FIRM DESCRIPTION
Avidity Partners Management LP (“Avidity” or “Adviser” or “We”), a Delaware limited partnership and private
investment advisory firm, was formed in April 2019 and commenced operations as an investment adviser in October
2019. Avidity’s principal place of business is Dallas, TX. Avidity currently provides investment management and
other services solely with respect to affiliated private pooled investment vehicles, Avidity Master Fund LP, a Cayman
Islands exempted limited partnership (the “Master Fund”), Avidity Capital Fund LP, a Delaware limited partnership
(the “Onshore Fund”), Avidity Capital Offshore Fund Ltd., a Cayman Islands exempted company (the “Offshore
Fund”)(collectively the “Avidity Master Fund”); Avidity Capital Fund II LP, a Delaware limited partnership (“Fund
II”), Avidity Master Fund III LP, a Cayman Islands exempted limited partnership (“Master Fund III”), Avidity Capital
Fund III LP, a Delaware limited partnership (“Onshore Fund III”), Avidity Capital Offshore Fund III LP, a Cayman
Islands exempted limited partnership (“Offshore Fund III”)(collectively “Fund III”); Avidity Private Master Fund I
LP, a Cayman Islands exempted limited partnership (“Private Master Fund”), Avidity Private Fund I LP, a Delaware
limited partnership (“Private Onshore Fund”), and Avidity Private Offshore Fund I LP, a Cayman Islands exempted
limited partnership (“Private Offshore Fund”)(collectively the “Private Fund”). Together, the Master Fund, Onshore
Fund, Offshore Fund, Fund II, Master Fund III, Onshore Fund III, Offshore Fund III, Private Master Fund, Private
Onshore Fund and Private Offshore Fund are known as the “Funds”. Interests in the Onshore Fund, Offshore Fund,
Private Onshore Fund and Private Offshore Fund are offered to eligible investors on a private placement basis. Fund
II and Fund III are fund of one structures and not offered to third-party investors. We have full discretionary authority
with respect to the investment decisions of the Funds. Our investment advisory services are provided in accordance
with the investment objectives and guidelines set forth in the Funds’ offering and governing documents. The
information set forth in this brochure is qualified in its entirety by the Funds’ offering and governing documents.
Avidity Capital Partners Fund (GP) LP, a Delaware limited partnership (the “General Partner”) is the general partner
of the Master Fund, Onshore Fund, Fund II, Master Fund III, Onshore Fund III, Offshore Fund III, Private Master
Fund, Private Onshore Fund and Private Offshore Fund. Funds II and III in the process of winding down.
PRINCIPAL OWNERS
Avidity Partners Management (GP) LLC is the general partner of Avidity. Avidity and Avidity Partners Management
(GP) LLC are ultimately owned and controlled by David R. Witzke and Michael D. Gregory (together, the
“Principals”).
TYPES OF ADVISORY SERVICES
Avidity is investment manager
to the Funds, and the Funds are currently its only advisory clients. Avidity is
responsible for investing and re-investing the capital of the Funds in securities, financial instruments and/or other
assets in accordance with the investment objectives, policies and guidelines set forth in the respective Funds’ offering
and governing documents. See “Item 8: Methods of Analysis, Investment Strategies and Risk of Loss.”
INVESTMENT RESTRICTIONS
We generally provide investment advice to the Funds in accordance with the investment objectives, policies and
guidelines set forth in the respective Funds’ offering and governing documents, and not in accordance with the
individual needs or objectives of any particular investor in the Funds. Investors generally are not permitted to impose
restrictions on investments in certain securities or types of securities or limitations on the management of the Funds.
The Funds have and may enter into side letters or similar arrangements (collectively, "Side Letters"), with certain
prospective or existing investors whereby such investors may be subject to terms and conditions that are more
advantageous than those in the Funds’ offering and governing documents. For example, such terms and conditions do
and may provide for special rights to make future investments in the Funds, other investment vehicles or managed
accounts; special withdrawal rights, relating to frequency or notice; a reduction or rebate in management fees or
performance-based compensation to be paid by the investor; special rights relating to participation in “Special
Investments” (described below); rights to receive reports from the Funds on a more frequent basis or that include
information not provided to other investors (including, without limitation, more detailed information regarding
portfolio positions) and such other rights or terms as may be negotiated by the Funds and such investors. The
modifications are solely at the discretion of the Funds and are, among other things, based on the size of the investor's
investment in the Funds or affiliated investment entity, an agreement by an investor to maintain such investment in
the Funds for a significant period of time or other similar commitment by an investor to the Funds, and have been
granted to founding or strategic investors.
Interests in the Funds are privately offered only to eligible investors pursuant to exemptions under the Securities Act
of 1933, as amended (the “Securities Act”), and the regulations promulgated thereunder. The Funds are not registered
with the SEC as investment companies based on specific exclusions from the definition of investment company under
the Investment Company Act of 1940, as amended (the “Company Act”).
ASSETS UNDER MANAGEMENT
As of December 31, 2023, Avidity had approximately $5,269 million in regulatory assets under management and all
were managed on a discretionary basis.