Overview
A. Once Capital, a Delaware limited liability company, is an investment adviser located in New York, NY. Once
Capital was formed on November 4, 2016. Once Capital’s principal owner is Tommaso Iaquinta; minority owners
include Luca Maria Bellati, Stefano Di Salvo and Emanuele U.G. Perazzi (the “Partners”).
B. Once Capital serves as investment adviser to private investment funds (the “Fund” or “Funds”), and the GP as
general partner to the Funds (“GP” or “Related Person”)1, providing to the Funds investment advisory services
on a discretionary basis. Once Capital also provides “Advisory Only Services”2 to a company (the “Advisory
Account”, collectively with the Funds, the “Clients”). Once Capital may decide in the future to sponsor, manage
additional private investment funds.
C. The Funds are exempt from registration under the Investment Company Act of 1940, as amended (the
“Investment Company Act”), pursuant to Section 3(c)(7) and/or 3(c)(1) of the Investment Company Act, among
other things because of the investors’ numbers/qualifications (the “Investors” or “Limited Partners”). Once
Capital will manage the assets of the Funds in accordance with the Limited Partnership Agreement, Private
Placement Memorandum and other related agreements (herein, the “Offering Documents”).
The Firm’s investment objective is to achieve capital
appreciation through fundamental analysis of equity
securities, based on proprietary multifactor scoring models. The Firm also intends to consider strategies including,
but not limited to, fundamental long/short. Information about Once Capital’s advisory services is included in
this Brochure and is qualified in its entirety by information contained in the Offering Documents.
D. Once Capital may tailor its advisory services to the individual or particular needs of the Investors. The Firm adheres
to the investment strategy set forth in the Offering Documents and each Investor will accept the terms of such
advisory services as set forth in the Offering Documents. In any case, the Firm always keeps broad investment
authority with respect to the Funds and, as such, Investors should consider whether the investment objectives of
the Funds will be in line with their respective individual objectives and risk tolerance prior to investment.
E. Once Capital does not participate in wrap fee programs.
F. Once Capital manages the assets of the Funds and has the following assets under management:
Discretionary Amounts: Non-Discretionary Amounts: Date Calculated:
$163,324,402 $0 12/31/2023
1 Same meaning in Form ADV part 1-A.
2 Meaning advisory services rendered to clients whose assets are not Regulatory Assets under Management (as per ADV Part 1-A, item
5).