The Adviser is an investment adviser with its principal place of business in New York, New York. The
Adviser commenced operations as an investment adviser on November 16, 2001. The Adviser is a limited
partnership organized under the laws of the State of Delaware, and its general partner is Metacapital GP,
LLC, a limited liability company organized under the laws of the State of Delaware. Deepak Narula is the
managing member of Metacapital GP, LLC and the principal owner and limited partner of the Adviser.
The Adviser provides discretionary investment management services to its clients, which are privately
pooled investment vehicles intended for sophisticated and institutional investors. The Adviser currently
does not manage separate accounts or fund-of-one vehicles but has done so in the past and may do so
again in the future. Such pooled investment vehicles and any funds-of-one or separate accounts managed
by the Adviser are collectively referred to herein as the “Funds”. The Adviser specializes in and its
trading and investment advice focuses on all forms of fixed income securities, government issued and
sponsored securities, mortgage-backed securities, commercial mortgage-backed securities, asset-backed
securities, private and public equity securities, listed and over-the-counter derivatives and mortgage loans,
but the Funds are permitted to and do trade in a wide range of long and short investments, including,
without limitation, real property, commodities, other pooled investment vehicles such as public and
private investment funds, and real estate investment trusts (REITs). For a more detailed list of the types
of securities and instruments in which the Adviser invests, see Item 8 in this Brochure. For more detail
regarding the types of securities and instruments in which each of the Funds are authorized to invest, see
the applicable offering document(s) of the Funds.
The Adviser provides advice to the Funds based on the specific investment objectives and strategies stated
in
each Fund’s organizational and offering documents. The Adviser does not tailor advisory services to
the individual needs of investors in the Funds. Additionally, unless a Fund is structured as a fund-of-one
or separate account for an investor, the investors in the Funds may not impose restrictions on the Funds
in connection with investing in individual securities or instruments or types of securities or instruments.
The Adviser has entered, and may again in the future enter, into supplemental agreements with investors
in the Funds by which the Adviser and/or the Fund agree to additional or different rights, fees, minimum
or additional subscription amounts, information rights or other rights or terms as compared to the other
investors in the Funds or the Funds’ offering documents. Neither the Adviser nor the Funds will be
required to offer such additional and/or different rights and/or terms to any other investors in the Funds.
When deemed appropriate for a large or strategic investor, the Adviser has established, and may again in
the future establish, managed accounts, funds-of-one or other customized vehicles with investment
objectives and strategies specified by the applicable investor and terms or fees that are different than those
of the Adviser’s other Funds. Such managed accounts and vehicles generally require a large minimum
investment amount for a number of reasons, including, in part, due to the asset types and markets in which
the Adviser invests and the requirements of the counterparties with whom the Adviser transacts.
The Adviser does not participate in wrap fee programs.
As of December 31, 2023, the Adviser managed approximately $128,564,935 in net client assets, all of
which were managed by the Adviser on a discretionary basis through the Funds. This amount reflects the
aggregate net assets of the Funds on such date. The computation of this net amount and its effective date
differ from the computation of “regulatory assets under management” required by Item 5.F in Part 1A of
Form ADV.