9AT: DARSANA CAPITAL PARTNERS LP

other names

DARSANA CAPITAL PARTNERS LP

Adviser Profile

As of Date	03/06/2025
ADV Location	NEW YORK, NY, United States
Adviser Type - Large advisory firm
Number of Employees	22 -4%
of those in investment advisory functions	11 -8%
Registration	SEC, Approved, 06/02/2014

AUM^*	10,012,799,567 24%
of that, discretionary	10,012,799,567 49%
Private Fund GAV^*	10,012,799,567
Avg Account Size	1,668,799,928 49%
SMA’s	No
Private Funds	6
Contact Info	212 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Fund Type	Count	GAV
Fund TypeHedge Fund	Count4	GAV$8,730,850,848
Fund TypePrivate Equity Fund	Count2	GAV$1,281,948,719

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser HONEYCOMB ASSET MANAGEMENT LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM552.1m	#Funds-
Adviser THORNTREE CAPITAL PARTNERS LP	Hedge Fund1.1b	Liquidity Fund-	Private Equity Fund24.2m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.1b	AUM1.1b	#Funds6
Adviser HOUSE HANOVER LLC	Hedge Fund16.4m	Liquidity Fund-	Private Equity Fund45.6m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV62.0m	AUM46.7m	#Funds6
Adviser OGAM, LP	Hedge Fund650.2m	Liquidity Fund-	Private Equity Fund208.3m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV858.5m	AUM7.3b	#Funds10
Adviser BOW STREET LLC	Hedge Fund89.2m	Liquidity Fund-	Private Equity Fund435.0m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV524.2m	AUM673.0m	#Funds13
Adviser HIDDEN LAKE ASSET MANAGEMENT LP	Hedge Fund365.8m	Liquidity Fund-	Private Equity Fund2.2m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV367.9m	AUM367.9m	#Funds8
Adviser OCTAGON CAPITAL ADVISORS LP	Hedge Fund735.9m	Liquidity Fund-	Private Equity Fund183.9m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV919.8m	AUM919.8m	#Funds8
Adviser NEWMARKET INVESTMENT MANAGEMENT, LP	Hedge Fund246.8m	Liquidity Fund-	Private Equity Fund2.4b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.7b	AUM2.7b	#Funds35
Adviser COMVEST CREDIT ADVISORS, LLC	Hedge Fund5.2b	Liquidity Fund-	Private Equity Fund8.3b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV13.5b	AUM8.4b	#Funds39
Adviser BRINLEY PARTNERS, LP	Hedge Fund2.9b	Liquidity Fund-	Private Equity Fund1.7b	Real Estate Fund-	Securitized Asset Fund1.0b	Venture Capital Fund-	Other Fund-	Total Private Fund GAV5.7b	AUM4.7b	#Funds8

Brochure Summary

Overview

Darsana Capital Partners LP (“Darsana”) is an investment adviser with its principal place of business in New York, New York. Darsana is a limited partnership that was formed in January 2014, under the laws of the State of Delaware. Darsana is owned and controlled by its general partner, Darsana Capital Partners GP LLC, a Delaware limited liability company. Anand Desai is the Chief Executive Officer and sole member of Darsana Capital Partners GP LLC. Darsana provides discretionary investment management services to clients that are privately offered pooled investment vehicles commonly referred to as “hedge funds” or “private funds.” Darsana serves as an investment adviser or manager for the following private funds, which are organized in a master-feeder structure. Darsana Fund LP, a Delaware limited partnership (the “Domestic Fund”) and Darsana Overseas Fund Ltd., a Cayman Islands exempted company (the “Offshore Fund,” and, together with the Domestic Fund, the “Feeder Funds”), are expected to invest substantially all of their investable capital in Darsana Master Fund LP, a Cayman Islands exempted limited partnership (the “Master Fund”). The Offshore Fund will invest in the Master Fund through Darsana Intermediate Fund LP, a Cayman Islands exempted limited partnership (the “Intermediate Fund,” together with the Feeder Funds and the Master

Fund, each a “Fund” and collectively, the “Funds”). The general partner of the Domestic Fund, the Intermediate Fund, and the Master Fund is Darsana Capital GP LLC (the “General Partner”). Darsana also serves as investment adviser to two or more co-investment vehicles (the “Co-Investment Vehicles”). As used in this Brochure, the term “Client” collectively refers to the Funds and the Co-Investment Vehicles. The terms of the Clients are set forth in each Client’s respective offering memorandum (as applicable), limited partnership agreements, subscription documents, and other constituent documents (the “Offering Documents”). The Clients will generally be offered to investors (“Investors”) who are (i) both “accredited investors” as defined under the Securities Act of 1933 (the “Securities Act”) and “qualified purchasers” as defined in section 2(a)(51)(A) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), (ii) “knowledgeable employees” (as defined in Rule 3c-5 under the Investment Company Act) or (iii) non-United States persons. Investors must also meet other applicable suitability requirements as outlined in the Client’s Offering Documents. As of December 31, 2023, Darsana managed approximately $8.087 billion in regulatory assets under management. All assets are managed on a discretionary basis.

DARSANA CAPITAL PARTNERS LP

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