Overview
Cladrius Partners LLC (“Cladrius” or the “Firm”) was founded in 2019 by Dennis Ruggere and
he serves as the Chief Investment Officer and Chief Executive Officer of the Firm. Mr.
Ruggere is responsible for the day-to-day management of Cladrius and the investment
program of the Cladrius Funds. M.D. Sass Cladrius Partners, LLC (the “M.D. Sass Member”)
has provided operating and seed capital to Cladrius. The M.D. Sass Member is owned by
certain officers of M.D. Sass Investors Services, Inc. (“M.D. Sass”) and family trusts of the
foregoing persons. M.D. Sass is the managing member of the M.D. Sass Member. M.D. Sass
is controlled by Martin D. Sass. Mr. Ruggere and the M.D. Sass Member have equal
ownership in each of the Cladrius Partners LLC (“Investment Manager”) and the General
Partner. FTP Investment I LLC (“Fir Tree”), an entity sponsored by certain senior partners of
Fir Tree Partners, has provided seed capital in exchange for a minority economic participation
in each of the Firm and the General Partner.
Cladrius provides advisory services to privately offered pooled investment vehicles exempt
from registration under the Investment Company Act of 1940, as amended. Cladrius is the
investment manager for Cladrius International Ltd., (the “Cayman Feeder Fund”), Cladrius LP,
(the "U.S. Feeder Fund" and together with the Cayman Feeder Fund, the “Feeder Funds”) and
Cladrius Ltd., an exempted company incorporated under the laws of the Cayman Islands (the
"Master Fund" and together with the Feeder Funds, the "Funds"). The Funds are subject to
the overall supervision of Cladrius Partners LLC, Cladrius GP LLC (the general partner of the
U.S. Feeder Fund, the "General Partner") and the Board of Directors of the Cayman Feeder
Fund and the Master Fund (the “Directors”), and pursuant to the limited partnership agreement
of the U.S. Feeder Fund and the Memorandum and Articles of Association of the Cayman
Feeder Fund and the Master Fund (the “Operating Agreements”). The funds and related
entities are controlled by affiliates of Cladrius.
The Partnership and the Partnership’s offshore counterpart, the Offshore Fund, a Cayman
Islands exempted company, will
invest substantially all of their capital in the Master Fund, a
Cayman Islands exempted company, except when the Investment Manager (as defined
below) determines otherwise. Although investment and trading activity is currently expected
primarily to be at the Master Fund level, the Partnership and the Offshore Fund may also
make direct investments when the Investment Manager determines that it is appropriate to do
so. The Investment Manager may, in its sole discretion, limit investing by the Partnership to
indirect investing through the Master Fund in order to comply with the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”). The Investment Manager will serve as
the investment manager of each of the Partnership, the Offshore Fund and the Master Fund
(collectively, the “Cladrius Funds”).
Cladrius is the investment manager for Cladrius Special Situations Fund I LLC (the “SS1
Fund”).
The Investment Manager is exempt from registration as a commodity pool operator with the
Commodity Futures Trading Commission (“CFTC”) with respect to the Funds in reliance upon
an exemption under CFTC Rule 4.13 and exempt as a commodity trading advisor pursuant to
CFTC Rule 4.14.
Cladrius has full discretionary authority with respect to investment decisions for the Funds,
and its advice is made in accordance with the investment objectives and guidelines set forth in
the Fund’s offering documents. Cladrius does not provide specifically tailored advice to
investors in the Fund.
Assets Under Management
As of December 31, 2023, Cladrius’ regulatory assets under management were approximately
$211,235,000 all of which are managed on a discretionary basis.
Types of Investments
The Funds will primarily invest in credit instruments (corporate, sovereign, structured credit),
convertible securities, quasi-equity securities (preferred, hybrid), equity securities, including
options, single name and index derivatives and other securities as Cladrius may determine
from time to time. Cladrius will pursue investments on a global basis. Many of the Funds’
investments are liquid, but liquidity can vary considerably from investment to investment.