PARALLAXES CAPITAL

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Adviser Profile
As of Date 03/24/2024
Adviser Type - Large advisory firm
Number of Employees 4 -20.00%
of those in investment advisory functions 3 -25.00%
Registration SEC, Approved, 4/19/2021
Other registrations (1)
Former registrations

PARALLAXES CAPITAL MANAGEMENT, LLC

AUM* 389,079,848 5.94%
of that, discretionary 295,361,854 13.27%
Private Fund GAV* 347,060,623 23.90%
Avg Account Size 38,907,985 5.94%
SMA’s No
Private Funds 8
Contact Info 217 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

Recent News

Reported AUM

Discretionary
Non-discretionary
261M 224M 186M 149M 112M 75M 37M
2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypePrivate Equity Fund Count8 GAV$347,060,623

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Brochure Summary

Overview

A. The Adviser is a Delaware limited liability company and has its principal place of business located in New York City, New York. The Adviser provides discretionary investment advisory services to private pooled investment vehicles, (each a “Fund”, “Client” or collectively, the “Funds” or “Clients”) for sophisticated, qualified investors.1Additionally from time to time and as permitted by the relevant Offering Documents, the Adviser provides co-investment opportunities (including the opportunity to participate in co-invest vehicles) to certain investors or other persons, including other sponsors, market participants, finders, consultants and other service providers, Parallaxes personnel and/or certain other persons associated with Parallaxes. B. The Adviser was formed in 2017. The principal owner is Andrew Lee (the “Principal”). C. The Adviser’s investment strategy, which will consist of primarily acquiring tax receivable agreements (“TRAs”) using a variety of sourcing strategies. The Adviser may purchase TRAs from financial sponsors taking portfolio companies public or seeking liquidity for existing TRAs entered into with former portfolio companies. The Adviser may work to originate private TRAs in M&A transactions where buyers may not appropriately value tax assets, and may partner with sell side M&A advisors to locate such opportunities with private sellers. The Adviser may seek to partner with third-party debt platforms
that may provide leverage for the Funds’ TRA investments. D. While each of its Clients will follow the general strategy stated above, the Adviser may tailor the specific advisory services with respect to each Client based on the particular investment objectives and strategies described in the applicable Client’s (i) confidential offering memorandum or (ii) governing documents (referred to collectively as “Offering Documents”). All discussion of the Clients in this Brochure, including but not limited to their investments, the strategies used in managing the Clients, and conflicts of interest faced by the Adviser in connection with the management of the Clients are qualified in their entirety by reference to each Client’s respective Offering or Governing Documents. E. The Adviser does not participate in wrap fee programs. F. As of December 31, 2023, the Adviser manages approximately $295 million in discretionary assets and $93 million in non-discretionary assets. 1 As a registered investment adviser, the Adviser owes a fiduciary duty to all of its clients. In 2006, the decision by the Court of Appeals for the D.C. Circuit in Goldstein v. SEC, 451 F.3d 873 (D.C. Cir. June 23, 2006), with respect to private funds, clarified that the “client” of an investment adviser to a private fund is the fund itself and not an investor in the fund.