Overview
North Reef is a Delaware limited liability company formed on August 28, 2020, and maintains its principal
place of business in Laguna Beach, California. North Reef provides investment advisory services on a
discretionary basis to a private investment fund organized as a mini-master feeder structure comprised
of affiliated pooled investment vehicles (collectively referred to as the “Fund”) and sub-advises managed
accounts of other investment managers (“Sub-Advised Accounts”), such Sub-Advised Accounts include an
open-end investment company registered under the Investment Company Act of 1940, (collectively the
“Clients”). An Affiliate of North Reef, North Reef Capital LLC, acts as the general partner of the Fund (the
“General Partner”). North Reef (the “Adviser” or the “Firm”) and the General Partner are principally
owned by James H. Hanna III. Any references to the “Firm”, “us,” “we,” and “our” in this Brochure refer
to North Reef. Any defined terms used in this Brochure not otherwise defined herein, have the definition
ascribed to them in the offering documents of the applicable Fund, as defined below.
North Reef generally has broad and flexible investment authority with respect to Clients and tailors its
advisory services to Client needs respective of the investment objectives set forth in the applicable
offering materials. The Fund’s objectives and strategies are set forth in the limited partnership
agreements (and any applicable supplements) provided to each investor in the Fund and the investment
management agreement for the Sub-Advised Accounts.
North Reef seeks to achieve superior long-term capital appreciation by generating low volatility, double
digit annual return, across all market environments through
the management of a hedged equity portfolio
primarily focused on the North American financial services sector. The Firm primarily buys and sells US
and Canadian publicly listed equity securities but also has the latitude to initiate derivatives transactions
such as options or futures and expects to employ margin borrowings. Additionally, the Firm may, in the
future, engage in trading in European securities as part of its investment universe.
North Reef does not tailor its advisory services to the individual needs of underlying investors in the Fund.
However, North Reef reserves the right to enter into side letters and other agreements and arrangements
with certain investors in the Fund that may be provided terms and conditions that are more advantageous
than those set forth in the respective Fund’s offering materials. Such terms and conditions may include
special rights to make future investments in the Fund or other investment vehicles or accounts managed
by North Reef, different transparency rights, reporting rights, different withdrawal/redemption rights,
different fee terms, and/or terms to accommodate an investor’s particular legal, tax or regulatory
requirements.
North Reef does not participate in any wrap fee programs.
As of December 31, 2023, North Reef had regulatory assets under management of $3,316,789,349.
All discussions of the Fund in this Brochure, including but not limited to their investments, the strategies
used in managing the Fund, the fees and other costs associated with an investment in the Fund, and
conflicts of interest faced by North Reef in connection with management of the Fund, are qualified in
their entirety by reference to the Fund’s offering materials and advisory agreements.
North Reef: Part 2A Page 5