Overview
Ledger ILS Managers, LLC, a Delaware limited liability company (“ Ledger ” or the “ Adviser ”), formed on
July 9, 2021 acts as the investment Advisor to funds (the “ Funds ”) and separately managed accounts (“SMAs”)
which may invest in Funds (collectively “Clients”). Ledger is responsible for the investment and management
of Client assets, subject to the policies and supervision of the Funds’ Boards of Directors (the “ Board of
Directors ,” and each member thereof, a “ Director ”), as applicable. Ledger had $309.4 million in regulatory
assets under management as of December 31, 2023.
The Adviser is a wholly owned subsidiary of Ledger Investing, Inc. (“ Ledger Investing ”). Ledger Investing is
an insurtech company founded in 2016. Ledger Investing has led the expansion of the insurance-linked
securities (“ILS”) market to non-catastrophe insurance
risk by building a platform that offers risk transparency
and a standardized and efficient structure for connecting risk to capital. In addition to the Adviser, Ledger
Investing’s operating affiliates include: (1) Ledger Re SPC, a Cayman Islands exempted segregated portfolio
company formed in 2023 that holds a Class B(iii) insurer’s license under the Cayman Islands Insurance Act,
2010 (as amended); (2) Ledger Risk Markets, LLC, a Delaware limited liability company formed in 2023 that
holds a producer license to act as a reinsurance intermediary under Section 2106 of the Insurance Law (New
York); and (3) Ledger Capital Markets, LLC, a Delaware limited liability company formed in 2017 that is a
securities broker-dealer registered with the SEC and member of FINRA and SIPC.
Samir Shah is the Chief Executive Officer of Ledger Investing, Ledger Re SPC, and the Adviser.