Content Partners, LLC (“Content Partners”), an investment adviser registered under the
Investment Advisers Act of 1940, as amended (the “Advisers Act”), is a Delaware limited liability
company. Content Partners advises its clients (as defined below) primarily in seeking long-term
capital appreciation through investments acquired or to be acquired in primarily passive revenue
interests and participation interests (collectively, “Participations”) in feature films and television
series. Participations are illiquid and intended to be held long-term. As a result, clients (and
investors in clients) will be limited in their ability to sell or transfer Participations.
Content Partners was formed in October 2005. However, the Principals (as defined below) have
more than 50 years combined experience in the entertainment industry, including financing,
producing and distributing film and television series, talent representation and business affairs. As
a result of their many years of high-level involvement in the entertainment industry, the Principals
have developed a network of relationships that Content Partners believes serves as the foundation
of its deal flow. In addition, we believe these many years of experience in the entertainment
industry position the Principals with the necessary expertise to meet the challenges of valuing
Participations in entertainment properties.
Content Partners and Content Partners 3 GP, LLC (“Fund 3 GP”), an affiliate of Content Partners,
are principally owned by Steven E. Blume (“Blume”), Steven H. Kram (“Kram”) (indirectly
through MAX MMC, Inc., an entity owned and controlled by him), and CP Enterprises LLC (“CP
Enterprises”). CP Enterprises is an indirect subsidiary of Cinema Holdco 3 LP and a controlled
affiliate of certain funds managed by The Carlyle Group and its affiliates. Notwithstanding CP
Enterprises’ ownership of Content Partners and Fund 3 GP, Messrs. Blume and Kram (who are
each referred to herein as a “Principal” or collectively as the “Principals”) continue to control
Content Partners and Fund 3 GP. Messrs. Blume and Kram also own minority equity interests in
and are members of the board of CP Enterprises’ indirect parent. Content Partners and Fund 3 GP
operate a single advisory business, share common owners and officers, are under common control,
and are subject to a unified compliance program.
Content Partners and its affiliates sponsor, manage and provide investment advisory services to
pooled
investment vehicles (together with any future private funds sponsored by Content Partners,
the “Sponsored Funds”). In addition, to the extent permitted by any applicable Governing
Documents (as defined herein), Content Partners may, but in certain circumstances is not obligated
to, offer clients, investors, and third parties the opportunity to co-invest, either directly or through
a vehicle formed by Content Partners or one of its affiliates, in certain investment opportunities.
Content Partners negotiates the terms of each Sponsored Fund with potential investors prior to
accepting their commitments to such Sponsored Fund, but Content Partners does not tailor its
advisory services to a Sponsored Fund based on an individual investor’s needs. Sponsored Fund
investors are expected to participate in a Sponsored Fund’s overall investment program and are
generally unable to withdraw from or redeem their interests in the Sponsored Funds. Content
Partners negotiates the services it provides to other clients on a case-by-case basis, tailoring its
advisory services to the client’s needs. Content Partners does not participate in wrap fee programs.
Content Partners and Fund 3 GP exercise investment discretion with respect to the Sponsored
Funds pursuant to the applicable Governing Documents, as well as an investment management
agreement. Fund 3 GP has also entered into side letters or other similar agreements with certain
investors that have the effect of establishing rights under, supplementing or altering a Sponsored
Fund’s partnership agreement or an investor’s subscription agreement. Such rights or alterations
include, but are not limited to, economic terms, fee structures, excuse rights, information rights,
co-investment rights, or transfer rights.
The partnership agreements and investment management agreements of the Sponsored Funds, and
any private placement memorandum for a Sponsored Fund are referred to herein collectively as
the “Governing Documents.” Content Partners provides investment advice to CP Enterprises
pursuant to an investment management agreement. These services consist of managing the assets
purchased by CP Enterprises, subject to Content Partners’ oversight.
As of December 31, 2023, Content Partners had approximately $1,281,074,347 of assets under
management on a discretionary basis. This amount reflects regulatory assets under management
as calculated in Part I of our Form ADV. We do not manage any client assets on a non-
discretionary basis.