A. Description of the Advisory Firm
Dorsal Capital Management, LP, a Delaware limited partnership (“Dorsal” or the “Firm”), is the
investment manager to the Clients, as defined below. Dorsal commenced providing services in
September, 2009 and currently is headquartered in Redwood City, California. Its general partner is
DCM Capital, LLC, whose managing member is Ryan Frick. Ryan Frick is the Chief Investment Officer
of Dorsal and is responsible for managing the Clients’ investment program.
Affiliates of Dorsal serve as the general partner of certain Funds and/or Master Fund (each such
affiliate, a “General Partner”).
B. Types of Advisory Services
Dorsal provides discretionary investment advice and management to private investment funds, the
securities of which are offered to investors on a private placement basis. The private placement funds
include:
• Dorsal Capital Partners, L.P. (the “Partnership I”) a Delaware a limited partnership, and
Dorsal Capital Partners, Ltd. (the “Offshore Fund I”) a non-U.S. company of which Dorsal is
the investment manager. The “Offshore Fund,” and jointly with the Partnership form the DCP
Funds. The DCP Funds intend to pursue their investment activities by investing all or a
portion of their investable assets into one or more mini- master or master funds (collectively,
the “Master Fund”).
• Dorsal Special Opportunities Master Fund, LP (“Master Fund II”) a non-U.S. company of which
Dorsal is the investment manager. Master Fund II serves as the master fund through which
Dorsal Special Opportunities Fund, LP (“Partnership II”), a Delaware limited partnership, and
Dorsal Special Opportunities Fund, Ltd. (“Offshore Fund II”) (Partnership I, Partnership II,
Offshore Fund I, and Offshore Fund II collectively “Feeder Funds”), a non-U.S. company,
(Master Fund II, Partnership II, and Offshore Fund II collectively, “DSOF”) will invest all or a
portion of their investable assets.
In the future, Dorsal’s clients may also include other privately
placed investment vehicles. The Funds
are referred to hereinafter as “Clients.”
Generally speaking, Dorsal’s investment objective is to achieve risk-adjusted total returns by
investing primarily in long and short equity positions. Dorsal will focus on generating fundamentally-
based ideas in the consumer and technology sectors, while remaining opportunistic regarding more
trading-oriented ideas in the same industries to minimize volatility of the overall portfolio. The
Clients’ investments will consist primarily of equity securities (including equity-linked derivatives),
but Clients may also invest in a broad range of financial instruments including: exchange-traded and
over-the-counter (OTC) equity securities, convertible bonds, preferred stock and credit default
swaps. Further, Clients may purchase securities in both the secondary and new issue markets.
Occasionally, as situations may arise, DSOF has in the past and will continue to also make illiquid
investments in addition to the broader mandate identified above.
Please see Item 8 in this brochure for a more detailed description of the investment strategies
pursued by the Clients.
The Clients are offering interests to certain qualified investors as described in response to Item 7, in
this brochure (such investors or prospective limited partners are referred to herein as “Investors”).
C. Client Tailored Services and Client Imposed Restrictions
Advisory services are tailored to achieve the Clients’ investment objectives, but not tailored to the
individual Investor needs. Generally, with respect to the Funds, Dorsal has the authority to select
which and how much of securities and other instruments to buy or sell without consultation with the
Funds or their Investors.
D. Wrap Fee Programs
Dorsal does not participate in wrap-fee programs.
E. Amounts under Management
Dorsal has the following assets under management:
Discretionary Amounts: Non-Discretionary Amounts: Date Calculated:
$ 6,016,059,011.00
$0 December 31, 2023