Long Path’s Business
A. Long Path and its Principal Owners
Long Path Partners, LP (“Long Path” or the “Adviser”), a Delaware limited partnership, was
formed in April 2018, began advising its first Client on August 1, 2018 and has been registered
with the SEC since December 2, 2019. Long Path’s principal place of business is Stamford, CT,
with an additional office in Boston, MA. Long Path is ultimately controlled by William T.
Brennan. Entities controlled by Mr. Brennan are the principal owners of Long Path and its
affiliates and accordingly Mr. Brennan has ultimate decision-making authority with respect to
Long Path.
Long Path provides discretionary advisory services to private investment funds, including co-
investment funds (each, a “Fund” or collectively, the “Funds” or “private funds”) consistent
with each private fund’s organizational documents and offering memoranda, as applicable.
Additionally, Long Path serves as the investment adviser to separately managed accounts
(“Managed Accounts”). The advice Long Path provides to its Clients is tailored according to
the investment objectives, guidelines and requirements set forth (i) with respect to each Fund,
in its respective organizational documents and offering documents, as applicable (the “Offering
Documents”); and (ii) with respect to each Managed Account, in the investment management
agreement or other governing document between Long Path and the account holder. The
Adviser does not tailor its advisory services to the individual needs of the Clients, however,
with respect to Clients other than
the Funds, a Client may enter into an investment management
agreement with the Adviser in which the Client imposes restrictions on investing in certain types
of securities and other financial instruments.
As used herein, the term “Client” generally refers to each Fund and each account holder of a
Managed Account, and any other clients managed by Long Path.
For a further description of Long Path’s investment objectives and strategies and associated risks,
please see Item 8, Method of Analysis, Investment Strategies and Risk of Loss. Also, all Fund
investors and qualified potential investors should refer to the Fund’s Offering Documents, as
applicable.
B. Wrap Fee Programs
Long Path does not participate in any wrap fee programs.
C. Assets Under Management
As of 12/31/2023, Long Path managed $1,024,797,348 in regulatory assets under management,
all of which were managed on a discretionary basis.
1
1 The valuation of all private assets held by one Client have not yet been finalized as of the date of this Brochure.
Therefore, Long Path’s regulatory assets under management calculation consists of valuations with respect to one
Client as of December 31, 2022. Calculations of regulatory assets under management with respect to all other Clients
are reported as of December 31, 2023. Long Path will review for materiality following the completion of the 2023
valuation of private assets held by this Client to assess whether an amendment to this filing is needed and will file
such amendment if deemed necessary.