Overview
Socorro Asset Management, LP (“Socorro” or the “Firm”), is a Texas limited partnership that was
formed in 2019, with its principal place of business in Dallas, Texas. Mark Freeman serves as
Socorro’s Chief Investment Officer (“CIO”) and Dawn Blankenship serves as the Firm’s Chief
Operating Officer (“COO”) and Chief Compliance Officer (“CCO”). The Firm is controlled by its
general partner, Socorro Asset GenPar, LLC, a Texas limited liability company, which is
controlled by Mark Freeman (the “Principal”).
The Firm provides investment advisory services to pooled investment vehicles that are exempt
from registration under the Investment Company Act of 1940 (“Company Act”), as amended, and
whose securities are not registered under the Securities Act of 1933 (“Securities Act”), as amended
(“private funds”). The Firm manages Socorro Dynamic Opportunity Fund LP (the “Fund”) and
certain separately managed accounts (“SMAs”). The Firm may in the future serve as investment
advisor for other private funds or SMAs, and each private fund and SMA, a “Client”). The Fund
is structured as a limited partnership. An affiliate of Socorro serves as the general partner of the
Fund (the “General Partner”).
As the investment adviser to the Fund and SMAs, the Firm’s services consist of identifying
opportunities and acquiring, managing, monitoring and disposing of investments of the Fund and
any Clients. The Firm invests in publicly-traded securities. SMA Clients following the Fund’s
strategy invest pari passu with the Fund, subject to the investment guidelines and limitations
set
forth in the investment management agreement between the Firm and SMA Client, with
differences based primarily on cashflows.
Investment advice is provided directly to the Fund pursuant to its organizational and offering
documents (“Fund Governing Documents”) and in accordance with investment management
agreements with the Fund as executed by the Fund’s General Partner. Investment guidelines and
restrictions for the Fund are set forth in the Fund Governing Documents. Advice is not provided
individually to the limited partners (or “investors”) in the Fund. Investment advice is provided to
SMAs pursuant to the terms, conditions, guidelines and limitations set forth in the investment
management agreement with the Client.
In addition, the Firm serves as sub-advisor for an unaffiliated third party (“Sub-Advisory Client”),
for whom it advises on model portfolios based on specific investment guidelines and limitations
agreed upon with the Sub-Advisory Client. The strategies of the model portfolios are similar to
that of the Firm’s other Clients, though holdings and position sizes do and will vary. The Firm
does not manage any assets or execute any trades on behalf of the Sub-Advisory Client.
As of December 31, 2023, the Firm had approximately $508 million in regulatory assets under
management (“RAUM”), all of which was managed on a discretionary basis. The Firm has a total
of approximately $1.3 billion in assets under advisement, which includes RAUM and
approximately $783 million in assets Socorro advises the Sub-Advisory Client on, which are not
included in the Firm’s RAUM.
Socorro Asset Management, LP 6