A. ADVISORY FIRM
Krensavage Asset Management, LLC (“KAM”) is an investment management firm that has
been registered with the U.S. Securities and Exchange Commission (“SEC”) as an investment
adviser since September 2013. It was organized as a Delaware limited liability company in
2008. KAM is owned by Michael Paul Krensavage, who is the controlling principal of KAM (the
“Managing Member”).
B. SERVICES
KAM provides investment advisory services and serves as the discretionary investment
manager of Krensavage Partners, LP, a Delaware limited partnership (“Krensavage
Partners”), Krensavage Offshore Fund, Ltd., a Cayman exempted company (“Krensavage
Offshore”) and Krensavage Partners Too, LP, a Delaware limited partnership (“Krensavage
Partners Too”)(each of Krensavage Partners, Krensavage Offshore, and Krensavage Partners
Too are referred to herein as a “Fund” and together, as the “Funds”). Krensavage Offshore is
a feeder fund into Krensavage Partners.
KAM pursues a concentrated value-oriented, approach to investing focused on the healthcare
sector. The Funds invest their assets in securities according to KAM’s proprietary investment
strategy. As the investment manager to the Funds, KAM is responsible for: (a) the formulation
and implementation of the Funds’ investment strategy; (b) evaluating and monitoring
investments made by the Funds; and, (c) making all investment decisions for the Funds.
Krensavage Advisors, LLC (“Krensavage Advisors”), an affiliate of KAM, acts as the general
partner of Krensavage Partners. As general partner, Krensavage Advisors is ultimately
responsible for the management of Krensavage Partners.
Krensavage Advisors Too, LLC (“Krensavage Advisors Too”), an affiliate of KAM, acts as the
general partner of Krensavage Partners
Too. As general partner, Krensavage Advisors Too is
ultimately responsible for the management of Krensavage Partners Too.
Krensavage Advisors and Krensavage Advisors Too are herein referred to as the “General
Partners”.
As noted, KAM is retained by each Fund to act as such Fund’s discretionary investment adviser.
The specific terms and conditions applicable to the Funds, as well as each Fund’s investment
focus, investment guidelines, and investment restrictions, if any, are described in each Fund’s
confidential private placement memorandum or confidential explanatory memorandum
(each a “Memorandum”). This document is neither an offer to sell nor a solicitation of
an offer to buy interests in or shares of either Fund. Such an investment may be made only
after receipt and review of the applicable Memorandum. Upon request to KAM, a copy of each
Memorandum is available to persons meeting applicable investor eligibility criteria. Each
Memorandum contains important information concerning risk factors and other material
aspects of the applicable Fund(s) and must be read carefully before any decision whether to
invest is made. The information in this document is qualified in its entirety by, and should be
read in conjunction with, the information contained in each Fund’s Memorandum.
C. TAILORED RELATIONSHIPS
KAM provides investment advisory services to the Funds based on the investment objectives
of the Funds. KAM does not provide tailored investment advice to the Limited Partners
or Shareholders in the Funds.
D. WRAP FEE PROGRAMS
KAM does not participate in and is not a sponsor of any wrap fee program.
E. ASSETS UNDER MANAGEMENT
KAM managed a total of approximately $310,705,033 in regulatory assets under management
(RAUM) as of December 31, 2023 on a discretionary basis.