Colchis is a Delaware limited partnership that has been in business since March 2012. It serves
as the investment adviser to several investment funds (each referred to herein as a “fund” and
collectively as the “funds”) and to a separately managed account (the “SMA” together with the
funds, the “Clients”).
Colchis’s controlling owners are Robert J. Conrads and Edward M. Conrads. As of December
31, 2022, Colchis had total discretionary net assets under management of approximately
$775,932,830 (calculated by summing the net assets held by Colchis RBLF L.P., Colchis RBLF
Ltd. (but only with respect to assets not invested through Colchis RBLF L.P.), Colchis Income
Fund, L.P., Colchis Income Fund, Ltd., Colchis/Marlette Income Fund, L.P., Colchis/Marlette
Income Fund, Ltd., Colchis Opportunities Fund, L.P., Colchis Opportunities Offshore Fund, L.P.,
Colchis Real Properties Income Fund, L.P., Colchis Real Properties Income Fund II, L.P.,
Colchis Real Properties Income Fund III, L.P. (and including uncalled capital commitments),
two real properties funds (the “RP LLC Funds”) and the asset of the SMA). Colchis only
manages assets on a discretionary basis.
RBLF Funds
Colchis manages Colchis RBLF L.P., a Delaware limited partnership and its feeder fund, Colchis
RBLF Ltd., a Cayman Islands exempted company (“RBLF Ltd.”, and together with Colchis
RBLF L.P., the “RBLF Funds”). The RBLF Funds invest, directly or indirectly, through
various special purpose vehicles (“SPVs”) in (a) real estate loans collateralized by single-family
homes in the U.S. (b) credit facilities and structured credit in connection with residential real
estate, and (c) other securities and instruments that Colchis determines are appropriate related to
residential real estate, including but not limited to debt or equity tranches of collateralized debt
obligations (“Collateralized Obligations”) of securitization vehicles (which may be structured
as U.S. or non-U.S. trusts, partnerships, limited liability companies or other pools of U.S. or non-
U.S. denominated assets) that hold similar fixed-income securities to those described above
(“Securitization Vehicles”).
SMA
Colchis manages the SMA for a large institutional Client using the RBLF Funds’ investment
strategy selected by that Client. Colchis does not expect to manage accounts for other Clients at
this time and does not generally allow Clients to restrict its investment strategies or the types of
instruments that it may purchase.
Real Properties Funds
Colchis manages Colchis Real Properties Income Fund, L.P., a Delaware limited partnership
(“RP Fund I”), Colchis Real Properties Income Fund II, L.P., a Delaware
limited partnership
(“RP Fund II”), Colchis Real Properties Income Fund III, L.P., a Delaware limited partnership
(“RP Fund III”) and the RP LLC Funds (together with RP Fund I, RP Fund II and RP Fund III
collectively, the “Real Properties Funds”). Colchis invests substantially all of the Real
Properties Funds’ assets in residential rental properties (“Properties”), targeting Properties for
purchase based on Colchis’s projected cash flow expectations and potential for appreciation of
the Properties. The Real Properties Funds have engaged Colchis’s affiliate, Imagine Homes
Management, LLC (“Imagine Homes”), to act as the Real Properties Funds’ agent and property
manager. Colchis controls and has significant equity interests in Imagine Homes. As a result,
Colchis has an incentive to cause the Real Properties Funds to engage Imagine Homes.
Income Funds
Colchis Income Fund, L.P., a Delaware limited partnership, Colchis Income Fund, Ltd., a
Cayman Islands company, and Colchis Income Offshore Master Fund, L.P., a Cayman Islands
limited partnership (“Income Master,” and together with Colchis Income Fund, L.P. and
Colchis Income Fund, Ltd. the “Income Funds”) are closed to new investors and Colchis is
winding down their portfolios and distributing available cash to their investors.
Marlette Funds
Colchis/Marlette Income Fund, L.P., a Delaware limited partnership and Colchis/Marlette
Income Fund, Ltd., a Cayman Islands exempted company (together, the “Marlette Funds”) are
closed to new investors and Colchis is winding down their portfolios and distributing available
cash to their investors.
Opportunities Funds
Colchis manages Colchis Opportunities Fund, L.P., a Delaware limited partnership, and Colchis
Opportunities Offshore Fund, L.P., a Cayman Islands limited partnership, each of which invests
substantially all of its assets in Colchis Opportunities Master Fund, L.P., a Cayman Islands
limited partnership (“Opportunities Master,” and collectively with the other Opportunities
funds, the “Opportunities Funds”). The Opportunities Funds are closed to new investors and
have ceased making new investments.
General Matters
The investors in the funds that Colchis manages have no opportunity to select or evaluate any
fund investments or strategies. Colchis selects all fund investments and strategies subject to each
fund’s offering documents and overall investment strategy. Colchis may maintain idle cash or
other short-term investments and is authorized to enter into any type of investment transaction
that it deems appropriate under the terms of the funds’ governing documents.
Colchis does not participate in wrap fee programs.