Overview
Recurring Capital Management Company, LLC (“Recurring Capital” or the “Firm”), a Delaware limited liability
company, is an investment management company located in Austin, Texas. Recurring Capital provides
investment advisory services to investment funds privately offered to qualified purchasers and accredited
investors. The Firm commenced operations in September 2016. Recurring Capital was founded and is owned
by Brian Henley.
Recurring Capital provides portfolio management and investment advisory services to private pooled
investment vehicles (“Funds” or “Clients”). Recurring Capital engages in advisory services with Funds that rely
on exemption from registration with the SEC under Section 3(c)1 and Section 3(c)7 of the Investment Company
Act of 1940, as amended (“Investment Company Act”). Funds relying on the Section 3(c)7 exemption are
offered exclusively to qualified purchasers that meet the investment criteria outlined in Section 3(c)7 of the
Investment Company Act. Funds relying on Section 3(c)1 exemption are offered to accredited investors under
the criteria defined in the Investment Company Act.
Recurring Capital’s investment advisory services include identifying and evaluating investment opportunities,
negotiating the terms of investments, managing and monitoring investments and selling portfolio investments.
The Firm specializes in debt financing for Software as a Service (“SaaS”) and other recurring revenue model
technology-driven
companies. Recurring Capital manages each of its Funds within the guidelines and
restrictions set forth, as applicable, in each Fund’s private placement memorandum, limited partnership
agreement (or limited liability company or other applicable governing agreement), subscription agreements,
management services and advisory agreements, side letter agreements and other governing documents of the
relevant Fund (collectively, as amended, “Governing Documents”) and within regulatory guidelines and
limitations. See Item 8 for additional information regarding the Firm’s investment strategies and risks.
Each of the Funds are controlled by a general partner (“General Partner”) or managing member or similar
governing entity as provided in the Governing Documents. Each Fund’s General Partner has appointed
Recurring Capital (or an affiliate thereof) to serve as the Fund’s investment manager, pursuant to a written
agreement. The General Partner in its discretion may offer co-investment opportunities to one or more Funds
or their affiliates, and to other funds, private investors, groups, entities, or individuals. Co-investors will be
determined by the General Partner in its sole discretion, and co-investment opportunities will be offered on a
deal-by-deal basis.
Recurring Capital does not participate in any wrap fee programs.
Recurring Capital managed $218,134,733 in Client assets (“AUM”), all on a discretionary basis, as of December
31, 2023.