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Adviser Profile

As of Date 03/29/2024
Adviser Type - Large advisory firm
Number of Employees
of those in investment advisory functions
Registration SEC, Approved, 4/10/2017
AUM* 2,925,601,000 -20.95%
of that, discretionary 2,925,601,000 -20.95%
Private Fund GAV* 2,925,551,191 -20.95%
Avg Account Size 365,700,125 -11.07%
SMA’s No
Private Funds 8 1
Contact Info 212 xxxxxxx

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Recent News

Reported AUM

Discretionary
Non-discretionary
4B 3B 3B 2B 2B 1B 577M
2017 2018 2019 2020 2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypeSecuritized Asset Fund Count8 GAV$2,925,551,191

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Brochure Summary

Overview

A. Describe your advisory firm, including how long you have been in business. Identify your principal owner(s). BlueMountain Fuji, a Delaware series limited liability company, is an investment adviser registered with the SEC. The firm has been in business since 2015, when it was founded to serve as the investment adviser and collateral manager to collateralized loan obligations (such obligations that are managed by BlueMountain Fuji, “CLOs”). BlueMountain Fuji has $2,925,601,0001 in regulatory assets under management.2 BlueMountain Fuji provides investment management, collateral administration and supervisory services to the CLOs on a discretionary basis. BlueMountain Fuji has engaged Sound Point Luna, LLC (f/k/a Assured Investment Management, LLC) (“SPL”) to provide non-discretionary investment advice with respect to the CLOs (each an “Advisory Client” and collectively the “Advisory Clients”), as well as certain operational, administrative and compliance related services and personnel to BlueMountain Fuji, including, without limitation, personnel that act as BlueMountain Fuji’s portfolio managers and Chief Compliance Officer. On May 20, 2021, certain funds affiliated with Blackstone Alternative Solutions L.L.C. (the “Blackstone Purchasers”) purchased 100% of the issued and outstanding limited liability company interests of BlueMountain Fuji (the “Fuji Acquisition”). Following the Fuji Acquisition, BlueMountain Fuji is 100% owned by the Blackstone Purchasers. Concurrently with its acquisition by the Blackstone Purchasers, BlueMountain Fuji entered into (a) a Sub-Advisory Agreement and (b) a Personnel and Services Agreement with SPL such that SPL provides non-discretionary investment advisory and administrative services to BlueMountain Fuji for a fee, similar to the arrangement BlueMountain Fuji had with SPL prior to such acquisition. The Blackstone Purchasers have the right to appoint two of the three members of BlueMountain Fuji’s Board of Managers (the “Board”) and pursuant to the Sub-Advisory Agreement by and between SPL and BlueMountain Fuji, SPL has the right to appoint the third member. This arrangement between BlueMountain Fuji and SPL can only be terminated in very limited circumstances, including for cause. The Blackstone Purchasers are not involved in the day-to-day management of BlueMountain Fuji’s CLO portfolio, and measures to address information flows and potential conflicts have been implemented as between the Blackstone Purchasers, on one side, and BlueMountain Fuji and SPL, on the other side. On July 1, 2023, Assured Guaranty Ltd. (“AGL”), the parent company and owner of 100% of the equity interests in SPL, contributed substantially all of its asset management business (other than Assured Healthcare Partners LLC) to Sound Point Capital Management, LP (“Sound Point”) in exchange for a thirty percent (30%) equity interest in Sound Point and its combined business (the “Transaction”). The Transaction resulted in a change in control of SPL and an assignment for purposes of the Sub-Advisory Agreement referenced above. In connection with the Transaction, certain portfolio managers and officers, including the Chief Compliance Officer of BlueMountain Fuji, also changed under the Personnel and Services Agreement, and SPL appointed a replacement member to the Board of Managers of BlueMountain Fuji. The assignment and personnel changes were approved by the Board on June 30, 2023. The Transaction did not alter BlueMountain Fuji’s continued operation on a standalone basis and SPL continues 1 Based on December 31, 2023 data. 2 Assets under management include, with respect to each CLO, the aggregate value of collateral held by the CLO as well as available cash. to provide the same sub-advisory services under the Sub-Advisory Agreement that it has provided historically to BlueMountain Fuji with respect to the management of BlueMountain Fuji’s CLO portfolio. B. Describe the types of advisory
services you offer. If you hold yourself out as specializing in a particular type of advisory service, such as financial planning, quantitative analysis, or market timing, explain the nature of that service in greater detail. If you provide investment advice only with respect to limited types of investments, explain the type of investment advice you offer, and disclose that your advice is limited to those types of investments. BlueMountain Fuji’s advisory business is focused on the management of CLOs, including the collateral obligations and related investments comprising such CLOs, which predominantly consist of below investment grade leveraged loans. BlueMountain Fuji provides investment advisory services to CLOs under the terms of an investment management agreement, collateral management agreement and/or an indenture. Each such agreement may impose significant limitations on the types of securities and other investments which may be acquired by the relevant CLO. The CLOs are neither registered under the Securities Act of 1933, as amended, nor registered under the Investment Company Act of 1940, as amended. Accordingly, interests in the CLOs are offered exclusively to investors satisfying the applicable eligibility and suitability requirements either in private placement transactions within the United States or in offshore transactions. No offer to sell interests in these CLOs is made by the descriptions in this Brochure. Please see Item 7 of this Brochure for more information with respect to BlueMountain Fuji’s clients. C. Explain whether (and, if so, how) you tailor your advisory services to the individual needs of clients. Explain whether clients may impose restrictions on investing in certain securities or types of securities. The advisory services provided by BlueMountain Fuji to its CLOs are tailored to the investment objectives, investment strategy and investment restrictions, if any, as set forth in the indentures or other governing documents of CLOs and/or the investment management agreement or collateral management agreement entered into by BlueMountain Fuji with such CLOs. Each CLO from time to time may enter into agreements (“Side Letters”) with one or more of its investors whereby in consideration for agreeing to invest certain amounts in a CLO and/or other consideration deemed sufficiently material, such investors may be granted favorable rights not afforded other investors in such CLO. Such rights may include one or more of the following: rights to receive additional representations and/or covenants by the CLO and/or BlueMountain Fuji; rights to receive certain information not typically provided to other investors that BlueMountain Fuji believes are not prejudicial to other investors; rights to receive reduced rates of fees earned by BlueMountain Fuji, directly or indirectly through a rebate or reimbursement arrangement; and such other rights as are negotiated between such CLO and BlueMountain Fuji without the consent of other investors in such CLO; additionally, such agreements usually need not be disclosed to other investors in such CLO. D. If you participate in wrap fee programs by providing portfolio management services, (1) describe the differences, if any, between how you manage wrap fee accounts and how you manage other accounts, and (2) explain that you receive a portion of the wrap fee for your services. BlueMountain Fuji does not participate in “wrap fee arrangements,” whereby clients select BlueMountain Fuji to manage funds through an investment program presented to the clients by a third-party program sponsor. E. If you manage client assets, disclose the amount of client assets you manage on a discretionary basis and the amount of client assets you manage on a non-discretionary basis. Disclose the date “as of” which you calculated the amounts. BlueMountain Fuji has $2,925,601,000 in regulatory assets under management (based on December 31, 2023 data). All assets under management are managed by BlueMountain Fuji on a discretionary basis.