Firm Background
Chicago Atlantic Advisers, LLC (the “Adviser” or “Chicago Atlantic”) is a Delaware limited liability
company that was formed in July 2019 for the purpose of providing discretionary portfolio management
and investment advisory services to pooled investment vehicles. Chicago Atlantic, its affiliated entities and
advisory clients are headquartered in Chicago, Illinois. Chicago Atlantic has additional offices located in
Miami, Florida and Dallas, Texas. Chicago Atlantic is majority owned and controlled by its managing
member, Chicago Atlantic Group, LP, a Delaware limited partnership (“CAG”), which is managed and
equally owned by its founding partners, Andreas Bodmeier, John Mazarakis, and Anthony Cappell
(collectively, the “Founding Partners”).
Chicago Atlantic REIT Manager, LLC (the “REIT Manager”) serves as the manager to Chicago Atlantic
Real Estate Finance, Inc. (NASDAQ: REFI) (the “REIT”), a public commercial real estate finance
company. The REIT Manager is under common control with Chicago Atlantic.
With respect to certain affiliated pooled investment vehicles which are advisory clients, Chicago Atlantic
provides discretionary portfolio management and investment advisory services through its relying adviser,
Chicago Atlantic Equity Advisers, LLC (the “Relying Adviser”). The Relying Adviser is registered with
the SEC as an investment adviser relying on Chicago Atlantic’s investment adviser registration with the
SEC pursuant to Rule 203A-2(b) of the Advisers Act and the SEC’s Division of Investment Management
staff guidance issued in a no-action letter, dated January 18, 2012, in response to the American Bar
Association’s request for interpretive guidance (the “ABA No-Action Letter”). Unless otherwise stated,
any reference made to Chicago Atlantic includes the Relying Adviser hereinafter.
Chicago Atlantic does not act as a general partner to any of its affiliated pooled investment vehicles. Instead,
certain of Chicago Atlantic’s affiliates, including Chicago Atlantic Manager, LLC, Chicago Atlantic Equity
Manager, LLC and Chicago Atlantic Offshore GP, LLC serve as general partners to one or more of the
pooled investment vehicles and have delegated exclusive investment advisory and other authority with
respect to such pooled investment vehicles to Chicago Atlantic. See Item 10 – Other Financial Industry
Activities and Affiliations within this brochure for more information regarding Chicago Atlantic’s affiliated
entities. The Adviser, together (where the context permits) with its Relying Adviser, affiliated general
partners of the Funds (as defined below) and other affiliates that provide advisory services to and/or receive
advisory fees in respect of the Funds are collectively referred to as the “Firm”, “Chicago Atlantic”, “we”,
“us” or “our”.
Advisory Services
Chicago Atlantic is an investment platform that serves as an investment adviser to pooled investment funds
(each a “Fund”, and collectively, the “Funds”), whose investors include, among others, high net worth
individuals, family offices, pension and profit-sharing plans (other than plan participants), charitable
organizations, and institutional investors. Chicago Atlantic and its affiliated advisors provide discretionary
advisory services to their clients, which currently consist of the Funds, although Chicago Atlantic may
decide in the future to sponsor or manage additional private investment funds or provide services to
additional types of clients (collectively with the Funds, the “Clients”). In its capacity as an investment
adviser, Chicago Atlantic is responsible for the day-to-day management of the Funds’ investment strategies
and investment
decisions.
Chicago Atlantic’s investments include loans to companies located primarily in North America. We
primarily pursue transactions in such companies by investing in senior and junior secured loans, unitranche
loans, mezzanine loans, structured debt and equity, and other secured debt. Our investment philosophy
seeks to capitalize on opportunities that are time-sensitive, complex, or in dislocated markets, where risk is
fundamentally mispriced.
Pursuant to an investment management agreement or other similar agreement (the “Management
Agreement”), each Fund’s respective general partner or director (the “General Partner”), has engaged
Chicago Atlantic to provide origination, acquisition, portfolio management, and other administrative
services to each respective Fund in accordance with each Fund’s respective private placement memorandum
(each, a “Memorandum”), limited liability company agreement, and/or other similar governing documents
of the Funds (together with the Memorandum, collectively, the “Governing Documents”). Our advisory
services are tailored to achieve each Fund’s respective investment objectives and are not tailored to meet
the individualized investment needs of any particular investor or subscriber. Generally, Chicago Atlantic
has the authority to select which and how many securities and other instruments to buy or sell without
consultation with the Funds. Chicago Atlantic’s investment advisory services typically consist of, but are
not limited to, originating, negotiating, and structuring investment opportunities, managing and monitoring
the performance of such investments, and executing transactions on behalf of each Fund in accordance with
the investment objectives, policies, and guidelines set forth in each Fund’s respective Governing
Documents. An investment in a Fund by an investor does not, in and of itself, create an advisory relationship
between the investor and Chicago Atlantic. We generally do not permit investors in a Fund to impose
limitations on the investment activities described in a Fund’s respective Governing Documents; however,
the General Partner of a Fund reserves the right to enter into side letter agreements or arrangements with
one or more investors in a Fund that alter, modify or change the terms of the interests held by such investors.
Any prospective client and/or prospective client investor must consider whether Chicago Atlantic’s
advisory services are appropriate for their own circumstances based on all relevant factors, including, but
not limited to, such prospective client’s and/or prospective client investor’s own investment objectives,
liquidity requirements, tax situation and risk tolerance. Prior to making an investment decision or
committing to a service provided by Chicago Atlantic, prospective clients and prospective client investors
are strongly encouraged to undertake appropriate due diligence, including, but not limited to, reviewing
applicable governing documents relating to any proposed investment and investigating additional details
about Chicago Atlantic’s investment strategies, methods of analysis and related risks. See Item 8 – Methods
of Analysis, Investment Strategies and Risk of Loss of this brochure for a more detailed discussion on our
investment strategies and the risks associated with such strategies.
Wrap Fee Disclosure
Chicago Atlantic does not participate in or sponsor any wrap fee programs.
Regulatory Assets Under Management
As of December 31, 2022, Chicago Atlantic managed approximately $482,989,081 of advisory assets, all
of which were managed on a discretionary basis. The Firm does not manage assets on a non-discretionary
basis.