SK Capital Partners, LP (“SK Capital” or the “Firm”) is a New York based
investment management firm that seeks to drive growth and operational
improvement in the Firm’s middle market focus sectors, which include
specialty materials, ingredients and life sciences businesses in which the
Firm’s Managing Directors collectively have substantial operating and
investment experience.
The Firm and its affiliated investment advisers, SK Capital Management V,
LP, SK Capital Management VI, LP, SKCP Catalyst Management I, LP and
SKCP Catalyst Management II, LP (collectively with the general partners
listed as related parties in the Form ADV Part 1, the “Affiliated Advisers”
and the Affiliated Advisers together with SK Capital, the “Adviser”)
provide discretionary investment advisory services, advising and managing
the investment and reinvestment of assets for investment funds privately
offered to qualified investors in the United States and elsewhere.
The Adviser’s clients include private investment funds and co-investment
vehicles (together, the “Funds”) to which the Adviser or its affiliates
provide investment advisory services. The Fund investors (generally
referred to herein as “limited partners” or “investors”) include public and
private institutional pension plans, endowments and foundations, sovereign
wealth funds and other institutional investors and family office and high net
worth investors.
The Adviser seeks to use the collective operating and investment experience
of the members of its investment committee to provide advice to each Fund
on how to generate long- term value for its limited partners by leveraging
and enhancing the management and operating capabilities of the portfolio
companies in which it invests. This includes advising each Fund on
augmenting management talent and processes to drive business
improvement, driving revenue growth, improving operating efficiency,
improving management of working capital, and completing strategic
acquisitions and divestitures. Prudent use of leverage is also a critical
component of the Adviser’s investment management strategy, as it provides
management teams the appropriate degree of flexibility to address each
business’ unique constraints, implement operational improvements, and
pursue growth and acquisition plans. Although each Fund incorporates
leverage into the capital structures of its portfolio companies, whether at the
time of the initial investment or subsequently through recapitalizations,
doing so is not intended to be a primary source of value creation.
Management Team and Principal Owners
Dr. Barry Siadat and Jamshid Keynejad co-founded SK Capital (together,
the “Founding Partners”). The principal owners of SK Capital are the
Founding Partners and Jack Norris and Aaron Davenport (together, the
“Managing Partners”). SK Capital has established an Executive Committee
(the “Executive Committee”) currently comprised of five Managing
Directors of SK Capital – Barry Siadat, Jamshid Keynejad, Jack Norris,
Aaron Davenport, and Mario Toukan – and is responsible for the following:
(i) managing the SK Capital organization and setting the strategic direction
of the firm; (ii) overseeing each of SK Capital’s investment strategies as
well as ensuring sound portfolio management and investment process
excellence; and (iii) ensuring high standards of professional excellence and
preserving SK Capital’s culture and core values. The members of the
Executive Committee each have the responsibility to oversee certain critical
functions and processes of the SK Capital organization.
advising and managing the investment and reinvestment of assets for the
Funds. Each Fund offers limited partner interests only to certain qualified
persons, and admission to a Fund is offered only via a “private offering”
(i.e., is not open to the general public.) Fund interests are sold only to
qualified persons who are “accredited investors” under Rule 501 of
Regulation D of the Securities Act of 1933, as amended (the “Securities
Act”).
Additionally, as permitted by the relevant limited partnership or other
operating agreement of a Fund (each, an “LPA”), the Adviser has provided
(or agrees to provide) investment or co-investment opportunities (including
the opportunity
to participate in co-invest vehicles) to certain investors or
other persons, including other sponsors, market participants, finders,
consultants and other service providers, portfolio company management or
personnel, the Adviser’s personnel and/or certain other persons associated
with the Adviser and/or its affiliates. Such co-investments often involve
investment and disposal of interests in the applicable portfolio company at
the same time and on the same terms as the Fund making the investment.
However, from time to time, for strategic and other reasons, a co-investor
or co-invest vehicle (including a co-investing Fund) purchases a portion of
an investment from one or more Funds after such Funds have consummated
their investment in the portfolio company (also known as a post-closing sell-
down or transfer), which generally will have been funded through Fund
investor capital contributions. Any such purchase from a Fund by a co-
investor or co-invest vehicle generally occurs shortly after the Fund’s
completion of the investment to avoid any changes in valuation of the
investment, but in certain instances could be well after the Fund’s initial
purchase. The Adviser generally expects to charge interest on the
purchase to the co-investor or co-invest vehicle (or otherwise, in the
Adviser’s sole discretion and where appropriate, equitably to adjust the
purchase price under certain conditions), and the Adviser generally will
require the co-investor or co- invest vehicle to reimburse the relevant Fund
for related costs. However, to the extent any such amounts are not so
charged or reimbursed, they generally will be borne by the relevant Fund.
Outside of such services to the Funds, the Adviser offers no other advisory
services. The Adviser does not perform any type of financial planning,
quantitative analysis, tax planning or market timing services.
Specific details relating to the advisory services provided to the Funds,
including details relating to fees, liquidity rights and risks, among others,
are fully disclosed in each Fund’s, as applicable, confidential Private
Placement Memorandum or other offering documents (each, an “Offering
Memorandum”) and the investment management agreement pursuant to
which the Adviser provides investment advisory services to each Fund
(each, an “Investment Management Agreement,” and together with the
applicable Offering Memorandum and LPA, the “Governing Documents”
of each Fund).
Funds have highly similar investment strategies, the question of tailoring
the Adviser’s advisory services to the individual needs of limited partners
or accepting limited partner-imposed investment restrictions is not relevant.
The Adviser, as part of the advisory services it provides to each Fund,
assists each affiliated general partner (the “General Partner,” and
collectively, together with any future affiliated general partner entities, the
“General Partners”) as requested in negotiating side letters or similar
agreements (“Side Letters”) on behalf of such Fund with certain Fund
limited partners. Such Side Letters have the effect of establishing additional
rights or altering or supplementing the terms of the Governing Documents
of the applicable Fund-sponsored investment vehicle with respect to one or
more such limited partners in a manner more favorable to such limited
partners than those applicable to other limited partners. These additional
rights include but are not limited to: rights related to financial reporting and
disclosure, due diligence oversight, fee transferability rights, excuse rights,
co-investment rights or targets, information rights, pacing restrictions,
different fee structures or arrangements, liquidity or transfer rights,
confidentiality protections and disclosure rights, consent rights as well as
economic, procedural and other terms permitted in the applicable General
Partner’s discretion, many of which will not be subject to the “most-favored
nation” provisions of a Fund Governing Documents. See Item 8.B –
Business Risks – Side Letters, below, for additional discussion related to
side letters.
management is approximately $7.9 billion. The Adviser does not plan to
manage any client assets on a non-discretionary basis.