Identify your principal owner(s).
Anchorage (formerly known as Anchorage Advisor Holdings, L.P.) is a Delaware
limited partnership formed in 2022. Anchorage is ultimately controlled by Yale
Baron and Thibault Gournay and is (i) majority owned by entities controlled by
Yale Baron and Thibault Gournay and (ii) minority owned by Anchorage Capital
Group, L.L.C., (“ACG”), which is an affiliated filing advisor of Anchorage that
is ultimately controlled by Kevin Ulrich.
Each of Anchorage Collateral Management, L.L.C., Anchorage Credit Advisor,
L.L.C., Anchorage Opportunities Advisor, L.L.C. and Anchorage Strategies
Advisor, L.L.C. is wholly owned by Anchorage. The Management Series of
Anchorage CLO ECM, L.L.C. is wholly owned by Anchorage Collateral
Management, L.L.C. Anchorage Capital Advisors Europe LLP is ultimately
owned and controlled by Anchorage. Anchorage Structured Commodities
Advisor, L.P. is ultimately controlled by Yale Baron and Thibault Gournay, and
is principally owned by Anchorage and Jason Siegel. Yale Baron and Thibault
Gournay have ultimate responsibility for the portfolio management, operations,
risk management, asset allocation, and investment decisions with respect to the
Funds (as defined below). In respect of the ASET Funds, Yale Baron and
Thibault Gournay have delegated ultimate investment decision-making, portfolio
management and risk management responsibility to Jason Siegel.
The Advisors, other than Anchorage Capital Advisors Europe LLP, provide
discretionary investment advisory services including, but not limited to,
managing and directing the investment of assets for private investment funds and
serving as investment manager or collateral manager to certain structured credit
vehicles (each a “Fund” and together the “Funds” or “Advisory Clients”).
Anchorage Capital Advisors Europe LLP has been engaged by the other Advisors
to provide discretionary sub-advisory services to certain of the Funds that invest
in European investments.
The Advisors manage assets across a credit-oriented product platform primarily
consisting of:
• “Drawdown Funds” – Anchorage Opportunities Advisor, L.L.C. and
Anchorage Credit Advisor, L.L.C. manage a number of drawdown funds,
which primarily consists of the Anchorage Credit Opportunities Funds
(“ACO Funds”) and the Anchorage Structured Credit Funds other than
Anchorage Structured Credit Master Fund, L.P. (“SCF Funds”),
respectively.
• “Customized Funds” Anchorage Strategies Advisor, L.L.C. manages
customized investment funds and separately managed accounts
(collectively referred to as “Customized Funds”).
• “Structured Credit Vehicles” – Anchorage Collateral Management,
L.L.C. serves as the collateral manager to U.S. collateralized loan
obligation vehicles (“CLOs”) and collateralized debt obligation vehicles
(“CDOs”) and certain European CLOs and Anchorage CLO ECM,
L.L.C. serves as the collateral manager for certain European CLOs.
• “Structured Commodities Funds” – Anchorage Structured
Commodities Advisor, L.P. serves as the investment manager to the
Anchorage Structured Energy Transition vehicles (collectively referred
to as “ASET Funds”).
Please refer to Item 8.A below for investment strategy information.
Prior to the effective date of Anchorage’s registration
with the SEC, the Advisors
were registered with the SEC as relying advisors of ACG, a separately registered
affiliate of Anchorage. Certain Funds that were previously directly advised by
ACG and/or formed prior to February 1, 2022 (including the Anchorage Capital
Partners and Anchorage Illiquid Opportunities funds) continue to be managed by
ACG and are reflected on ACG’s Form ADV. Anchorage and ACG operate their
respective businesses using shared operational resources such as office space,
advisory and non-advisory personnel and back office functions.
specializing in a particular type of advisory service, such as financial
planning, quantitative analysis, or market timing, explain the nature of that
service in greater detail. If you provide investment advice only with respect
to limited types of investments, explain the type of investment advice you
offer, and disclose that your advice is limited to those types of investments.
The Advisors generally have broad and flexible investment authority with respect
to the Funds.
The Funds managed by the Advisors employ various strategies which are
specifically described in each Fund’s respective confidential private placement
memorandum or governing documents.
The Advisors primarily offer advice on strategies including leveraged debt and
equity, distressed debt, structured credit instruments, corporate-backed
collateralized debt obligations, corporate and sovereign fixed income securities,
publicly traded and private equities, exchange traded funds, preferred equities,
convertible securities, warrants, options, trade claims, mortgage and asset-backed
securities, total return and equity swaps, contracts for differences, direct loans,
private investment funds and foreign exchange, commodities, structured
commodities and interest rate swaps (for hedging purposes).
individual needs of clients. Explain whether clients may impose restrictions
on investing in certain securities or types of securities.
As a general matter, the Advisors neither tailor their advisory services to the
individual needs of investors in the Funds (“Investors”), nor accepts Investor-
imposed investment restrictions. The Advisors have and may (in the future) enter
into side letters with certain Investors that provide such Investors with different
or additional terms. The Advisors have in the past and may in the future establish
one or more Customized Funds, which: (i) tailor their investment objectives
and/or (ii) are subject to different terms (including fees and liquidity) than those
of the Funds.
services, (1) describe the differences, if any, between how you manage wrap
fee accounts and how you manage other accounts, and (2) explain that you
receive a portion of the wrap fee for your services.
The Advisors do not participate in wrap fee programs.
on a discretionary basis and the amount of client assets you manage on a non-
discretionary basis. Disclose the date “as of” which you calculated the
amounts.
As of December 31, 2023, the Advisors manage approximately $21.6 billion of
regulatory assets under management on a discretionary basis. The Advisors do
not currently manage any client assets on a non-discretionary basis.