Overview
Description of Advisory Firm
Western Standard, LLC (“Western Standard”) is a privately owned limited liability corporation
headquartered in Los Angeles, California. Western Standard is registered as an investment adviser with
the U.S. Securities and Exchange Commission (“SEC”).
Eric D. Andersen founded Western Standard in November 2008. Western Standard was initially exempt
from registration as an investment adviser, then was subject to filing as an exempt reporting adviser
with the SEC, and in 2016 first became subject to registration with the SEC. Mr. Andersen is the sole
owner of Western Standard.
Advisory Services Offered
Western Standard is the general partner of, and serves as the investment adviser to, two private
investment funds organized as Delaware limited partnerships: Western Standard Partners, L.P. and
Western Standard Partners QP, L.P. (collectively, the “Partnerships”). Investment in each of the
Partnerships is available only to "accredited investors," as the term is defined by Rule 501 of the
Securities Act of 1933, and only by an offering memorandum. Investors in the Partnerships (“Limited
Partners”) must also be “qualified clients,” who meet the financial requirements of SEC Regulation
275.205-3(b)
under the Investment Advisers Act of 1940, since each of the Partnerships has a
performance-based compensation structure. Investors in Western Standard Partners QP, L.P. must also
be “qualified purchasers,” as the term is defined by Section 2(a)(51) of the Investment Company Act of
1940. Additional information on these standards is provided in the offering memorandum and
subscription agreement for each of the Partnerships.
This Form ADV Part 2A Brochure is not an offer to sell, or a solicitation of an offer to purchase, interests
in the Partnerships. Such an offer can only occur when the prospective Limited Partner receives the
offering documents.
Tailored Services and Client Imposed Restrictions
Western Standard manages each Partnership according to the investment objectives outlined in the
Partnership’s offering memorandum. Since the Partnerships are pooled investment vehicles, Limited
Partners may not impose restrictions on the investments held in the Partnerships.
Assets Under Management
As of December 31, 2023, Western Standard’s discretionary assets under management were
$388,977,679. Western Standard has no non-discretionary assets under management.
Western Standard, LLC Brochure March 22, 2024 6