Overview
Ghost Tree Capital, LLC (“Ghost Tree Capital”) is a Delaware limited liability company with its
principal place of business in New York. Ghost Tree Capital began doing business in April of
2013. Ghost Tree Capital Group, LP, a Delaware limited partnership formed in June 2018 (“Ghost
Tree Capital Group,” together with Ghost Tree Capital and their affiliates, “Ghost Tree” or the
“Firm”), is a “Relying Adviser,” as defined in the Glossary to Form ADV, with respect to Ghost
Tree Capital. The principal owner of Ghost Tree is David Kim (the “Principal”). However, it is
important to note that Edward Kim has 40% ownership over Ghost Tree Capital Group.
Ghost Tree provides discretionary investment advisory services to private funds: Ghost Tree
Partners, LP, Ghost Tree Capital International, Ltd., and Ghost Tree Master Fund, LP (collectively
the “Fund” or “Funds”). In addition, Ghost Tree also provides discretionary investment sub-
advisory services to pooled investment vehicles (“Sub-Advised Funds”). Ghost Tree has in place
an investment management agreement with each of the private funds, as well as the Sub-Advised
Funds.
Ghost Tree is responsible for determining the specific securities and other investments to be bought
and sold and arranging the execution of all purchase and sale
orders on behalf of the Funds.
Ghost Tree is focused on generating absolute returns in the Funds that aim to be uncorrelated to
broader market conditions. Ghost Tree seeks to achieve this objective by utilizing a long/short
equity strategy principally focused on the healthcare industry. By leveraging the medical and
financial experience of the Principal and other investment personnel, Ghost Tree expects to pursue
investments primarily in the areas of biotechnology, pharmaceuticals, medical devices and
supplies and healthcare services. However, Ghost Tree generally has broad and flexible investment
authority with respect to the Funds.
Ghost Tree generally does not permit investors in the Funds to impose limitations on the
investment activities described in the offering documents for the Ghost Tree Funds. Under certain
circumstances, Ghost Tree will contract with a client to adhere to limited risk and/or operating
guidelines imposed by the client. Ghost Tree negotiates such arrangements on a case by case basis.
Ghost Tree does not participate in wrap fee programs.
As of December 31, 2023, Ghost Tree managed approximately $359,964,950 of client regulatory
assets on a discretionary basis. Ghost Tree does not currently manage any client assets on a non-
discretionary basis.