Bison Capital Asset Management, LLC (the “Management Company”), the registered
investment adviser, is a Delaware limited liability company. The Management Company
commenced operations in January 2003. The following investment advisers are affiliated with
the Management Company:
• Bison Capital Partners IV GP, L.P. (“Fund IV GP”)
• Bison Capital Partners V GP, L.P. (“Fund V GP”)
• Bison Capital Partners VI GP, L.P. (“Fund VI GP”)
(each, a “General Partner” and collectively, together with any future affiliated
general partner entities, the “General Partners,” and together with the
Management Company and their affiliated entities, “Bison”)
Each General Partner listed above is subject to the Advisers Act pursuant to and in
reliance upon the Management Company’s registration in accordance with SEC guidance. This
Brochure also describes the business practices of each General Partner, which operate as a single
Bison provides discretionary investment advisory services to its clients, which consist of
private investment-related funds. Bison’s clients include the following (each, a “Fund,” and,
collectively, together with any future private investment fund to which Bison provides
investment advisory services, “Funds”):
• Bison Capital Partners IV, L.P. (“Fund IV”)
• Bison Capital Partners V, L.P. (“Fund V”)
• Bison Capital Partners V-A, L.P. (“Fund V-A”)
• Bison Capital Partners VI, L.P. (“Fund VI”)
• Bison Capital Partners VI-A, L.P. (“Fund VI-A”)
Interests in the Funds are privately offered to qualified investors in the United States and
elsewhere. The Funds are expected to invest through negotiated transactions in operating
companies, generally referred to herein as “portfolio companies.” Bison’s investment advisory
services to Funds consist of identifying and evaluating investment opportunities, negotiating the
terms of investments, managing and monitoring investments and ultimately selling such
investments. Investments are made predominantly in non-public
companies, although
investments in public companies are permitted in certain instances. Where such investments
consist of portfolio companies, the senior principals or other personnel of Bison generally serve
on the boards of directors (or other governing bodies) of such portfolio companies held by the
Funds or otherwise act to influence control over management of portfolio companies.
Bison’s advisory services for each Fund are detailed in the applicable offering
memorandum (each, a “Memorandum”) and investment management agreement (each, a
“Management Agreement”), limited partnership agreement (each, a “Limited Partnership
Agreement”) and/or limited liability company agreement (the “Limited Liability Company
Agreement,” and together with the Memorandum, Management Agreement and Limited
Partnership Agreement, as applicable, the “Governing Documents”) of the Funds, and are
further described below under “Methods of Analysis, Investment Strategies and Risk of Loss.”
Investors in Funds (generally referred to herein as “investors,” “partners” 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 Governing Documents; for the avoidance of doubt, such
arrangements generally do not and will not create an adviser-client relationship between Bison
and any investor. The Funds or Bison are permitted to enter into side letters or similar
agreements with certain investors that have the effect of establishing rights under, or altering or
supplementing a Fund’s Governing Documents, including provisions relating to the Management
Fee (as defined below) and distributions.
As of December 31, 2023, Bison managed approximately $887,945,647 in client assets
on a discretionary basis.
The Management Company is principally owned by Douglas B. Trussler, Peter S.
Macdonald, Yee-Ping Chu, Lou N. Caballero, Andreas T. Hildebrand and Kurt Pilecki.