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Adviser Profile

As of Date 03/28/2024
Adviser Type - Large advisory firm
Number of Employees 102 18.60%
of those in investment advisory functions 71 16.39%
Registration SEC, Approved, 3/30/2012
AUM* 13,526,193,000 5.17%
of that, discretionary 13,526,193,000 5.17%
Private Fund GAV* 14,671,352,000 4.92%
Avg Account Size 397,829,206 2.08%
SMA’s No
Private Funds 34 1
Contact Info 617 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
13B 11B 10B 8B 6B 4B 2B
2015 2016 2017 2018 2019 2020 2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypePrivate Equity Fund Count34 GAV$14,671,352,000

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Top Holdings

Stock Ticker Stock Name $ Position % Position $ Change # Change
Stck Ticker94419L101 Stock NameWAYFAIR INC $ Position$147,059,330 % Position100.00% $ Change-22.00% # Change0.00%

Brochure Summary

Overview

GHP, a Delaware limited partnership, is based in Boston, Massachusetts, and has been in business since 1998. GHP is a registered investment adviser. The principal owner of GHP is GH Management Holdings, L.P. and the principal owners of GH Management Holdings, L.P. are Christopher Gaffney, Matthew Vettel, Michael Kumin and Mark Taber. In addition, entities affiliated with Blackstone Strategic Capital Advisors LLC (“Blackstone”) hold an indirect passive minority interest in GHP and its affiliated general partners or managers of certain of the Funds (as defined below). Blackstone has no authority over the day-to-day operations or investment decisions of GHP or the Funds, although it does have certain customary minority protection consent rights. GHP provides investment advisory services to private pooled investment vehicles (the “Funds”). The Funds are closed-ended and generally have a term of 10 years, subject to certain exceptions in each Fund’s “Governing Documents” (which include an offering memorandum, limited partnership agreement or operating agreement and other governing documents). The active main Funds commenced operations between 2008 and 2021. The Funds were marketed primarily to institutional investors and high net worth individuals. These investors purchase interests in the Funds and investments are made at the Fund level, not for individual investors in the Fund. GHP’s only advisory clients are the Funds and any co-investment entities created to facilitate investments (for further information on co-investments see Item 11 below). Related entities of GHP act as the general partner or manager of each Fund (each a, “General Partner,” and collectively together with any future affiliated general partner entities, the “General Partners”). As the investment adviser to the Funds, GHP, along with each Fund’s General Partner, identifies investment opportunities for, and participates in the acquisition, monitoring, and disposition of the Funds’ investments. The advisory services provided to each of the Funds are further described in the Funds’ Governing Documents. The Governing Documents also detail the Funds’ investment restrictions and remuneration the General Partners will receive for managing the Funds. References to GHP or the Funds’ General Partner(s) are used interchangeably unless otherwise stated. The Funds provide private capital to finance the expansion, recapitalization or acquisition of growth companies in the consumer, digital commerce, digital infrastructure, financial technology, healthcare, software and other industries. The Funds’ investments are predominantly in non- public companies acquired through privately negotiated transactions. As permitted by the Funds’ Governing
Documents, some investments have been made in public companies. The personnel of GHP, the General Partners or their affiliates serve on portfolio companies’ board of directors or otherwise act to influence the management of the portfolio companies held by the Funds. The General Partners, GHP and/or their respective affiliates have entered and will in the future enter into “side letters” with certain investors pursuant to which the General Partner, GHP and/or their respective affiliates, as applicable, grants the investor specific rights, benefits, or privileges that are not made available to other investors in the applicable Fund. These arrangements typically clarify any regulatory, informational, and interpretational issues with the Governing Documents and include excuse rights with respect to certain investments. Unless otherwise required by the applicable Governing Documents or by applicable regulation or law, such agreements will be disclosed only to those actual or potential investors that have separately negotiated with the applicable General Partner, GHP and/or their respective affiliates for the right to review such agreements. There are currently no “side letter” or similar arrangements that grant investors lower management fees or Carried Interest (as defined below) except that (i) the General Partner does not pay a management fee on its limited partner interest in its four most recent Funds and the General Partner does not pay Carried Interest in the three most recent Funds, Great Hill Equity Partners VI, L.P. (“Fund VI”), Great Hill Equity Partners VII, L.P. (“Fund VII”) and Great Hill Equity Partners VIII, L.P. (“Fund VIII”) and (ii) in Fund VIII, all first closing investors were given a fee holiday from the date that is the same number of days prior to the tenth anniversary of the date the management fee commences being paid for Fund VIII as the number of days between the initial closing date of Fund VIII and January 31, 2022. Certain side letter rights are likely to confer benefits on the relevant limited partner at the expense of the relevant Fund or of limited partners as a whole, including in the event that a side letter confers additional reporting and/or information rights, the costs and expenses of which are permitted to be borne by the relevant Fund. GHP manages all assets on a discretionary basis in accordance with the terms and conditions of each Fund’s Governing Documents. GHP does not manage client assets on a non-discretionary basis. GHP’s regulatory assets under management is $13,526,193,000 as of December 31, 2023. The information provided above about the investment advisory services provided by GHP is qualified in its entirety by reference to the Funds’ Governing Documents.