Darby International Capital LLC (“Darby” or the “Firm”), a Delaware limited liability company,
was organized in August 2020 and is headquartered in Washington, DC. Richard Frank, Jr. and
Ignacio Aicardi are the members and control persons of Darby.
Darby provides investment advisory services to pooled investment vehicles (each a “Fund, or
together, the “Funds”). Darby manages the Funds pursuant to investment guidelines set forth in
the relevant governing and offering documents of the Funds, including any limited partnership
agreement, investment management agreement, sub-advisory agreement, private placement
memorandum and/or subscription agreement (each an “Offering Document”, and collectively,
the “Offering Documents”). The Offering Documents contain more detailed information about
the Funds, including a description of the investment objective and strategy or strategies employed
by the Funds and related restrictions that serve as a limitation on Darby’s advice or management.
Each Investor is strongly encouraged to undertake appropriate due diligence, including but not
limited to a review of relevant Offering Documents and the additional details about Darby’s
investment strategies, methods of analysis and related risks in Item 8 of this Brochure in
considering whether Darby’s advisory services or an investment in a Fund are appropriate to its
own circumstances based on all relevant factors including, but not limited to, the individual
investor’s (each an “Investor”, and collectively, the “Investors”) own investment
objectives,
liquidity requirements, tax situation and risk tolerance before making an investment decision.
Darby will not tailor its advisory services to the Investors, or provide Investors with the right to
specify, or restrict the Funds’ investment objectives or any investment or trading decisions.
Accordingly, an investment in a Fund does not create a client-adviser relationship between such
Investors and Darby. Each of the Funds are expected to rely on the exception from the definition
of an “investment company” provided by Section 3(c) (7) of the U.S. Investment Company Act of
1940, as amended (the “1940 Act”).
Each of the Funds has a general partner or other governing entity (each, a “General Partner”).
Each General Partner has the ultimate responsibility for decisions relating to the management and
operations made on behalf of the relevant Funds and has the ultimate responsibility for the
investment decisions made on behalf of such Fund. Each General Partner has delegated investment
management and advisory responsibilities for the relevant Fund to Darby.
Additional detailed information about Darby is provided below, including information about
Darby’s advisory services, investment approach, personnel and affiliations.
Darby does not participate in wrap fee programs.
As of December 31, 2023, Darby managed $549,720,143 in regulatory assets under management
(“RAUM”). The Firm managed $549,718,001 of its assets under management on a discretionary
basis and $2,142 of its assets under management on a non-discretionary basis.