A. General Description of Advisory Firm
Chiron was initially formed in July 2015 as a boutique investment management firm focused on
managing multi-asset class investment strategies with a Quantamental approach: quantitative base with a
fundamental active management overlay. Chiron was originally founded by Enrico Gaglioti, Ryan
Caldwell, Marc Spilker and Scott Prince. In February 2020, Franklin Square Holdings, L.P. (FSH)
completed an acquisition of 100% of Chiron’s issued and outstanding equity interests. Chiron now
operates as a wholly owned subsidiary of FSH. Chiron maintains offices in New York, New York and
Overland Park, Kansas. Chiron’s first mutual fund launched on November 30, 2015, The Advisors’ Inner
Circle Fund III – FS Chiron Capital Allocation Fund, an open-end 1940-Act Mutual Fund, followed by
the launch of FS Funds ICAV-FS Chiron Global Opportunities Fund (an Ireland domiciled UCITS Fund)
on March 27, 2017 (closed and shareholder accounts redeemed as of June 30, 2023) the launch of another
open end 1940-Act Mutual Fund, The Advisors’ Inner Circle Fund III – FS Chiron SMid Opportunities
Fund, on October 2, 2017 (closed and liquidated as of July 31, 2023), and on September 1, 2021, Chiron
was added as a co-investment adviser to the FS Chiron Real Development Fund; FS Fund Advisor, LLC,
an affiliate of Chiron, is also a co-investment adviser.
Chiron is organized as a Delaware limited liability company and registered in August of 2015 with the
SEC, as an investment adviser. Chiron is a wholly owned, direct subsidiary of FSH.
B. Description of Advisory Services
Chiron’s proprietary combination of quantitative and fundamental processes, Quantamental, enables it to
add value by identifying correct investment styles and the corresponding factors that drive those styles.
Chiron’s selection process is agnostic to growth or value; however, it focuses on emphasizing the correct
attribute when the market is willing to reward it.
Chiron provides primarily discretionary investment advisory and management services to:
• U.S. open-end registered investment companies (U.S. Mutual Funds), which are registered with
the SEC pursuant
to the Investment 1940 Act of 1940, as amended (1940 Act); and
Investors in the U.S. Mutual Funds are not considered Chiron's advisory clients and do not enter into
investment management agreements with Chiron. With respect to any Fund, this Brochure is qualified in
its entirety by the Fund’s offering memorandum, prospectus, statement of additional information and/or
similar disclosure and governing documents (collectively, the offering documents).
Services for Pooled Accounts
Subject to the supervision of each Fund’s board of directors or trustees, Chiron provides investment
management and certain related administrative services necessary for the operation of each Fund.
Chiron’s responsibilities include, without limitation, investment advisory services, research services,
recommending and placing of orders for the purchase and sale of securities for the Funds’ portfolios
(based on investment objectives and guidelines of each Fund), working with custodians, transfer agents,
pricing agents, accountants, auditors, distributors, and furnishing reports, evaluations and analysis on a
variety of subjects.
C. Availability of Customized Services for Clients
If Chiron accepts a separately managed account, Chiron may, upon written agreement, tailor its
investment advisory services to the specific needs of a client. A client may select an investment strategy
with existing, standard investment guidelines or a client may request reasonable restrictions on the
management of its account. If Chiron agrees to those restrictions, it will manage the account in
accordance with the revised investment guidelines. Chiron may not be able to accommodate proposed
investment restrictions that are onerous or incompatible with Chiron’s standard investment strategies and
investment philosophy, and Chiron may decline to accept or terminate accounts with such restrictions.
D. Wrap Fee Programs
Chiron does not provide portfolio management services for wrap fee programs.
E. Assets Under Management
As of December 31, 2023, Chiron managed, on a discretionary basis, $612M. To date, Chiron does not
manage any assets on a non-discretionary basis.