A. Firm Information
Raven Capital Management LLC (the "Adviser"), a Delaware limited liability company, is an investment adviser with its
principal place of business in New York, NY. The Adviser commenced operations as an investment adviser in September
2008 and is registered with the SEC as an investment adviser. Josh Green and Dimitri Cohen are the principal owners of
the Adviser.
B. Advisory Services Offered
The Adviser provides advisory services on a discretionary basis to private investment funds (each a “Fund”) and non-
discretionary advisory services to a separately managed account (the “Managed Account” and collectively with the Funds,
the "Advisory Clients"), which deploy an asset-based investment strategy focusing primarily on asset-based secured debt
investments, with opportunistic investments in subordinated debt, mezzanine debt, and equity. The Adviser focuses on five
(5) distinct asset types: (i) Receivables/Intellectual Property; (ii) Specialty Finance; (iii) Commercial Real Estate; (iv)
Transportation; and (v) Infrastructure. The Funds are intended for sophisticated investors and institutional investors.
C. Client Account Management
The Funds include:
• Raven Asset-Based Opportunity Fund III LP, a Delaware limited partnership (“Opportunity Fund III”);
• Raven Asset-Based Opportunity Offshore Fund III LP, a Cayman Islands limited partnership (“Opportunity
Offshore Fund III”);
• Raven Asset-Based Opportunity Fund IV LP, a Delaware limited partnership (“Opportunity Fund IV”);
• Raven Asset-Based Opportunity Offshore Fund IV LP, a Cayman Islands limited partnership (“Opportunity
Offshore Fund IV”);
• Raven
Asset-Based Credit Fund I LP, a Cayman Islands limited partnership (“Credit Fund I”);
• Raven Asset-Based Credit Fund II LP, a Cayman Islands limited partnership (“Credit Fund II Offshore”);
• Raven Asset-Based Credit (Onshore) Fund II LP, a Delaware limited partnership (“Credit Fund II Onshore,” and
together with Credit Fund II Offshore, “Credit Fund II”);
• Raven Senior Loan Fund LLC, a Delaware limited liability company (“Senior Loan Fund”); and
• Raven Evergreen Credit Fund II LP, a Delaware limited partnership (“Evergreen Fund II”).
The Managed Account’s investment objectives and the types of investments that such portfolio holds is individually
negotiated and established between the Adviser and the Managed Account.
The Adviser bases its advice to Advisory Clients on the investment objectives and restrictions (if any) set forth in the
applicable offering memorandum, organizational documents, limited partnership agreement, investment management
agreement, and/or subscription agreements, as the case may be (each, and collectively, the “Governing Documents”).
D. Wrap Fee Programs
The Adviser does not participate in wrap fee programs.
E. Assets Under Management
As of March 31, 2024, the Adviser had approximately $1,621,765,996 regulatory assets under management on a
discretionary basis and $15,160,067 regulatory assets under management on a non-discretionary basis.
The Adviser also manages $195,026,955 for real estate investment vehicles that are not a securities portfolio, as described in
Item 10 below. As such, the real estate investment vehicles are not included as Advisory Clients in this Disclosure Brochure.