Description of the Firm
Crestwood Capital Management, L.P. (“Crestwood”) is a privately owned limited
partnership organized under the laws of the state of Delaware, with its principal place of
business in New York, New York. Crestwood began providing investment advisory
services in 2009. Michael Weisberg and Amit Mehta each own, directly or indirectly, or
control 49.5% of Crestwood, with Crestwood Capital Management, LLC owning the
remaining 1%. Michael Weisberg and Amit Mehta each own, directly or indirectly, or
control 50% of Crestwood Capital Management, LLC. Mr. Mehta’s interest in Crestwood
and Crestwood Capital Management, LLC is indirect, though Aravi Capital, L.P., which is
more than 75% owned, and 100% controlled, by Mr. Mehta. Crestwood serves as the
investment manager to several private investment partnerships and companies. From 1995,
when he launched the first Crestwood Fund (as defined below), and prior to its acquisition
by ING Group, N.V. and/or its affiliates (“ING”) in 1997, Mr. Weisberg was a managing
director at Furman Selz and was the Portfolio Manager of the Crestwood Funds. Mr. Mehta
joined ING in 2002 and became co-Portfolio Manager, with Mr. Weisberg, of the
Crestwood Funds in 2005. Effective July 1, 2009, Crestwood replaced ING as the
investment adviser and/or investment manager of the Funds. At that time, Mr. Weisberg
and Mr. Mehta ceased to be employees of ING. Effective May 2014, certain ING affiliates
were rebranded under the name Voya. Crestwood does not participate in wrap fee
programs.
Advisory Services Offered
Crestwood serves as the investment manager or adviser to multiple private investment
partnerships or companies, each of which is exempt from registration with the Securities
and Exchange Commission (each a “Fund” or a “client” and together the “Funds,” the
“Crestwood Funds,” or the “clients”). Crestwood provides investment management
services tailored to the specific investment guidelines set forth in the confidential private
placement memorandum of each of the Feeder Funds and Crestwood Partners II (as each
such term is defined below), although the investable assets of the Feeder Funds (other than
cash held on a short-term basis) are required to be invested in their respective Master Funds,
where all portfolio transactions using Feeder Fund assets are held. Subject to these
investment guidelines, Crestwood has complete discretion and authority to manage the
assets of the Master Funds and Crestwood Partners II. Crestwood is authorized to make
all investment decisions, buy and sell securities, issue instructions to custodians, select
broker-dealers to execute securities transactions and vote proxies and make similar
decisions for Crestwood Capital Master, Crestwood Growth Master, and Crestwood
Partners II, except that Crestwood generally does not pursue or commence class action
litigation on behalf of the Funds. Underlying investors in the Crestwood Funds do not have
the ability to impose restrictions on investing in certain securities or types of securities.
Crestwood offers and sells interests in the Feeder Funds and Crestwood Partners II in
private transactions solely to accredited investors and qualified clients, qualified
purchasers, or professional investors, as the case may be, and certain employees of
Crestwood and/or its affiliates.
The Crestwood Funds
Crestwood manages two fund families with different but related strategies. The Long/Short
Funds (Crestwood Capital Master, Crestwood Capital, Crestwood Capital International,
and Crestwood Partners II, collectively referred to as the “Long Short/Funds”) are managed
using a long-short equity global growth strategy. The “Long Only Funds” (Crestwood
Growth Master and Crestwood Growth Partners) are managed using a long only equity
global growth strategy based on the long investments in the Long/Short Funds.
The Crestwood Funds are set forth below:
Crestwood Capital Partners, L.P.
* (“Crestwood Capital”)
Crestwood Capital International, Ltd. (“Crestwood Capital International”)
Crestwood Capital Master Fund, Ltd. (“Crestwood Capital Master”)
Crestwood Capital Partners II, L.P. (“Crestwood Partners II”)
Crestwood Growth Master Fund, Ltd. (“Crestwood Growth Master”)
Crestwood Growth Partners, L.P. (“Crestwood Growth”)
Crestwood Capital, Crestwood Capital International
and Crestwood Growth are
collectively referred to as the “Feeder Funds,” and Crestwood Capital Master and
Crestwood Growth Master are collectively referred to as the “Master Funds.”
The Long/Short Funds
Crestwood serves as the investment manager and the adviser to a U.S. domiciled and a
British Virgin Islands domiciled Feeder Fund, respectively, each open only to investment
by accredited investors and qualified purchasers or professional investors, as applicable.
In its capacity as investment manager to Crestwood Capital and as adviser to Crestwood
Capital International, Crestwood provides certain non-discretionary operational and
administrative services to these Feeder Funds, but has no discretion with respect to the
investment of their assets or their operation. Each of these Feeder Funds seeks to attain its
investment objectives by investing substantially all of its investable assets in a British
Virgin Islands based master fund, through a master feeder structure, for which Crestwood
serves as the adviser. Crestwood Partners and Crestwood International are referred to as
the “Long/Only Feeder Funds.” The British Virgin Islands master fund has the same
investment objective and strategy as each of its Feeder Funds. Crestwood also manages a
U.S. domiciled Fund, open only to accredited investors and qualified clients, that utilizes
the same investment strategy as the other Long/Short Funds.
* Crestwood Capital Partners, L.P.®, Crestwood Capital International, Ltd.®, Crestwood Capital Master
Fund, Ltd.®, and Crestwood Capital Partners II, L.P.® are registered trademarks of Crestwood Capital
Management, L.P. ®
Investment performance is dependent upon the selection of long investments that
outperform the market and short investments that underperform the market. While the
confidential private placement memorandum for each of the Long/Short Feeder Funds and
Crestwood Partners II gives Crestwood broad discretion with respect to the types of
securities it may purchase, Crestwood will purchase and sell primarily equity and equity-
related securities in global markets. Crestwood may also invest in preferred stocks,
convertible securities, warrants, commodities, options (including covered and uncovered
puts and calls and over-the-counter options), futures and other derivative instruments,
bonds and other fixed income securities, foreign currencies, private securities and money
market instruments. Crestwood also engages in short selling, margin trading, hedging and
other investment strategies for the Long/Short Funds. There are no predetermined limits
on the relative amount of Fund assets that may be invested long or short. The relative level
of long and short positions depends upon Crestwood’s evaluation of the relative
attractiveness of investment opportunities, perception of general market direction and other
factors. Generally, each Fund’s long portfolio will be less than 150% of its net assets and
the short portfolio will be less than 100% of its net assets, but Crestwood can, from time to
time, exceed these levels. Performance is primarily driven by the relative performance of
Crestwood’s long and short investments rather than the performance of the markets.
Crestwood Capital Master and Crestwood Partners II generally invest in the same
securities, to the extent legally permissible, and operationally practical. Investment
trades are generally allocated among the Long/Short Funds to achieve holdings that are
proportional to their respective net asset values.
The Long Only Funds
In its capacity as adviser to Crestwood Capital Master, and Crestwood Growth Master,
Crestwood is generally responsible for managing the assets of each such fund. Crestwood
Growth Master generally invests in the same long positions as those held by Crestwood
Capital Master; however, Crestwood Growth Master’s long exposure is targeted to be
higher than that of Crestwood Capital Master therefore Crestwood Growth Master’s
positions will be relatively larger based on their respective investable assets.
As a result of this sharing of investments, the efforts of the members of Crestwood’s
investment and trading teams are focused on one set of investment decisions.
Assets under Management
As of December 31, 2023 Crestwood managed, on a discretionary basis, client assets
totaling approximately $252 million. Crestwood does not manage client assets on a non-
discretionary basis.