Overview
LFL Advisers, LLC (“LFL Advisers” or “the firm”) is a Delaware limited liability company that
was formed in 2005. Its principal place of business is Evanston, Illinois. It serves as the general
partner of LFL Partners, L.P., a U.S. investment limited partnership (“LFL Partners”, the
“investment fund”, or the “fund”). LFL Advisers also manages a separate account for a US-based
institutional investor.
Peter C. Lewis is the owner and manager of LFL Advisers and the portfolio manager. As of
December 31, 2023, LFL Advisers had total discretionary gross assets under management of
approximately $369,879,000. LFL Advisers only manages assets on a discretionary basis.
LFL Advisers invests on behalf of its clients primarily in long positions in publicly traded U.S.
and non-U.S. common stocks but is authorized to enter into any type of investment transaction
that it deems appropriate, provided that it is consistent with the terms of the client’s partnership
or separate account agreements. Accordingly, client accounts may also be invested in private
securities,
preferred stocks, warrants and rights, corporate debt, bonds, notes or other debentures,
convertible securities, “short” equity positions, options, futures, commodities, forward and other
derivative instruments, partnership interests and other securities or financial instruments
including mutual funds.
The investors in the fund and the separate accounts that LFL Advisers manages have no
opportunity to select or evaluate any fund investments or strategies. LFL Advisers selects all
investments. For any client or prospective client of LFL Advisers or any investor or prospective
investor in the fund, it is important that they closely review the applicable offering document or
investment management agreement with respect to, among other things, the terms, conditions
and risks of investing.
LFL Advisers typically does not tailor its services to the needs of any separate account but may
agree to comply with certain restrictions on investing as set forth by the account. LFL Advisers’
discretionary authority is limited, however, as described in Item 16.