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Adviser Profile

As of Date 03/27/2024
Adviser Type - Large advisory firm
Number of Employees 22
of those in investment advisory functions 17
Registration SEC, Approved, 2/21/2012
AUM* 4,756,273,477 10.54%
of that, discretionary 4,756,273,477 10.54%
Private Fund GAV* 4,756,273,477 9.51%
Avg Account Size 365,867,191 61.56%
SMA’s No
Private Funds 13 6
Contact Info 212 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Recent News

Reported AUM

Discretionary
Non-discretionary
7B 6B 5B 4B 3B 2B 983M
2015 2016 2017 2018 2019 2020 2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypePrivate Equity Fund Count13 GAV$4,756,273,477

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Brochure Summary

Overview

Avista Capital Partners is a private investment management firm, including a registered investment advisory entity and other affiliated organizations affiliated with Avista Capital Holdings, L.P., a Delaware limited partnership (“Avista Capital Holdings” and, together with such affiliated organizations, collectively, “Avista”), that manages approximately $4.8 billion in private fund assets as of December 31, 2023. Avista Capital Holdings is a registered investment adviser that commenced operations in May 2005. Avista Capital Holdings and its affiliated investment advisers, , Avista Capital Partners IV GP, L.P. (“ACP IV GP”, Avista Capital Partners V GP, L.P. (“ACP V GP”), Avista Capital Partners VI GP, L.P. (“ACP VI GP”) and Avista Healthcare Partners GP, Ltd., (“AHP GP”), and together with ACP IV GP, ACP V GP, ACP VI GP and any future affiliated general partner entities, the “General Partners”, and together with Avista Capital Holdings, the “Advisers”) provide investment advisory services to private investment funds. Each of the General Partners is registered under the Advisers Act pursuant to Avista Capital Holdings’ registration in accordance with SEC guidance. This Brochure also describes the business practices of each Adviser, which operate as a single advisory business together with Avista Capital Holdings. Avista Capital Holdings serves as the management company of Fund IV, Fund V, Fund VI and Avista Healthcare, pursuant to the Management Agreements (defined below). (See below for a list of the funds comprising Fund IV, Fund V and Fund VI funds; Fund IV, Fund V, Fund VI and Avista Healthcare each, a “Fund,” collectively, the “Funds” and together with any future private investment fund managed by Avista Capital Holdings, the “Private Investment Funds”.) In its capacity as the management company of the Funds, Avista Capital Holdings has the authority to manage the business and affairs of the Funds. The Funds and any other Private Investment Funds are private equity funds and invest through negotiated transactions in operating entities, generally referred to herein as “portfolio companies.” Avista Capital Holdings’ investment advisory services to the Funds consist of identifying and evaluating investment opportunities, negotiating the terms of investments, managing and monitoring investments and achieving dispositions for such investments. Although investments are made predominantly in non-public companies, investments in public companies are permitted subject to certain limitations set forth in the applicable Fund’s limited partnership agreement or other operating agreement or governing document (each, a “Limited Partnership Agreement,” collectively, “Limited Partnership Agreements”). Where such investments consist of portfolio companies, the senior principals or other personnel of Avista Capital Holdings or its affiliates may serve on such portfolio companies’ respective boards of directors or otherwise act to influence control over management of portfolio companies in which the Funds have invested. ACP IV GP, a Delaware limited liability company, is the general partner of the private funds listed below:
• Avista Capital Partners IV, L.P., a Delaware limited partnership (“Onshore Fund IV”)
• Avista Capital Partners (Offshore) IV, L.P., a Bermuda exempted limited partnership (“Offshore Fund IV”) For the sake of clarity, unless otherwise indicated, references in this Brochure to “Fund IV” include each of the above-named private funds. While the substantial majority of the terms of each above named fund are the same, each of such funds was formed to suit the purposes of certain types of investors (e.g., U.S. tax-exempt investors, non-U.S. investors, etc.) so there are slight variations in structure and investment terms among the funds. Investors should refer to the private fund’s Limited Partnership Agreement for specific terms with respect to that private fund. Further, ACP IV GP is the manager of the following co-investment funds (the “Fund IV Co-Investment Funds”), each of which was formed for the purpose of investing side-by-side with Fund IV in a certain portfolio company investment of Fund IV at the same time and on the same terms on a pro rata basis based on relative commitment sizes of Fund IV and the Fund IV Co- Investment Funds.
• ACP Ulysses Co-Invest LLC, a Delaware limited liability company
• ACP Nimble Co-Invest, LLC, a Delaware limited liability company ACP V GP, a Delaware limited liability company, is the general partner of the private funds listed below:
• Avista Capital Partners V, L.P., a Delaware limited partnership (“Onshore Fund V”)
• Avista Capital Partners (Offshore) V, L.P., a Bermuda exempted limited partnership (“Offshore Fund V”) For the sake of clarity, unless otherwise indicated, references in this Brochure to “Fund V” include each of the above-named private funds. While the substantial majority of the terms of each above named fund are the same, each of such funds was formed to suit the purposes of certain types of investors (e.g., U.S. tax-exempt investors, non-U.S. investors, etc.) so there are slight variations in structure and investment terms among the funds. Investors should refer to the private fund’s Limited Partnership Agreement for specific terms with respect to that private fund. Further, ACP V GP is the manager of the following co-investment funds, each of which was formed for the purpose of investing side-by-side with Fund V in a certain portfolio company investment of Fund V at the same time and on the same terms on a pro rata basis based on relative commitment sizes of Fund V and the Fund V Co-Investment Fund.
• ACP Charger Co-Invest LLC, a Delaware limited liability company
• ACP Hyperdrive Co-Invest LLC, a Delaware limited liability company ACP VI GP, a Delaware limited liability company,
is the general partner of the private funds listed below:
• Avista Healthcare Partners VI, L.P., a Delaware limited partnership (“Onshore Fund VI”)
• Avista Healthcare Partners (Offshore) VI, L.P., a Bermuda exempted limited partnership (“Offshore Fund VI”) For the sake of clarity, unless otherwise indicated, references in this Brochure to “Fund VI” include each of the above-named private funds. While the substantial majority of the terms of each above named fund are the same, each of such funds was formed to suit the purposes of certain types of investors (e.g., U.S. tax-exempt investors, non-U.S. investors, etc.) so there are slight variations in structure and investment terms among the funds. Investors should refer to the private fund’s Limited Partnership Agreement for specific terms with respect to that private fund. Further, ACP VI GP is the manager of the following co-investment fund (the “Fund VI Co- Investment Fund”), which was formed for the purpose of investing side-by-side with Fund VI in a certain portfolio company investment of Fund VI at the same time and on the same terms on a pro rata basis based on relative commitment sizes of Fund VI and the Fund VI Co-Investment Fund.
• ACP Canopy Co-Invest LLC, a Delaware limited liability company AHP GP, a Bermuda exempted company, is the general partner of Avista Healthcare Partners, L.P. a Bermuda exempted limited partnership (“Avista Healthcare”). Avista Healthcare has one co-investment fund: ACP Acrobat Co-Invest L.P., a Bermuda exempted limited partnership, which is managed by its general partner ACP III AIV GP, Ltd., a Bermuda limited company, (the “AHP Co-Investment Fund”, and together with the Fund IV Co-Investment Funds, the Fund V Co-Investment Funds and the Fund VI Co-Investment Fund, the “Avista Co- Investment Funds”). References to “Bermuda Funds” include Offshore Fund IV, Offshore Fund V, Offshore Fund VI and Avista Healthcare. Avista Capital Holdings’ advisory services for the Private Investment Funds are further detailed in the applicable private placement memoranda or other offering documents (each, a “Private Placement Memorandum” and, collectively, the “Private Placement Memoranda”), the applicable management agreements (each, a “Management Agreement” and, collectively, the “Management Agreements”) and the Limited Partnership Agreements of the Funds and are further described below under “Methods of Analysis, Investment Strategies and Risk of Loss.” Investors in the Private Investment Funds (generally referred to herein as “investors” or “limited partners”) participate in the overall investment program for the applicable fund, but in certain circumstances are excused from a particular investment due to legal, regulatory or other agreed- upon circumstances pursuant to the relevant Limited Partnership Agreement: such arrangements generally do not and will not create an adviser-client relationship between Avista and any investor. The Funds and the General Partners have entered into side letters or other similar agreements (“Side Letters”) with certain investors that have the effect of establishing rights (including economic or other terms) under, or altering or supplementing the terms of, the relevant Limited Partnership Agreement with respect to such investors. Additionally, the Advisers may provide (or agree to provide) co-investment opportunities (including the opportunity to participate in co-invest vehicles) to certain current or prospective investors or other persons, including other sponsors, market participants, finders, consultants and other service providers, portfolio company management or personnel, the Advisers’ personnel and/or certain other persons associated with the Advisers and/or its affiliates (to the extent not prohibited by the applicable Limited Partnership Agreement). Such co-investments typically involve investment and disposal of interests in the applicable portfolio company at the same time and on the same terms as the Private Investment Fund making the investment. However, for strategic and other reasons, a co-investor or co-invest vehicle (including a co-investing Fund) may purchase a portion of an investment from one or more Private Investment Funds after such Private Investment Funds have consummated their investment in the portfolio company (also known as a post-closing sell-down or transfer), which generally will have been funded through Fund investor capital contributions and/or use of a Fund credit facility. Any such purchase from a Private Investment Fund by a co-investor or co-invest vehicle generally occurs shortly after the Private Investment Fund’s completion of the investment to avoid any changes in valuation of the investment, but in certain instances could be well after the Fund’s initial purchase, and the co- investor or co-invest vehicle may be charged interest on the purchase to compensate the relevant Private Investment Fund for the holding period, and generally will be required to reimburse the relevant Private Investment Fund for related costs. Avista has entered into a strategic relationship with two strategic investors (the “Strategic Investors”) in which each Strategic Investor has acquired a minority interest (each less than 20%) in Avista. In addition, the Strategic Investors have agreed to make significant capital commitments to Avista Capital Partners V, L.P. and Avista Healthcare Partners VI, L.P. and certain other investment vehicles sponsored by Avista. The Strategic Investors will not participate in the day- to-day management of Avista. As of December 31, 2023, Avista Capital Holdings managed approximately $4.8 billion in client assets on a discretionary basis. Avista Capital Holdings and each of the General Partners are controlled, directly or indirectly, by the principal owners of Avista Capital Holdings: Thompson Dean and David Burgstahler.