Altaris, LLC is a private investment management firm, including several investment
advisory entities and other organizations affiliated with the Management Company (collectively,
“Altaris”).
The Management Company, a Delaware limited liability company and a registered
investment adviser, and its affiliated investment advisers provide investment advisory services to
investment funds privately offered to qualified investors in the United States and elsewhere. The
Management Company commenced operations in January 2007.
The following are the affiliated advisers of the Management Company (collectively, with
the Management Company, the “Advisers”):
• AHP II GP, L.P. (“GP II”);
• AHP III GP, L.P. (“GP III”);
• AHP Constellation GP, L.P. (“Constellation GP”);
• AHP IV GP, L.P. (“GP IV”);
• AHP Constellation IV GP, L.P. (“Constellation IV GP”);
• AHP V GP, L.P. (“GP V”);
• AHP VI GP, L.P. (“GP VI”);
• Altaris Partners, LLC (“Altaris Partners,” and collectively with GP II, GP III,
Constellation GP, GP IV, Constellation IV GP, GP V and GP VI, the “General Partners”);
• AHP VI Manager, L.P. (“Manager VI”);
• AHP V Manager, L.P. (“Manager V”); and
• AHP IV Manager, L.P. (“Manager IV,” and together with Manager V, Manager
VI and the Management Company, the “Management Entities”).
The Advisers’ clients include the following:
• Altaris Health Partners II, L.P. (“Fund II”);
• Altaris Health Partners III, L.P. (“Fund III”);
• Altaris Constellation Partners, L.P. (“Constellation”);
• Altaris Health Partners IV, L.P. (“Fund IV”);
• Altaris Constellation Partners IV, L.P. (“Constellation IV”);
• Altaris Health Partners V, L.P. and Altaris Health Partners V-A, L.P. (together,
“Fund V”);
• Altaris Health Partners VI, L.P. and Altaris Health Partners VI-A, L.P. (together,
“Fund VI”);
• Altaris Padagis Co-Invest, L.P. (“Co-Invest”);
• Altaris Padagis Co-Invest-A, L.P. (“Co-Invest-A”);
• Altaris V-4041, L.P. (“V-4041”);
• Altaris V-4042, L.P. (“V-4042”); and
• Altaris V-5082, L.P. (“V-5082”);
• Altaris VI T-Co-invest, L.P. (“T-Co-invest”);
• A5083, L.P. (“A5083”);
• A4048, L.P. (“A4048”);
• Altaris VI-4042, L.P. (“VI-4042”), and collectively with Fund II, Fund III,
Constellation, Fund IV, Constellation IV, Fund V, Fund VI, Co-Invest, Co-Invest-A, V-4041, V-
4042, V-5082, T-Co-invest, A5083 and A4048, collectively with any future private investment
fund to which Altaris or its affiliates provide investment advisory services, the “Partnerships”).
The General Partners each serve as general partner to one or more Partnerships or other
pooled investment vehicles and have the authority to make the investment decisions for the
Partnerships to which they provide advisory services. The Management Entities provide day to
day advisory services for the Partnerships. Each of the General Partners, Manager IV, Manager V
and Manager VI is subject to the Advisers Act pursuant to the Management Company’s
registration in accordance with SEC guidance. This Brochure also describes the business practices
of the General Partners, Manager IV, Manager V and Manager VI, which operate as a single
The Partnerships invest through negotiated transactions in operating entities, generally
referred to herein as “portfolio companies.” The Advisers’ investment advisory services to the
Partnerships 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 in the limited partnership or other
operating agreement of each Partnership (each, a “Partnership Agreement”). Where such
investments consist of portfolio companies, the senior principals or other personnel of the Advisers
or their affiliates generally serve on such portfolio company’s board of directors or otherwise act
to influence control over management of portfolio companies in which the Partnerships have
invested.
The Advisers’ advisory services to the Partnerships are detailed in the applicable private
placement memoranda and other offering documents (each, a “Memorandum”) and Partnership
Agreements and are further described below under “Methods of Analysis, Investment Strategies
and Risk of Loss” and “Investment Discretion.” Investors in the Partnerships participate in the
overall investment program for the applicable Partnership, but may be excused from a particular
investment due to legal, regulatory or other applicable agreed-upon circumstances pursuant to the
applicable Partnership Agreement. The Partnerships or the Advisers may enter into side letters or
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 Partnership Agreement with respect to such investors.
Additionally, the Advisers are permitted to provide (or agree to provide) investment or 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,
Adviser personnel and/or certain other persons associated with the Advisers and/or their affiliates
(to the extent not prohibited by the applicable Partnership Agreement), including opportunities to
participate in co-invest vehicles that will invest in certain portfolio companies alongside a
Partnership. Such co-investment opportunities typically involve investment and disposal of
investments in the applicable portfolio company at the same time and on the same terms as the
Partnership making the investment. However, for strategic and other reasons, a co-investor or co-
invest vehicle may purchase a portion of an investment from a Partnership. Any such purchase
from a Partnership by a co-investor or co-invest vehicle generally would occur shortly after the
Partnership’s completion of the investment to avoid any changes in valuation of the investment.
Where appropriate, and in the relevant Adviser’s sole discretion, an Adviser is authorized to charge
interest on the purchase to the co-investor or co-invest vehicle (or otherwise equitably to adjust
the purchase price under certain conditions), and to seek reimbursement to the relevant Partnership
for related costs. However, to the extent such amounts are not so charged or reimbursed (including
charges or reimbursements required pursuant to applicable law), they generally will be borne by
the relevant Partnership.
As of December 31, 2023, Altaris managed $9,414,930,097 in client assets on a
discretionary basis. TYSON Partners, L.P., a Delaware limited partnership (“TYSON”), is the sole
member of the Management Company. The general partner of TYSON is Altaris Partners, LLC
which is principally owned by George E. Aitken-Davies and Daniel G. Tully.