Overview
FIRM DESCRIPTION
Precept Management, LLC, a Texas limited liability company and private investment advisory firm, was formed
in 1998. We provide investment management and other services to private pooled investment vehicles, interests of
which are offered to investors on a private placement basis. We have full discretionary authority with respect to
investment decisions, and our investment advice is made in accordance with the investment objectives and
guidelines set forth in the applicable offering memoranda and governing documents.
We are registered with the SEC as a “related adviser” under common control with 9823 Capital, LP. Precept Capital
Management, L.P., a Texas limited partnership, relies on our investment adviser registration instead of separately
registering as an investment adviser with the Securities and Exchange Commission (the “SEC”) under the
Investment Advisers Act of 1940, as amended (the “Advisers Act”). See “Item 10: Other Financial Industry
Activities and Affiliations.” Except as the context otherwise requires, any reference to “we,” “us” or “our” in this
document includes Precept Management, LLC and Precept Capital Management, L.P.
PRINCIPAL OWNERS
We are owned and controlled by D. Blair Baker, our managing member.
TYPES OF ADVISORY SERVICES
We and certain of our affiliates serve as general partner of and/or investment manager to various affiliated private
pooled investment vehicles, including The Precept Fund, L.P., Precept Special Situation Fund, L.P., and Precept
Credit Opportunities
Fund, L.P. (collectively, the “ Funds”). Our services consist of making, managing and
disposing of investments held by the Funds. We provide investment advice directly to the Funds and not
individually to any investor in the Funds.
We have caused and may from time to time in the future cause a Fund (an “investor fund”) to invest all or any
portion of its assets in one or more other Funds (each, an “investee fund”). In such event, the investor fund generally
will not be subject to any additional or duplicative administrative fees, management fees or incentive allocations in
connection with its investment in an investee fund. See Item 11.
We serve as investment manager with respect to each of the Funds and are responsible for investing and re-investing
the assets of each Fund in accordance with the investment objectives, policies and guidelines set forth in the
applicable offering memoranda and governing documents. See Item 8 below.
INVESTMENT RESTRICTIONS
We generally provide investment advice to the Funds in accordance with the investment objectives, policies and
guidelines set forth in the offering and governing documents, and not in accordance with the individual needs or
objectives of any particular investor in the Funds. Investors generally are not permitted to impose restrictions or
limitations on the management of the Funds.
ASSETS UNDER MANAGEMENT
As of December 31, 2023, we had approximately $15.7 million in regulatory assets under management. All of these
assets were managed on a discretionary basis.