Fir Tree Capital Management LP (“Fir Tree”) is a Delaware limited partnership located in New York,
NY (HQ), and Miami, FL. Founded in 1994, Fir Tree provides investment advisory services to its
privately-offered single-investor and pooled investment vehicles (the “Funds”), separately managed
accounts, trade advisory clients, and sub-advisory clients (“SMAs” and, together with the Funds,
“Clients”). David Sultan and Clinton Biondo are the principals of Fir Tree and its general partner,
FTCM GP LLC. Mr. Biondo assists Mr. Sultan in managing the investment team and day-to-day
operations of Fir Tree. In addition to Messrs. Sultan and Biondo, certain employees of Fir Tree,
responsible for investment and operation decisions of the Funds, have economic ownership in Fir
Tree affiliates listed under Item 10 of this brochure.
Fir Tree is a private investment firm that manages assets on behalf of endowments, foundations, public
and private pension funds and other institutional and private investors. Fir Tree invests worldwide in
public and private securities, loans, real estate debt and real property, sovereign debt and Digital
Assets (as defined below).
With respect to the Funds, Fir Tree adheres to the investment strategy set forth in each Fund’s offering
and/or governing document and does not generally modify its securities recommendations to the
Funds based on the particular interests of the Funds’ investors. Except for any restrictions set forth
in the Funds’ offering and/or governing documents, neither the Funds nor their investors may impose
restrictions on investing in certain securities or types of investments. With respect to SMAs, the
investment strategy is set forth in the operative documents for each SMA, which generally will be
based on the particular investment objectives and goals of the SMA client, who may impose
restrictions on investing in certain securities or types of securities. The investment strategies
employed by SMAs will at times overlap with the investment strategies employed by the Funds.
Fir Tree has determined, and in the future
may determine, that the size of the available investment
opportunity of an investment being made by one or more Clients meaningfully exceeds the amount
that is appropriate for such Clients (taking into consideration the relevant provisions of the Clients’
offering and/or governing documents) or that existing or potential investors (including, but not
limited to, certain Clients and/or certain underlying investors therein) may be interested in
concentrated exposure to particular investment opportunities. In such event, Fir Tree may form one
or more co-investment vehicles or enter into an SMA specifically to invest in such opportunity and
offer one or more persons (including, but not limited to, SMA clients or investors in the relevant
Funds) the opportunity to participate in such co-investment vehicles or SMAs.
Fir Tree will determine the person(s) to whom it offers any such opportunity, and the relative amounts
offered to each such person, taking into account such factors as Fir Tree determines appropriate based
on the relevant facts and circumstances, which generally include one or more of the following: (i)
the ability of an investor to commit to invest in a short period of time, in light of the timing constraints
applicable to such investment; (ii) the ability of an investor to commit to a significant portion of such
opportunity; (iii) the size of an investor’s commitment to a Fund or SMA; (iv) whether and to what
extent an investor has accepted prior co-investment opportunities offered to it; or (v) such other
factors as Fir Tree deems relevant, which may include subjective determinations such as working
relationships and strategic benefits to Fir Tree or to Fir Tree’s Clients. In all cases, allocation of co-
investment opportunities will be subject to the provisions of the offering and/or governing documents
of the relevant Client(s).
As of December 31, 2023, the total net asset value of the Clients that Fir Tree managed on a
discretionary basis was approximately $1.2 billion. This number is based on estimated and
unaudited information and are therefore subject to change.