Athyrium Capital Management, LP (“ACM”) is a limited partnership under the Delaware Revised Uniform
Limited Partnership Act. ACM commenced operations as an investment adviser on December 9, 2008 and
its principal place of business is in New York, New York. ACM began its operations as Athyrium Capital
Management, LLC, which converted from a Delaware limited liability company to a Delaware limited
partnership pursuant to a Certificate of Conversion filed with the Delaware Division of Corporations on
January 13, 2015. Jeffrey A. Ferrell, Jeremy D. Lack and NB Asclepius Holdings LP, an affiliate of NB
Alternatives Advisers LLC, are the principal owners of ACM.
For purposes of this brochure, the “Adviser” means ACM, together (where the context permits) with its
affiliates that provide advisory services to and/or receive advisory fees from the Clients (as defined below).
Such affiliates are generally expected to be under common control with ACM, but possess a substantial
identity of personnel and/or equity owners with ACM and are subject to the same compliance manual,
policies and procedures. These affiliates may be formed for tax, regulatory or other purposes in connection
with the needs of the Adviser’s clients or may serve as general partners or managing members of certain of
the Adviser’s clients.
The Adviser provides advisory services on a discretionary basis to its clients, which may include specific
tailored vehicles (the “Specific Vehicles”) and pooled investment vehicles (the “Funds,” and together with
the Specific Vehicles, the “Clients”) intended for sophisticated investors and institutional investors, in
accordance with the applicable limited partnership agreement (or analogous governing document) of each
such Client, or separate investment and advisory or investment management agreements (each, an
“Advisory Agreement”). The Adviser provides a full range of private equity style services including
sourcing, due diligence, negotiation, structuring, monitoring and valuation.
The Adviser specializes in the healthcare sector and is primarily focused on longer term investments
including private equity, public equity and structured investments. Structured investments are investments
composed
of one or more of the following instruments: convertibles, loans, bonds, preferred stock, common
stock, warrants, and royalties. The Adviser will engage in primary and secondary transactions on behalf of
its Clients.
Investment advice is provided directly to the applicable Client and not individually to the investors in any
Client. Services are provided to the Clients in accordance with the Advisory Agreements with the Clients
and/or the governing documents of the applicable Client. Investment restrictions for the Clients, if any, are
generally established in the organizational or offering documents of the applicable Client and/or side letter
agreements negotiated with investors in the applicable Client. Clients may impose restrictions on investing
in certain instruments or certain types of instruments.
The Adviser provides advice to its Clients based on specific investment objectives and strategies. Under
certain circumstances, the Adviser may agree to tailor advisory services to the individual needs of particular
Clients. Currently, the Adviser tailors its advisory services in the following manner: by providing only a
subset of services.
As of December 31, 2023, the Adviser had approximately $2,889 million of Client assets under
management. The Adviser has calculated this number in the same manner as it calculates regulatory assets
under management for purposes of Part 1 of this Form ADV and includes the aggregate amount of capital
commitments to the Funds that were contractually recallable as of such date and amounts outstanding under
credit facilities of the Funds as of such date. As of December 31, 2023, the Adviser managed approximately
$2,889 million on a discretionary basis and no assets on a non-discretionary basis. The Adviser considers
its management of the Client accounts comprising such $2,889 million to be on a discretionary basis
because the Adviser has the authority to determine the securities and other assets to be purchased and sold
for such Client accounts (subject to restrictions on its activities set forth in the applicable Advisory
Agreement or sub-advisory agreement, including the requirement of approval by one or more investment
committees, and any written investment guidelines).