redemptions on a
periodic basis. In addition, the Firm from time to time forms Private Funds that are co-investment
vehicles designed to participate in particular investments or opportunities alongside one or more
other Private Funds. The terms of such co-investment vehicles, including but not limited to
permitted investments, fees and governance, are negotiated between the Firm and the participating
Co-Investors (as defined herein). The section titled “Methods of Analysis, Investment Strategies
and Risk of Loss” (Item 8 below) includes additional disclosure related to co-investments.
The Firm also offers advisory services
to managed accounts (the “Managed Accounts” and,
together with the Private Funds, “Clients”). Such Managed Accounts have customized mandates
and participate in investments or opportunities that fit such mandates alongside one or more of the
Private Funds. Such Managed Accounts have certain terms that differ from the terms of the Private
Funds, including but not limited to permitted investments, fees, governance, liquidity rights,
transparency rights and/or termination rights.
The Firm’s advisory services primarily consist of (i) investigating, identifying and evaluating
investment opportunities; (ii) structuring, negotiating and making investments on behalf of Clients;
(iii) managing and monitoring the performance of such investments; and (iv) exiting such
investments on behalf of Clients. The Firm’s advisory services to each Client are subject to the
specific investment objectives and restrictions set forth in the limited partnership agreement,
confidential private placement memorandum, investment management agreement, subscription
materials and/or other governing documents (collectively, the “Account Documents”) applicable
to such Client. Each Managed Account Client, as well as investors and prospective investors in
each Private Fund, should refer to the Account Documents of the applicable Client for complete
information regarding the investment objectives, investment restrictions and other information
with respect to such Client.
In accordance with common industry practice, one or more of the Private Funds’ general partners
enter into “side letters” or similar agreements with certain investors pursuant to which the general
partner grants the investor specific rights, benefits and/or privileges that are not made generally
available to other investors. Except as otherwise required by law, rule or regulation, these side
letters or similar agreements generally are disclosed only to investors in the applicable Private
Fund that have the right to review such side letters or similar agreements or pursuant to a “most
favored nations” provision.
As of December 31, 2023, the Firm’s Regulatory Assets Under Management (as defined in Form
ADV Part 1) are $18.09 billion.