Brigade Capital Management, LP (“Brigade Capital”) is a New York-based investment management firm
that commenced operations in 2006. Donald E. Morgan, III is Brigade Capital’s principal owner.
Brigade Capital provides discretionary investment advisory or sub-advisory services to its clients (the
“Advisory Clients”) which include:
private investment funds (the “Private Investment Funds”) for institutional and other sophisticated
investors;
a mutual fund that is a registered investment company registered under the Investment Company
Act of 1940, as amended (the “Mutual Fund”);
separately managed accounts (the “Accounts”), including accounts established by registered
investment companies (“RICs”);
joint venture arrangements (“JVs”) with unaffiliated third parties; and
other institutional or sophisticated investors.
Brigade Capital’s investment advisory services also include serving as a collateral manager to entities that
operate as collateral loan obligations, collateral debt obligations or similar entities (hereinafter referred to
collectively as the “CLO/CDO Funds,” and collectively with the Private Investment Funds, the “Funds”).
Brigade Capital established Brigade Capital UK LLP (“Brigade UK”), which is a controlled affiliate that
operates out of London, United Kingdom, and provides research, marketing and investment advisory
services to Brigade Capital, as well as research and trading services to Brigade Capital Europe Management
LLP (“BCEM”). Brigade UK is authorised and regulated by the Financial Conduct Authority (“FCA”), and
it may exercise discretionary trading authority with respect to Brigade Capital’s Advisory Clients from time
to time, to the extent such trading authority is delegated to it by Brigade Capital and/or the Advisory Clients,
as applicable. Brigade UK also advises a European special purpose acquisition company. BCEM, a
controlled affiliate of Brigade Capital, operates out of London, United Kingdom and is authorised and
regulated by the FCA. BCEM is registered with the SEC as a relying adviser under an umbrella registration
with Brigade Capital. BCEM provides discretionary investment advisory services by serving as the
collateral manager and sponsor or originator to certain CLO/CDO
Funds marketed in Europe, European
domiciled and Euro denominated collateralized loan obligation issuers and warehouses (“ECLOs”). To the
extent applicable, Brigade Capital, Brigade UK and BCEM are collectively referred to herein as “Brigade”.
Brigade generally has broad and flexible investment authority with respect to the investment portfolios that
it manages for its Advisory Clients. Brigade provides investment advisory services to its Advisory Clients
with respect to a wide range of investments including: investments in long and short positions in securities
issued by U.S. and international high yield issuers and related instruments; investments in distressed/special
situation opportunities across capital structures and market capitalizations; investments in the broader credit
markets, including investment grade bonds, high yield bonds, loans and credit default swaps; investments
in and related to special purpose acquisition companies; investments in derivatives and other hedging
instruments including, but not limited to, options, commodities, swaptions and constant maturity swaps.
Brigade does not tailor its advisory services to the individual needs of investors in the Funds (“Fund
Investors”) and does not accept Fund Investor-imposed investment restrictions. Please also refer to Item
10 for a discussion of side letters.
When deemed appropriate, Brigade has established, and may in the future establish, Private Investment
Funds and/or Accounts for particular clients, or otherwise provided specialized advisory services to certain
clients. These Private Investment Funds and Accounts are subject to investment objectives, guidelines, and
restrictions, and fee arrangements and other terms that are individually negotiated with each such client.
These Private Investment Fund and Account relationships generally involve significant account minimums.
As of December 31, 2023, Brigade Capital managed $27,851,162,291 of Advisory Client regulatory assets
on a discretionary basis. As of December 31, 2023, Brigade UK may exercise discretionary trading over
certain of Brigade Capital’s regulatory assets, totaling $26,469,130,157. As of the date of this Brochure,
Brigade does not manage any assets on a non-discretionary basis.