Overview
Elementum Advisors, LLC (“Elementum” or “We”) is an independent alternative investment manager
providing discretionary investment management services to a broad range of institutional clients, including
U.S. and non-U.S. unregistered private investment companies (the “fund(s)”). We specialize in
collateralized natural event insurance and reinsurance investments and manage client portfolios across a
range of objectives within the risk-linked investments (“RLI”) asset class with varying degrees of
diversification, risk, liquidity, hedging and leverage.
Based in Chicago, Illinois, Elementum was launched in December 2009 by founding partners Anthony
Rettino and John DeCaro, and managing partner, Michael France. Its Relying Adviser, Elementum
(Bermuda) Ltd. (“Elementum Bermuda”), was launched in November 2011 and is engaged by Elementum
as a sub-adviser. Elementum and Elementum Bermuda are each wholly owned by Elementum Holdings,
LP. Elementum Holdings, LP is principally owned by the two founding partners and WM Capital Holdings
Ltd., a wholly owned subsidiary of White Mountains Insurance Group, Ltd., a third-party investor.
We regularly agree to certain investment restrictions and guidelines as requested by a client and agreed
upon in the client’s investment management agreement with us. We do not participate in class actions for
clients.
From time to
time, we have opportunities for third parties or a limited sub-set of clients to co-invest along
with our clients. We generally receive compensation in connection with structuring or advising such co-
investment opportunities. These opportunities may be made available to third parties or certain clients
wishing to make additional investments in such opportunities only to the extent that any desired allocations
have already been made to our existing client portfolios.
Elementum may provide consulting or other services from time to time to third parties, so long as the
provision of such services is not inconsistent with our fiduciary duties to our clients.
In addition to those expenses described in Item 5 below, expenses incurred in connection with the evaluation
of investment opportunities, including legal fees as well as counterparty due diligence and investment
related travel costs incurred by Elementum or its agents, will typically be charged to our clients,
notwithstanding that such opportunities may also be evaluated for the supplemental or co-investment
opportunities. This outcome is necessitated because supplemental or co-invest opportunities are “opt-in”
for third parties and certain clients who have no obligations to make such investments.
Regulatory Assets under management as of December 31, 2023
Discretionary: $ 4,140,924,488
Non-Discretionary: $0