Overview
Locust Wood Capital Advisers, LLC (“Locust Wood”) is a Delaware limited
liability company that was formed in May 2002. Locust Wood is principally
controlled by Stephen J. Errico. Locust Capital Management, LLC (“Locust
Wood Management”) and LW Long Opportunity GP, LLC (f/ka Locust Wood
Select GP, LC) (“LW Long Opportunity GP”), affiliates of Locust Wood, are
“Relying Advisers,” as that term is defined in the Glossary of Terms to Form
ADV. Locust Wood Management and LW Long Opportunity GP are also
principally controlled by Stephen J. Errico. The description of Locust Wood’s
business and activities throughout this brochure includes the business and
activities of Locust Wood Management and LW Long Opportunity GP.
Locust Wood currently provides discretionary investment advice to four private
investment funds, Locust Wood Capital, LP (the “Capital Domestic Fund”),
Locust Wood Capital Offshore, Ltd. (the “Capital Offshore Fund,” and together
with the Capital Domestic Fund, the “Capital Funds”), LW Long Opportunity
Fund, LP (f/k/a Locust Wood Select Fund, LP) (the “Long Opportunity Domestic
Fund”), LW Long Opportunity Offshore Fund Ltd. (f/k/a Locust Wood Select
Offshore Fund Ltd.) (the “Long Opportunity Offshore Fund”, together with the
Long Opportunity Domestic Fund, the “Long Opportunity Funds,”
and the Long
Opportunity Funds together with the Capital Funds, the “Funds”) and certain
separately managed accounts (the “Separate Accounts,” and together with the
Funds, the “Client Accounts”). Locust Wood generally seeks to invest in equity
of undervalued businesses in the public markets, however Locust Wood also
seeks to be opportunistic, recognizing that investment environments change and
opportunities in different asset classes may arise, and may invest in a wide variety
of securities and financial instruments, domestic and foreign, of all kinds and
descriptions, whether publicly traded or privately placed.
Locust Wood generally does not permit investors in the Funds to impose
limitations on the investment activities described in the Funds’ offering
documents. Under certain circumstances, Locust Wood will contract with a
Separate Account client to adhere to limited risk and/or operating guidelines
imposed by the client. However, the Separate Accounts generally follow the
same investment mandate as the Long Opportunity Funds or the Capital Funds.
Locust Wood negotiates such arrangements on a case by case basis. (See Item 16
“Investment Discretion.”).
As of December 31, 2023 Locust Wood managed approximately $2,761,235,921
on a discretionary basis and additional assets on a non-discretionary basis.