This Brochure relates to the investment advisory services offered by Candide Group LLC ("Candide"). Candide, a limited-liability company formed under the laws of the State of California, is a registered investment adviser with the United States Securities and Exchange Commission ("SEC") pursuant to the Investment Advisors Act of 1940, as amended. Morgan Simon and Aner Ben-Ami serve as the Firm's managing members.
Candide is headquartered in Oakland, California, however, the majority of our employees operate remotely throughout the country. Candide supports families, foundations, and other investors who want to flow their money to social justice-focused companies, funds, and vital organizations building a new economy. We focus on private assets where there are capital needs and opportunities for mission-aligned investors to build impactful portfolios. As part of this work, we have been subject to litigation, specifically, on April 8, 2020, CoreCivic, a private prison company, served Candide with a lawsuit, alleging that certain statements of ours regarding their involvement in family detention and lobbying activities were defamatory. On November 19, 2020, the U.S. Northern District Court Judge ruled in favor of Candide and entered an order granting the case for dismissal. On November 20, 2020, CoreCivic appealed this final judgment to the U.S. Court of Appeals for the Ninth Circuit. On November 11, 2022, Federal Judge Wiliam Alsup dismissed various defamation claims filed by private prison company CoreCivic against impact investor Morgan Simon and Candide. Nevertheless, we continue to focus on private assets — debt, private equity, real assets, and innovative new structures — where there are both real capital needs and opportunities for mission-aligned investors to build impactful portfolios.
Limited Advice to Certain Types of Investments Candide is limited to the services and investment advisory fees set forth in this brochure. You are under no obligation to act on our recommendations. We provide investment advice and management to families, foundations, private debt facilities and other investment advisers and asset owners, collectively our "Clients." As of the date of this brochure, we serve as investment advisers to Olamina and the Afterglow Climate Justice Fund.
Candide provides advice on impact private investments and specializes in providing strategy construction on socially aligned portfolios, including impact investment research, recommendations, and management services. "Impact Investments" are securities that generate social and environmental impact along with financial return. This social and/or environmental impact differs depending on the security involved, industry, and specific company within that industry, but some common examples of "impact" securities include but are not limited to, investing in companies that provide quality jobs to low-income people, investing in sustainable energy practices, supporting diverse leadership and equity and inclusion practices, and supporting climate justice.
Description of Advisory Services The following are descriptions of the primary advisory services of Candide. Please understand that a written agreement, which details the exact terms of the service, must be signed by you and Candide before we can provide any of the services described below.
1. Research Services Candide specializes in providing impact investment Research Services to assist clients in assessing transformative impact investment opportunities, which fit their investment objectives. While such research can or will include analysis of equities, fixed-income products, private placements or other security types, the underlying objective when evaluating such securities is to equally evaluate and understand the security's ability to achieve a positive societal impact in addition to generating the desired returns.
Candide conducts intensive and in-depth research into impact investment opportunities beyond what is typically provided by other investment managers as part of their investment advisory services. Such research generally results in the creation of a due diligence memorandum, which typically includes, amongst other things, the type of security, performance history, risk assessment, social impact analysis, and other information relevant to the investment opportunity. Research services can include the creation of impact investment tools or frameworks, overviews of impact investment opportunities in a particular sector or industry, initial portfolio construction and strategy development, or other services as specified in your written agreement with Candide.
Our Research Services can be provided as a standalone offering or in conjunction with Investment Management Services, as described below. When provided as a standalone offering, Candide's Research Services are generally structured as a limited-scope engagement with a defined set of deliverables provided within a specific time frame. The specific terms and scope of services can or will vary and will be detailed in your written agreement with Candide.
Investment recommendations provided under the standalone Research Services program will fit within the scope of your investment objectives, as specified in the contractual agreement between you and Candide. However, under this program, investment recommendations typically do not include a specific recommended commitment amount based on your individual portfolio. This is referred to as non- individualized investment advisory services. When non-individualized services are offered, the limitations of service will be specified in your contract.
Our Research Services do not involve implementing transactions on your behalf or having custody or discretionary authority over client funds and securities. You have the sole responsibility for determining whether to implement our recommendations. Should you decide to follow such recommendations, these investment services can be offered through Candide pursuant to a separate written agreement, or you can select any advisory firm, brokerage firm, or similar sales agency or representative to implement the advice and recommendations provided by Candide.
2. Research and Investment Management Services Candide's combined research and Investment Management Services involve providing ongoing Research Services, as described above, along with ongoing monitoring, management, and reporting on securities held in your portfolio. Under this program, the role of your investment adviser representative (the "Representative") is to (i) work with you on an ongoing basis to help you understand your overall financial and impact situation, (ii) help you set and achieve investment objectives using Impact Investments, and (iii) help you improve your social and financial goals.
Services provided under this program include ongoing strategy development and progress tracking towards portfolio objectives, ongoing recommendations of asset opportunities that fit within your investment objectives, negotiations of investment terms on your behalf and facilitation of transactions when necessary, continuing monitoring of investments in your account, regular and ongoing reporting, and calls/meetings with the client to discuss new investment opportunities, financial, and impact updates on the securities in your account, or other services as specified in your written agreement with Candide.
The breadth and depth of services offered under this program vary greatly, and the specific scope of your engagement will be detailed in your agreement with Candide. Variations in the scope of services received under this program can or will

include:
•Number and/or frequency of client meetings and investment consultations provided
•Frequency of formal and scheduled reporting on securities in your account
•Ability to request information on specific new investment opportunities identified by you versus receiving information on those investment opportunities being reviewed by Candide as part of its ongoing and ordinary research
•Ability to negotiate specific terms on your behalf vs. receiving the same terms as other investors Investment recommendations provided under the research and investment management program generally include specific commitment amounts based on your asset allocation and portfolio construction. This is known as individualized investment advisory services.
Our research and Investment Management Services do not involve implementing transactions on your behalf or having custody or discretionary authority over client funds and securities. You have the sole responsibility for determining whether to implement our recommendations. If you decide to implement our recommendations, with your concurrence, our research and Investment Management Services involve facilitating transactions on your behalf whenever possible. This typically includes delivering execution- ready investment documents.
Typically, Investment Management Services are not provided as a standalone offering, however legacy clients exist who receive Investment Management Services alone, as part of a prior services offering and fee schedule.
Importantly, due to the limited nature of our investment advisory services, our advice is limited to impact private investments. In the circumstance where a particular investment is realized through an initial public offering or other realization that falls outside the scope of our services, we may no longer be able to provide oversight and manage that particular asset.
3. Management of Private Debt Facilities Candide serves as the adviser to the following affiliated private debt facilities: Olamina, LLC ("Olamina"), a Delaware limited liability company, and Climate Justice Fund, LLC, a Delaware limited liability company d/b/a Afterglow Climate Justice Fund.
Olamina Olamina is a debt facility with the purpose of addressing the historic lack of access to capital in American communities that have faced decades of divestment and extraction, primarily the Deep South, Rural America, and Indian Country. The core impact thesis is built around the principles of representation, community-centered products and services, access to capital, and community wealth-building. Olamina issues promissory notes in which noteholders receive interest on their promissory notes but do not pay a management fee.
Olamina utilizes the services of a qualified custodian, and a third-party administrator to provide accounting controls. Olamina is audited annually by Withum Smith+Brown, PC, an independent certified public accounting firm. Olamina has engaged Broadstreet Impact Services as the fund administrator, and Amalgamated Bank serves as custodians.
Afterglow Afterglow Climate Justice Fund ("Afterglow") focuses on the root causes of the climate crisis through an intersectional lens of racism, classism, capitalism, economic injustice, and environmental harm. Afterglow provides debt capital to support climate solutions that create access and benefit for historically marginalized communities. Afterglow lends to organizations serving communities living in persistent poverty, facing high energy costs, lacking access to clean transportation, and/or disproportionately suffering from the effects of extreme weather. In addition to providing capital aligned with the needs of the organizations funded, Afterglow offers non-financial assistance, such as access to networks of funders and mission-aligned organizations.
Afterglow utilizes the services of a third-party administrator to provide accounting controls. Afterglow will be audited annually by an independent certified public accounting firm. Afterglow has engaged Broadstreet Impact Services as the fund administrator.
Olamina and Afterglow have an agreement with Candide to manage the assets of the private debt facility. This agreement cannot be assigned without the consent of the parties and can be terminated by either party in accordance with the requirements outlined in the agreement. Any client of Candide can invest in Olamina and Afterglow. This creates a conflict of interest, as Candide is incentivized to recommend an investment in Olamina and/or Afterglow to its other clients. Serving as an adviser to an affiliated private debt facility may create conflicts of interest around trading and valuation of securities, account fees, and placement. Please refer to Item 8 for additional information on the investment strategies Candide pursued and their associated risks.
Description of Non-Advisory Services Candide can and will, at times, provide non-investment advisory services to clients, as described below. Such services are distinct from our Research Services, Investment Management Services, and the Management of a Private Debt Facility in that they do not involve providing investment advice to the client. Non-investment advisory clients may become advisory clients of Candide, subject to a separate written agreement, and advisory clients can also contract with Candide to provide non-advisory services. The scope and limitations of services to be provided will be described in your written agreement with Candide.
1. Impact Consulting Impact Consulting Services may include but are not limited to, conducting site visits, as needed, helping clients develop impact investing frameworks, guidelines, or approaches, evaluating the social and/or environmental impact of potential investment opportunities, and assisting with the strategy and/or execution of social impact campaigns. Candide's Impact Consulting Services are subject to the terms of the specific agreement with the client.
2. Impact Education Services Candide can and will provide Impact Education Services to clients for a fee. Such services may include but are not limited to, the creation of or participation in seminars, workshops, classes, presentations, and videos. These educational materials cover topics regarding the basics of impact investing, including types of investments, factors to consider, sources of information, and additional considerations. Candide can or will charge a fee for these educational materials and/or contract with individuals or organizations for the production of or participation in such materials and events. At times, attendees or recipients of education materials have become clients of Candide and can do so in the future subject to the terms and fees agreed upon in the client's agreement with Candide. Please see Item 5 below for a description of the fees associated with Impact Education Services.
Participation in Wrap Fee Programs A Wrap Fee Program is defined as any advisory program under which a specified fee or fees not based directly upon transactions in a client's account is charged for investment advisory services (which can include portfolio management or advice concerning the selection of other investment advisers) and the execution of client transactions. Candide does not offer Wrap Fee Programs.
Client Assets Managed by Candide As of December 31, 2023, the following represents the amount of client Assets Under Management ("AUM") by Candide on a discretionary and non-discretionary basis: Type of AccountAssets Under Management Discretionary$ 36,000,000 Non-Discretionary $176,438072 Total:$ 212,438,072