Description
HG Vora commenced operations in April 2009. We were established to provide investment management
services primarily to pooled investment vehicles. Our principal owner is Parag Vora (the “Principal”).
Types of Advisory Services
We are an investment management firm focused on event driven and value oriented strategies. We invest
primarily in actively traded debt and equity instruments on a long and short basis. We also invest in less
liquid opportunities for certain clients. We currently provide discretionary investment advisory services to
twelve pooled investment vehicles (each, a “Fund” and collectively, the “Funds”). The Funds include:
• HG Vora Special Opportunities Fund LP, a Delaware limited partnership (the “Special
Opportunities Onshore Feeder”);
• HG Vora Special Opportunities Fund, Ltd., a Cayman Islands exempted company (the
“Special Opportunities Offshore Feeder”, and together with the Special Opportunities
Onshore Feeder, the “Special Opportunities Feeders”);
• HG Vora Special Opportunities Master Fund, Ltd., a Cayman Islands exempted
company (the “Special Opportunities Master Fund”, and collectively with the Special
Opportunities Feeders, the “Special Opportunities Fund”), which serves as the master
fund with an actively managed portfolio into which the Special Opportunities Offshore
Feeder invests all of its investable assets, and the Special Opportunities Onshore
Feeder invests substantially all of its assets;
• HG Vora Opportunistic Capital Fund LP, a Delaware limited partnership (the
“Opportunistic Capital Onshore Feeder”);
• HG Vora Opportunistic Capital Fund (Cayman) LP, a Cayman Islands exempted
limited partnership (the “Opportunistic Capital Offshore Feeder”, and together with the
Opportunistic Capital Onshore Feeder, the “Opportunistic Capital Feeders”);
• HG Vora Opportunistic Capital Master Fund LP, a Cayman Islands exempted limited
partnership (the “Opportunistic Capital Master Fund”, and collectively with the
Opportunistic Capital Feeders, the “Opportunistic Capital Fund”), which serves as the
master fund with a managed portfolio into which the Opportunistic Capital Feeders
invest all of their respective investable assets;
• HG Vora Opportunistic Capital Fund II, LP, a Delaware limited partnership (the
“Opportunistic Capital II Onshore Feeder”);
• HG Vora Opportunistic Capital Fund (Cayman) II LP, a Cayman Islands exempted
limited partnership (the “Opportunistic Capital II Offshore Feeder”, and together with
the Opportunistic Capital II Onshore Feeder, the “Opportunistic Capital II Feeders”);
• HG Vora Opportunistic Capital Master Fund II LP, a Cayman Islands exempted
limited partnership (the “Opportunistic Capital II Master Fund”, and collectively with
the Opportunistic Capital II Feeders, the “Opportunistic Capital II Fund”), which
serves as the master fund with a managed portfolio into which the Opportunistic
Capital II Feeders invest all of their respective investable assets;
• Downriver Series LP, a Delaware series limited partnership (the “Downriver Onshore
Feeder”);
• Downriver SPC Ltd., a Cayman Islands exempted segregated portfolio company (the
“Downriver Offshore Feeder”, and together with the Downriver Onshore Feeder, the
“Downriver Feeders”); and
• Downriver Master Fund SPC Ltd., a Cayman Islands exempted segregated portfolio
company (the “Downriver Master Fund”, and collectively with the Downriver Feeders,
the “Downriver Fund”), which serves as the master fund with segregated portfolios
comprising managed portfolios into which the corresponding series of the Downriver
Onshore Feeder and the corresponding segregated portfolio of the Downriver Offshore
Feeder invest all of their respective investable assets.
The General Partner of the Special Opportunities Onshore Feeder is HG Vora (GP) LLC (the “Special
Opportunities GP”), the General Partner of the Downriver Onshore Feeder is Downriver (GP) LLC (the
“Downriver GP”), the General Partner of each entity in the Opportunistic Capital Fund is HG Vora
Opportunistic Capital (GP) LLC (the “Opportunistic Capital GP”), and the General Partner of each entity
in the Opportunistic Capital II Fund is HG Vora Opportunistic Capital (GP) II LLC (the “Opportunistic
Capital II GP”).
The Downriver Fund is organized as a segregated portfolio platform through which investors will be
offered the opportunity to participate in particular co-investment and/or special-situation opportunities.
Each of the Downriver Feeders creates a separate series of interests or a segregated portfolio of shares, as
applicable, for each investment opportunity, and these series and segregated portfolios invest all of their
investable assets in a corresponding segregated portfolio of the Downriver Master Fund. The Downriver
Feeders previously offered one series of interests/shares (Downriver Series LP – Portfolio A and
Downriver SPC Ltd., for and on behalf of its Segregated Portfolio A) corresponding to one segregated
portfolio of the Downriver Master Fund (collectively, “Downriver Series A”). Downriver Series A was
wound down in 2021. The Downriver Feeders offered a second series of interests/shares (Downriver
Series LP – Portfolio B and Downriver SPC Ltd., for and on behalf of its Segregated Portfolio B)
corresponding to one segregated portfolio of the Downriver Master Fund (collectively, “Downriver
Series B”). The Downriver Feeders offered a third series of interests/shares (Downriver Series LP –
Portfolio C) corresponding to one segregated portfolio of the Downriver Master Fund (collectively,
“Downriver Series C”). When the Downriver Fund offers additional segregated portfolios, each such
segregated portfolio will be treated as a separate private fund client.
All investment portfolios are managed in accordance with each respective private fund client’s
confidential private offering memorandum and/or confidential explanatory memorandum and
memorandum and articles of associated or limited partnership agreement, as applicable (“Offering
Documents”).
HG Vora does not tailor advisory services to the individual or particular needs of the investors in the
Funds. Information about the Funds, including their investment objectives and strategies, is set forth in
their respective Offering Documents. We have broad investment authority with respect to the Funds and
since we do not provide individualized advice to the Funds’ investors, such investors should consider
whether the investment objectives of the Funds are in line with their individual objectives and risk
tolerance prior to investment.
We also provide investment advisory services to separately managed accounts (the “Managed
Accounts”). These advisory services are tailored based on each individual client’s needs pursuant to a
written investment management agreement, which may contain restrictions on our ability to invest in
certain securities or types of securities.
As used herein, the term “client” generally refers to each Fund and each beneficial owner of a Managed
Account.
Wrap Fee Programs
We do not participate in any wrap fee program.
Assets Under Discretionary and Non-Discretionary Management
As of February 29, 2024, we have regulatory assets under management managed on a discretionary basis
of approximately $9,243,212,802. As of January 31, 2024, we have regulatory assets under management
managed on a non-discretionary basis of approximately $10,951,504.