Overview
The Adviser is a Delaware limited partnership that commenced business operations on June
10, 2022. The general partner of the Adviser is ISO-mts Capital GP LLC (“Adviser GP”). The
Adviser and the Adviser GP are principally owned by Justin D’Ercole and Paul Feidelson.
ISO-mts Capital Partners GP LLC (the “General Partner”) is the general partner of the Master
Fund and the Domestic Feeder Fund. Like the Adviser, the General Partner is principally
owned by Justin D’Ercole and Paul Feidelson. Unless and only to the extent that the context
otherwise requires, references to the Adviser, we or us herein are deemed to include
references to the General Partner as well.
The Adviser provides discretionary investment advice to pooled investment vehicles and
separately managed accounts as indicated on Part 1 of the Adviser’s Form ADV filing (the
“Funds” or “Clients”), intended for accredited, qualified investors.
The Adviser seeks to generate superior risk-adjusted returns by investing primarily in bank
credit- related instruments (i.e., the four levels of securities banks issue across a dynamic
capital stack), including senior bank securities,
covered bond securities, senior holding
company securities, tier two securities and preferred/additional tier 1 securities. Additionally,
we may invest in bank credit-related instruments rated below investment grade or those
deemed equivalent, commonly referred to as “junk bonds.” However, the Adviser retains
broad flexibility to invest on behalf of its Funds, as set forth in the respective Fund Documents
(as such term is defined below).
Each Fund is managed in accordance with its own investment and trading objectives, as
described in its offering and governing documents and agreements (collectively, “Fund
Documents”). We generally do not permit investors in the Funds that we manage to impose
limitations on the investment activities described in the Fund Documents.
Under certain circumstances, we may contract with a client to adhere to limited risk and/or
operating guidelines imposed by the client. We negotiate such arrangements on a case-by-
case basis. The Adviser does not participate in wrap fee programs.
As of December 31, 2023, we had $831,465,320 million regulatory assets under management
on a discretionary basis.