A. General Description of Advisory Firm.
The Adviser is a Delaware limited partnership founded in 1992. The Adviser is headquartered
in New York City and has over thirty affiliate and advisory offices located in the United States,
Europe, Asia, Africa, the Middle East, South America and Australia. The principal owner is
Stephen A. Feinberg, who owns his interests in the Adviser indirectly through one or more
intermediate entities.
The Adviser and its affiliates (the “Affiliates”) (the Adviser and the Affiliates are sometimes
collectively referred to as the “Advisers”) provide investment management and administrative
services to privately placed pooled investment vehicles (collectively, the “Private Funds”),
single investment special purpose investment vehicles and managed accounts (collectively,
with the Private Funds and “EU Clients” (as defined below), the “Clients”) based on their
respective investment objectives.
The Advisers tailor their advisory services as described in the investment program of the
relevant Client’s private placement memorandum or as set forth in such Client’s organizational
documents, the subscription documents related to an investment in such Client and/or the
investment management agreement with such Client (collectively, the “Governing
Documents”). Please refer to Item 8 for a more detailed description of the Advisers’ investment
strategies as well as the securities and other instruments purchased by Clients under the
management of the Advisers.
Since the filing of the Adviser’s last Brochure through the date that this Brochure has been
filed, several new Clients have been launched. For a complete list of all Clients that are
provided administrative and/or investment management services by the Advisers, see Section
7.B. of Schedule D to the Advisers’ Form ADV Part 1.
The Advisers provide investment management services to the Clients on a discretionary basis;
however, their advice is provided in accordance with and subject to the investment objectives
and guidelines set forth in each Client’s applicable Governing Documents.
B. Description of Advisory Services.
Advisory Services
The Adviser is a global alternative investment firm founded in 1992. Headquartered in New
York City with affiliate and advisory offices located in the U.S., Europe, Africa, the Middle
East, South America, Asia and Australia, the Advisers generally focus on value creation
globally in private equity and venture capital, real estate and global credit strategies as outlined
below. The Advisers’ investment and operations professionals are integrated across all three of
the Advisers’ primary investment strategies, bringing considerable expertise in assessing and
managing all of the Advisers’ investments.
Private Equity and Venture Capital, including operational private equity, supply chain
investments that aim to advance supply chain security and integrity and strengthen
critical infrastructure of the U.S. and its allies, venture investments
in companies with a
primary focus on the critical technology and infrastructure underpinning and enabling
nation states, a frontier and emerging markets investment platform, acquisitions of
companies with operational problems or significant cost reduction opportunities,
subsidiaries divisions or business units of companies where the business is viewed as
non-core and/or under-performing divisions, companies undergoing reorganization
under U.S. bankruptcy law or similar laws, and early stage or later stage companies that
require additional financing to scale and/or grow;
Real Estate, including investments in distressed debt securities and assets, special
situations, direct equity, mortgage loans and bridge financings, mezzanine debt and
preferred equity and non-performing loans (“NPLs”) secured by real estate; and
Global Credit, including corporate stressed credit and distressed debt, corporate middle-
market direct lending and residential and commercial mortgage securities and assets.
Please see Item 8 for additional information related to methods of analysis, investment
strategies and risk of loss.
C. Availability of Customized Services for Individual Clients.
The Advisers tailor their advisory services as described in the investment program of the
relevant Client’s Governing Documents.
In addition, the Advisers have the right to enter and have entered into agreements, such as side
letters, with certain investors in the Clients that may in each case provide for terms of
investment that are more favorable for certain investors than the terms provided to other
investors in the same Clients. Such terms typically include, among other things, the waiver or
reduction of management and/or incentive fees/allocations, the provision of additional
information or reports, rights related to specific regulatory requests or requirements of certain
clients, more favorable transfer rights, and more favorable liquidity rights. Certain Clients
(and/or underlying investors) also negotiate for investment exposure (or investment
limitations) with respect to specific industries, sectors, geographic regions or investments,
governance rights with respect to certain investments, the promotion of commercial
relationships in an underlying investor’s country of origin, and/or rights to participate in co-
investment opportunities or bid on portfolio companies at exit.
Persons reviewing this Form ADV Part 2A should not construe this as an offering of any of
the Clients described herein, which will only be made pursuant to the delivery of a private
placement memorandum, subscription agreement and/or similar documentation to prospective
investors.
D. Wrap Fee Programs.
The Adviser does not participate in wrap fee programs.
E. Assets Under Management.
As of January 1, 2024, the Adviser had approximately $88.2 billion of regulatory assets under
management, all of which was managed on a discretionary basis.
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