TAG Associates is a leading multi-client family office and portfolio management services adviser
with approximately $8.1 billion of assets under management as of December 31, 2022. Formed in
1983, TAG has an experienced staff of approximately 73 people, including senior relationship
managers, portfolio management professionals, accountants, bookkeepers and administrators.
TAG is a registered investment advisor (“RIA”), a commodity trading advisor (“CTA”) and a
commodity pool operator (“CPO”). When the company was founded in 1983, the multi-client
family office was a relatively new and unproven concept. Over the years, TAG’s independence,
steadfast commitment to its clients’ success, and continued growth allowed it to fine tune the
process of managing wealth. Maintaining client wealth for future generations is at the heart of the
decision-making process.
TAG Services
On January 1, 2002, TAG Associates LLC acquired all the operating business assets of, and
succeeded to the business of, TAG Associates, Ltd (“TAG Ltd”). All references below to activities
prior to January 1, 2002 were performed by TAG Ltd. All activities described after January 1,
2002 are performed by TAG Associates LLC.
TAG offers its clients either a comprehensive package of services (such clients are
“Comprehensive Wealth Management clients”) or, on a stand-alone basis, portfolio management
services (such clients are “Portfolio Management clients”). Comprehensive Wealth Management
clients receive both portfolio management services as well as other non-investment financial
management services. All of the Adviser’s services are customized to the individual needs of
TAG’s clients. The services TAG provides are outlined in the attached Exhibit A (at the end of
this Item 4): "Summary of Client Services."
TAG Associates LLC provides investment management services and other financial advice and
services primarily to high net worth individuals. TAG also provides services to trusts, estates,
pension and profit-sharing plans, endowments, foundations and other business entities. TAG does
not issue publications or other reports on a subscription or other fee basis.
When providing Portfolio Management services to its clients, TAG serves as an overall portfolio
manager. Its services include evaluating a client’s financial situation and needs, setting
investment goals and objectives and formulating an asset allocation strategy. TAG also discusses
and assists the client in evaluating any investment restrictions that client requires for his or her
portfolio, such as prohibiting investments in certain securities or industries. Once consensus has
been reached with the client, TAG selects the investment managers, monitors strategies and
managers, reports periodically (no less than quarterly) on the results of the portfolio and makes
change recommendations as necessary. In addition, TAG provides financial management
services, tax planning and compliance services and estate and trust planning. TAG has also
advised clients on derivative securities transactions such as collars, swaps, etc.
TAG’s assets under management as of December 31, 2022 totaled $8,071,490,000 of which
$309,800,000 is managed on a discretionary basis and $7,761,690,000 is managed on a non-
discretionary basis.
TAG-Managed Investment Entities
TAG Associates serves as the investment manager and TAG Portfolio Management Group LLC,
an affiliate, serves as the general partner or manager to a number of Funds of Funds (the “TAG
Funds”) for its clients and third party investors.
All TAG Funds are exempt from registration under the Investment Company Act of 1940 (the
“Company Act”). For those Funds that are exempt companies under Section 3(c)(1) of the
Company Act, all investors must qualify as "accredited investors" within the meaning of
Regulation D under the Securities Act of 1933. For those Funds that are exempt companies under
Section 3(c)(7) of the Company Act, all investors must qualify as “Qualified Purchasers” under
the Company Act.
In 1999, TAG Ltd established the TAG Relative Value Client Fund, L.P. (the “Client Fund”). The
Adviser is the investment manager and an affiliate of the Adviser is the general partner. This
partnership is a "fund of funds." It allows TAG clients to participate in the underlying investments
of the Client Fund.
In 2000, the TAG Relative Value Fund, L.P. was established for investors who are not clients of
the Adviser. This partnership was identical to the Client Fund, above, other than that the Adviser
and its affiliate received fees and compensation for serving as investment manager and general
partner of this partnership. The assets of TAG Relative Value Fund, L.P. were combined with the
assets of the Client Fund as of January 1, 2015. Investors in TAG Relative Value Fund, L.P.
became Class B Limited Partners of the Client Fund and the existing investors of the Client Fund
became Class A Limited Partners.
In 2001, the TAG Relative Value Offshore Fund Ltd. was established for investors who are
offshore or tax-exempt. The Adviser is the investment manager of the Fund. Investors that are not
clients of the Adviser compensate the Adviser for its investment management services.
In 2003, the TAG Master Relative Value Fund, LLC was reorganized to serve as a master fund to
its feeder funds. The Adviser is the investment manager and an affiliate of the Adviser is the
manager.
In 2005, the Adviser established the TAG Diversified Strategies Fund, L.P. of which the Adviser
is the investment manager and an affiliate of the Adviser is the general partner. This entity is a
"fund of funds". Investors that are not clients of the Adviser may invest in share classes that pay
the Adviser certain fees
for serving as the investment manager of this partnership.
In 2008, the TAG Distressed Debt Fund II, LLC was established. This entity is a "fund of funds."
The Adviser is the investment manager and an affiliate of the Adviser is the manager.
It allows investors to invest in certain underlying partnerships that the Adviser has identified as
attractive investments. Investors that are not clients of the Adviser compensate the Adviser and its
affiliate for its investment management services. It is not accepting new capital.
In 2010, the TAG Distressed Debt Fund III, LLC was established. This entity is a "fund of
funds." The Adviser is the investment manager and an affiliate of the Adviser is the manager. It
allows investors (client and non-client) to invest in certain underlying partnerships that the
Adviser has identified as attractive investments. Investors that are not clients of the Adviser
compensate the Adviser and its affiliate for its investment management services. It is not accepting
new capital.
In 2015 the TAG Yield Opportunities Fund, LLC was established. This entity is a “fund of funds.”
The Adviser is the investment manager and an affiliate of the Adviser is the manager. It allows
investors to invest in certain underlying partnerships that the Adviser has identified as attractive
investments. Investors that are not clients of the Adviser compensate the Adviser for its investment
management services. It is not accepting new capital.
In 2020 the TAG Dislocation & Recovery Fund Series of TAG Series Fund, LLC was established.
This entity is a “fund of funds.” The Adviser is the investment manager and an affiliate of the
Adviser is the manager. It allows investors to invest in certain underlying partnerships that the
Adviser has identified as attractive investments. Investors that are not clients of the Adviser
compensate the Adviser for its investment management services. It is not accepting new capital.
In 2021 the TAG Blockchain Opportunities Fund Series of TAG Series Fund, LLC was established.
This entity is a “fund of funds.” The Adviser is the investment manager and an affiliate of the
Adviser is the manager. It allows investors to invest in certain underlying partnerships that the
Adviser has identified as attractive investments. Investors that are not clients of the Adviser
compensate the Adviser and its affiliate for its investment management services. It is not accepting
new capital.
The Adviser and its affiliates do not charge the Adviser's clients that invest in any of the above
mentioned Funds any additional fees, or earn other compensation for serving as investment
manager, manager or general partner of such Funds. Clients of the Adviser pay for investment
management services based on separate agreements with the Adviser. In all cases, each investor
must meet the required relevant investor suitability standards.
The Adviser may, from time to time, consider offering interests in additional similarly structured
investment vehicles. This would provide the Adviser with an opportunity to present investment
opportunities to its clients in which they would not otherwise participate. The dual-class structure
of the investment vehicles affords the Adviser an opportunity to be compensated by non-clients
for its efforts in identifying, structuring and organizing such investment vehicles.
TAG Associates Holdings, LLC
The Principal Owner of TAG is TAG Associates Holdings, LLC, a Delaware limited liability
company, an entity majority owned by Gary L. Fuhrman and David Basner.
[Exhibit A appears on the next three (3) pages.]
TAG ASSOCIATES, LLC
Summary of Client Services, 2022
Form ADV, Part 2 – Advisory Business (Item 4)
Exhibit A
PORTFOLIO MANAGEMENT
Planning Implementation Monitoring
Set investment goals &
objectives
Select investment managers Produce portfolio reports
Formalize an
appropriate asset
allocation strategy
Design investment reporting
system
o Typically monthly or
quarterly
Provide benchmarks to
measure performance
o On an absolute dollar
return basis
o On a relative basis
versus similar
managers & indexes
Consider changes in strategy,
managers, etc.
FINANCIAL MANAGEMENT
Consider asset/liability
oriented issues
Design customized financial
reporting system
Produce financial reports
o Need for
liquidity, etc.
o Focus on highlighting
tax issues, liquidity
needs, etc.
Update versus projections, etc.
Asset cash flow
considerations
Establish banking/credit
relationships
Communicate results to
appropriate third party advisors
Plan for large tax
payments, etc.
Review hedging options
o One large block
of stock, etc.
TAX RELATED
Identify tax savings
opportunities
Manage IRS and state tax
audits
Consider changes in:
Prepare periodic tax
projections
Periodically review estate
plan
o Tax laws
Prepare tax returns Investment related o Investment products
o Interfamily driven o Business relationships
o Residence driven o Employee benefit plans
o Transaction driven o Family relationships
ADMINISTRATIVE/
CONTROLLERSHIP
Consider asset/liability
management techniques
Select advisors/systems Consider changes in:
o Insurance
alternatives
Pay bills/Collect receipts o New products/services
o Custodial
alternatives
Handle domestic staff o Personal circumstances
o Cash management
systems
Negotiate house
closing, mortgages
o Professional
relationships
Determine optimum
information flow
Manage “the process” Revisit “the process”
o Which
professionals?
o Right People
o What information? o Right Information
o In what time
frame?
o Right time