The Management Company, a Delaware limited liability company and a registered
investment adviser, and its affiliates (collectively, “ABRY”) provide investment advisory services
to private investment funds. The Management Company commenced operations in 2011.
The following investment advisers serve as general partners to the Funds (defined below)
and are subject to the Advisers Act pursuant to the Management Company’s registration in
accordance with SEC guidance: ABRY Investment AI GP, LLC; ABRY Investment II GP, LLC;
ABRY Partners VII Co-Investment GP, LLC; ABRY VII Capital Partners, L.P.; ABRY Partners
VIII Co-Investment GP, LLC; ABRY VIII Capital Partners, L.P.; ABRY Partners VIII Co-
Investment GP (Cayman AIV), LLC; ABRY VIII Capital Partners (Cayman AIV), L.P.; ABRY
IX Capital Partners, L.P.; ABRY Partners IX Co-Investment GP, LLC; ABRY Senior Equity
Investors IV, L.P.; ABRY Senior Equity Co-Investment GP IV, LLC; ABRY ASF Investors III,
L.P.; ABRY ASF Investors IV, L.P.; ABRY Heritage Capital Partners, L.P.; ABRY Heritage
Partners Co-Investment GP, LLC; ABRY Senior Equity Investors V, L.P.; ABRY Senior Equity
Investors VI, L.P.; ABRY Acquisition Manager, LLC; ABRY Senior Equity Co-Investment GP
V, LLC; ABRY Senior Equity Co-Investment GP VI, LLC; ABRY Heritage Partners Co-
Investment GP (Cayman AIV), LLC; ABRY Heritage Capital Partners (Cayman AIV), L.P.;
ABRY Heritage Capital Partners II, L.P.; ABRY Heritage Partners Co-Investment GP II, LLC;
and ASE Silk Aggregator GP, LLC (each, a “General Partner,” collectively, the “General
Partners,” and together with the Management Company, the “Advisers”). This Brochure
describes the business practices of the Advisers, which operate as a single advisory business.
The following investment advisers are affiliated with the Advisers: ABRY Partners, LLC;
ABRY VI Capital Partners, L.P.; ABRY Senior Equity Investors II, L.P.; ABRY Senior Equity
Investors III, L.P.; ABRY ASF Investors, L.P.; ABRY ASF Investors II, L.P.; ABRY Investment
GP, LLC; ABRY Senior Equity Co-Investment GP, LLC;ABRY Senior Equity Co-Investment GP
III, LLC (each, an “ABRY I Adviser”); ABRY Partners III, LLC; and ABRY X Capital Partners,
L.P. (each, an “ABRY III Adviser”). ABRY Partners, LLC and ABRY Partners III, LLC is each
separately registered under the Advisers Act and each of the other ABRY I Advisers and ABRY
III Advisers is subject to the Advisers Act pursuant to ABRY Partners, LLC’s and ABRY Partners
III, LLC’s registrations, respectively, in accordance with SEC guidance. ABRY Partners III,
LLC’s employees provide services to the ABRY I Advisers and the Advisers.
The Advisers’ clients include the private investment funds listed below (each, a “Fund,”
and collectively, with any other current or future private investment funds to which the
Management Company and/or its affiliates provide investment advisory services, including Co-
Investment Funds (as defined below), Single Investment Funds (as defined below) and alternative
investment vehicles, the “Private Investment Funds”).
Equity Funds
• ABRY Partners VII, L.P. (“ABRY Partners VII”)
• ABRY Partners VIII, L.P. (together with ABRY Partners VIII (Cayman AIV), L.P.,
“ABRY Partners VIII”)
• ABRY Partners IX, L.P. (“ABRY Partners IX,” and together with ABRY Partners
VII, ABRY Partners VIII and any future funds with a similar investment strategy,
“Equity Funds”)
Senior Equity Funds
• ABRY Senior Equity IV, L.P. (“ABRY Senior Equity IV”)
• ABRY Senior Equity V, L.P. (“ABRY Senior Equity V”)
• ABRY Senior Equity VI, L.P. (“ABRY Senior Equity VI,” and together with
ABRY Senior Equity IV, ABRY Senior Equity V and any future funds with a
similar investment strategy, “Senior Equity Funds”)
Senior Debt Funds
• ABRY Advanced Securities Fund III, L.P. (“ABRY ASF Fund III”)
• ABRY Advanced Securities Fund IV, L.P. (“ABRY ASF Fund IV,” and together
with ABRY ASF Fund III and any future funds with a similar investment strategy,
“Senior Debt Funds”)
Co-Investment Funds
• ABRY Investment Partnership AI, L.P. (“AIP AI”)
• ABRY Investment Partnership II, L.P. (“AIP II”)
• ABRY Partners VII Co-Investment Fund, L.P. (“ABRY VII Co-Investment
Fund”)
• ABRY Partners VIII Co-Investment Fund, L.P. (together with ABRY Partners VIII
Co-Investment Fund (Cayman AIV), L.P., “ABRY VIII Co-Investment Fund”)
• ABRY Partners IX Co-Investment Fund, L.P. (“ABRY IX Co-Investment Fund”)
• ABRY Heritage Partners Co-Investment Fund, L.P. (together with ABRY Heritage
Partners Co-Investment Fund (Cayman AIV), L.P., “ABRY Heritage Partners
Co-Investment Fund”)
• ABRY Heritage Partners Co-Investment Fund II, L.P. (together with ABRY
Heritage Partners Co-Investment Fund, “ABRY Heritage Co-Investment Fund”)
• ABRY Senior Equity Co-Investment Fund IV, L.P. (“ABRY Senior Equity Co-
Investment Fund IV”)
• ABRY Senior Equity Co-Investment Fund V, L.P. (“ABRY Senior Equity Co-
Investment Fund V,”)
• ABRY Senior Equity Co-Investment Fund VI, L.P. (“ABRY Senior Equity Co-
Investment Fund VI,” and together with AIP AI, AIP II, ABRY VII Co-
Investment Fund, ABRY VIII Co-Investment Fund, ABRY IX Co-Investment
Fund, ABRY Heritage Co-Investment Fund, ABRY Senior Equity Co-Investment
Fund IV, ABRY Senior Equity Co-Investment Fund V and any future co-
investment funds, “Co-Investment Funds”)
Single Investment Funds
• Alliant Investor A, LLC (“Alliant Investor A”), Alliant Investor B, LLC (“Alliant
Investor B”), Accela Investors, LLC (“Accela Investors”), Minotaur Aggregator,
LLC (“Minotaur”), Atlas Investment Aggregator, LLC (“Atlas”), ASE Royal
Aggregator, LLC (“Royal Aggregator”), Transit Blocker, LLC (“Transit
Blocker”), Secret Aggregator 1 Limited (“Secret Aggregator 1”), ABRY Secret
Co-Invest, L.P. (“Secret Co-Invest”), ASE Silk Aggregator, L.P. (“Silk
Aggregator”, and, together with Alliant Investor A, Alliant Investor B, Accela
Investors, Minotaur, Atlas, Royal Aggregator, Transit Blocker, Aggregator 1,
Secret Co-Invest and any future funds with a similar investment strategy, “Single
Investment Funds”). The Managing Member of (i) Accela Investors is ABRY
Senior Equity IV, (ii) each of Alliant Investors A and Alliant Investor B is ABRY
Senior Equity V,(iii) each of Minotaur, Atlas, and Transit Blocker (and in the case
of Secret Aggregator 1, the controlling member) is ABRY Partners IX, and (iv)
Royal Aggregator is ABRY Senior Equity VI. The General Partner of (i) Secret Co-
Invest is ABRY IX Capital Partners, L.P. and (ii) Silk Aggregator is ASE Silk
Aggregator GP, LLC.
Heritage Funds
• ABRY Heritage Partners, L.P. (together with ABRY Heritage Partners (Cayman
AIV), L.P., “ABRY Heritage”)
• ABRY Heritage Partners II, L.P. (“ABRY Heritage II”, and together with ABRY
Heritage and any future funds with a similar investment strategy, “Heritage
Funds”)
Feeder Funds
• ABRY Acquisition Fund, LLC (the “Feeder Fund”)
Pursuant to each Fund’s agreement of limited partnership or, in the case of the Single
Investment Funds and the Feeder Fund, the limited liability company agreement (each, a
“Partnership Agreement”), the applicable General Partner or, in the case of a Single Investment
Fund and the Feeder Fund, the Managing Member, which for ease of reference shall be included
in the term “General Partner” hereunder, unless otherwise specified, has the authority to manage
the business and affairs of the Funds. Each General Partner has delegated, subject to its oversight,
day-to-day responsibility for the management and operations of the applicable Fund to the
Management Company pursuant to management
agreements between the General Partners and the
Management Company (each, a “Management Agreement”). Pursuant to a management
agreement between the Management Company and the ABRY I Advisers and ABRY III Advisers,
the Management Company provides certain advisory services to the ABRY I Advisers and ABRY
III Advisers.
Interests in the Funds are privately offered to qualified investors in the United States and
elsewhere. The investment advisory services provided to the Funds by the Advisers consist of
identifying and evaluating investment opportunities, negotiating the terms of investments,
managing and monitoring investments and ultimately selling such investments. The Equity Funds,
the Heritage Funds and the Senior Equity Funds are private equity funds and invest through
negotiated transactions in operating entities. The Senior Debt Funds are private funds that make
investments primarily in senior debt securities generally employing total return swaps (“TRS”)
entered into with unaffiliated counterparties to obtain exposure to such debt securities in lieu of
the applicable Senior Debt Fund holding such securities directly. Except for the Senior Debt Funds,
each Fund invests predominantly in non-public companies, although each Fund may invest in
public companies, subject to certain limitations set forth in such Fund’s Partnership Agreement.
The Equity Funds generally seek to take a controlling position when investing in a portfolio
company, and generally at least one principal (a “Principal”) or other ABRY investment
professional serves on a portfolio company’s board of directors in order to represent the applicable
Fund’s interests in the portfolio company. The Senior Equity Funds typically do not take
controlling positions in portfolio companies but seek to place at least one ABRY Principal or other
ABRY professional on the portfolio company’s board. The Single Investment Funds are formed
for the purpose of making a single portfolio investment, are controlled by the relevant Fund making
such investment, and function as a device to pool the investment of the relevant Fund(s) along with
the investment capital of unaffiliated third-party investors. The Feeder Fund is formed for the
purpose of making investments in one or more Equity Funds, Senior Debt Funds and/or single
portfolio investments.
The Advisers’ advisory services to the Funds are detailed in the applicable private
placement memoranda, the Management Agreements and the Partnership Agreements
(collectively, the “Fund Documents”) and are further described below under Item 8 “Methods of
Analysis, Investment Strategies and Risk of Loss.” Investors in Private Investment Funds
(generally referred to herein as “investors” or “limited partners”) participate in such Fund’s overall
investment program, but in certain circumstances are permitted to be excused from a particular
investment due to legal, regulatory or other applicable constraints; such arrangements generally
do not and will not create an adviser-client relationship between the Advisers and any investor.
Each Fund or its General Partner typically enters into side letters or other similar agreements with
certain investors that have the effect of establishing rights under, altering or supplementing the
Partnership Agreement, the investor’s subscription agreement or other Fund Documents, including
providing informational rights, addressing regulatory matters with respect to such investors,
effectively excusing such investors from participating in certain types of investments, varying
economic terms or fee structures, providing transfer rights and offering co-investment-related
provisions.
Certain of the Advisers serve as an investment manager to Co-Investment Funds structured
to facilitate investments by affiliated co-investors alongside the primary Funds on a fixed pro-rata
basis with the commitments to such vehicles generally being variable on an annual basis. To the
extent that a particular investment opportunity, in the Advisers’ sole discretion, exceeds the desired
allocation to a Fund in the aggregate in view of investment size, type, available capital,
diversification, location, holding period and other relevant considerations, the Advisers may offer
additional co-investment opportunities to other persons or firms who the Advisers or their affiliates
believe will be of benefit to the Funds, including certain current or prospective investors, investors
in ABRY Partners, LLC or ABRY Partners III, LLC advised funds, other sponsors, market
participants, finders, consultants and other service providers, portfolio company management or
personnel or ABRY personnel and/or its affiliates. The Advisers may also organize one or more
co-investment funds to co-invest alongside the Funds to facilitate personal investments by such
persons or firms and by partners, officers and employees and their related parties and associates of
the Advisers or of control entities, including the Co-Investment Funds. The Advisers are permitted
to facilitate co-investments directly into a portfolio company. The Single Investment Funds were
formed for this purpose and operate in a manner similar to the Co-Investment Funds. Co-
Investment Funds typically invest and dispose of their investments in the applicable portfolio
company at the same time and on the same terms as the Private Investment Fund making the
investment. While the Advisers and any of their affiliates may charge carried interest, management
and other fees to any co-investors, the Advisers and their affiliates may elect not to charge a
management fee to or receive carried interest from such Co-Investment Funds, and, therefore,
certain of the Co-Investment Funds do not pay management fees or carried interest.
In addition to the foregoing, the Advisers serve as the investment managers to a number of
special purpose vehicles through which several Funds have invested. The Advisers generally form
special purpose vehicles to facilitate portfolio investments by Funds for legal, tax, accounting,
regulatory, ERISA, economic or other similar purposes. The Adviser that acts as the investment
manager to a particular special purpose vehicle is determined on the basis of the Fund that invests
through such special purpose vehicle. In addition, the Advisers, either directly or indirectly through
a special purpose vehicle, may engage in TRS which allow the Senior Debt Funds to derive the
economic benefit of owning an asset without retaining legal ownership of such asset. Under the
relevant Partnership Agreements, the relevant General Partners also have the authority to form
alternative investment vehicles to invest in lieu of the applicable Fund (each, an “alternative
investment vehicle”), to the extent appropriate to address tax, regulatory or economic matters,
and the limited partners of the relevant Fund may be admitted as limited partners of such alternative
investment vehicles, which generally contain legal and economic provisions that are similar or
equivalent to those of the relevant Partnership Agreement. Certain of the Advisers currently serve
and will serve as investment managers to such vehicles, if and when formed. Finally, in connection
with certain investments, the Advisers may employ hedging techniques designed to reduce the
risks of adverse movements in interest rates, securities prices, and currency exchange rates.
As of December 31, 2023, the Management Company had approximately $17,155,183,170
in client assets under management. The Management Company is principally owned by Jay M.
Grossman and Peggy J. Koenig. C.J. Brucato, III is CEO of the Management Company and Jay
M. Grossman is Chair of the Management Company.