Advisory Business
Reverence Capital Partners, L.P. (“RCP” or the “Firm”) was established in 2013. RCP is
owned by its three founders, Mr. Milton R. Berlinski, Mr. Peter C. Aberg and Mr. Alexander A.
Chulack. Mr. Berlinski serves as Managing Partner of the Firm, while Messrs. Aberg and
Chulack are Co-Founders and partners.
RCP provides investment advisory services to private equity funds focused on the middle
market of the financial services industry and credit funds focused on making opportunistic
structured credit as well as other credit and credit-related investments. RCP partners with
companies that can benefit from its extensive industry relationships and operating and
transaction experience.
RCP provides investment advice to its: flagship private equity fund complexes (the “RCP
Equity Funds”), credit fund complexes (the “RCP Credit Funds”) and to different co-investment
entities, which were formed to facilitate a specific investment (each such co-investment entity, a
“Co-Invest Fund,” and together with the RCP Equity Funds and the RCP Credit Funds, the
“Funds”). RCP’s services to these entities may include investigating, analyzing, structuring,
negotiating and consummating potential investments (including debt instruments), deploying
Fund capital to acquire or originate loans, monitoring the performance of investments and
advising the Funds as to disposition opportunities. Each Fund has a general partner (each
referred to herein as a “General Partner” and together as the “General Partners”). Each General
Partner is subject to the Advisers Act pursuant to RCP’s registration in accordance with SEC
guidance. This Brochure also describes the business practices of the General Partners, which
operate as a single advisory business together with RCP. See Item 10: Other Financial Industry
Activities and Affiliations.
Investments in RCP Equity Funds and RCP Credit Funds were offered to investors
through confidential
offering documents (as amended and supplemented, the “Offering
Materials”) that set forth the investment guidelines and/or the types of investments in which the
assets of RCP Equity Funds and RCP Credit Funds, respectively, may be invested. RCP’s
investment advice is carefully tailored to the objectives of each Fund but not to the objectives of
underlying investors in those Funds.
RCP occasionally offers, as permitted by the Governing Fund Documents (as defined
below), certain current or prospective investors in the Funds and others an opportunity to make a
co-investment with the Funds. In general, any such investor is individually responsible for
determining whether it wants to participate in such a co-investment opportunity.
RCP expects in the future to advise additional clients, which may be additional pooled
investment vehicles, separately managed accounts or institutional investors.
This brochure is not an offer to invest in any of RCP’s Funds. Any such offer would only
be made through the provision of such Fund’s confidential Offering Materials, which include the
private placement memorandum, subscription materials and limited partnership agreement
(“Partnership Agreement” and, collectively, the “Governing Fund Documents”). Information
included in this brochure is intended to provide a useful summary about RCP, but it is qualified
in its entirety by information included in its Funds’ confidential Offering Materials.
As of December 31, 2023, RCP had approximately $12,408,082,702 in discretionary
regulatory assets under management (“RAUM”) and did not manage any client assets on a non-
discretionary basis. RAUM of $12,408,082,702 reflects the inclusion of $2,286,192,264
cumulatively invested by RCP I, RCP II and RCP V in certain of its co-investment funds,
specifically RCP Artemis Co-Invest, L.P., RCP Card Co-Invest, L.P., RCP Lynx Co-Invest, L.P.,
RCP MB Investments, L.P. and RCP Vega Co-Invest, L.P.