Overview
Founded in 1997 as an Illinois limited liability company, Chicago Capital currently provides investment
advisory services to six clients, all of which are pooled investment vehicles; each a “Client” and
collectively “Clients.”
Chicago Capital is the founder and investment manager of the following pooled investment vehicles
which are private funds:
1. Chicago Capital Management, LP ("CCMLP")
2. Chicago Capital Master Fund, Ltd. ("Master Feeder")
3. Chicago Capital Onshore Fund, LLC ("Onshore Feeder")
4. Chicago Capital Offshore Fund, Ltd. ("Offshore Feeder")
The funds constitute an onshore/offshore (Cayman) master-feeder structure for new investors whereby the
Onshore Feeder and Offshore Feeder invest all their assets in the Master Feeder which invests all its
assets in CCMLP. Chicago Capital is the general partner of CCMLP and managing member of the
Onshore Feeder. Two independent directors manage the Offshore Feeder and Master Feeder. For
purposes of this Brochure, all four funds are collectively referred to as the “Fund.” Limited partners
directly invested in CCMLP, members of the Onshore Feeder, and shareholders of the Offshore Feeder
are collectively referred to as “Fund Investors.”
Chicago Capital serves as the investment adviser to the following pooled investment vehicle, which
is
controlled by its general partner, Hydra Management, LLC, an affiliate of Chicago Capital:
5. Hydra Partners, LP / Hydra Management, LLC (“Hydra”)
Chicago Capital serves as a sub-adviser to the following pooled investment vehicle, whose only current
investor is Hydra Partners, LP, and its adviser:
6. Prelude Opportunity Fund, LP / Prelude Capital Management, LLC / (“Prelude”)
Hydra, and Prelude, are collectively referred to as “Sub-Advised Funds” unless specifically noted
otherwise. Prospective investors of the Fund, prospective clients of Chicago Capital, and prospective
investors of Sub-Advised Funds are referred to as “Prospects” unless specifically noted otherwise.
Chicago Capital does not tailor advice to individual Fund Investors. Therefore, Fund Investors may not
impose individual investment restrictions on the Fund’s investments. Clients that delegate trading
authority to Chicago Capital, such as the Sub-Advised Funds, may impose restrictions on their
investments. Such restrictions are documented in the sub-advisory agreements mutually agreed upon by
Chicago Capital and the Sub-Advised Funds. Chicago Capital does not participate in wrap fee programs.
As of December 31, 2023, Chicago Capital’s total net assets and gross assets under management for its
Clients were $ 102.0 million and $120.9 million, respectively, all of which were discretionary.