Trimaran Advisors, L.L.C. (“Trimaran”) is a limited liability company formed in Delaware on July
1, 1998 as Caravelle Advisors, LLC. Its sole member was HBK Caravelle LLC. Caravelle
Advisors, LLC. changed its name to Trimaran Advisors, L.L.C. on March 28, 2001.
This Brochure also covers Trimaran Advisors Management, L.L.C. (“TAM,” and collectively with
Trimaran, the “Advisers”), a limited liability company organized under the laws of the state of
Delaware. On February 29, 2012, the Advisers were acquired by KCAP Financial, Inc., formerly
Kohlberg Capital Corp. (“KCAP”).
On December 31, 2018, the Advisers were acquired by LibreMax Intermediate Holdings, LP
(“LibreMax Holdings”), the parent company of LibreMax Capital, LLC (“LibreMax Capital”).
The Advisers are wholly owned by LibreMax Holdings. GKL Holdings, LLC (a holding company
that is majority owned by Greg Lippmann) and Fred Brettschneider are the principal underlying
owners of LibreMax Holdings.
Each of the Advisers claims registration with the U.S. Securities and Exchange Commission (the
“SEC”) as a “relying adviser” of LibreMax Capital. LibreMax Capital commenced operations as
an investment adviser on October 1, 2010 and has been registered with the SEC as an investment
adviser since March 10, 2011.
The Advisers provide investment advisory services on a discretionary basis to their clients, which
currently are all unregistered, private investment funds that are each characterized as a
“Collateralized Loan Obligation” fund or a “CLO” fund. The investment portfolios of these
funds are comprised of corporate debt instruments and other similar investments, as more fully
described in “Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss” and
in the
disclosure documents governing the offer and sale of interests in (or other offering documents
of) any such fund. Trimaran’s clients currently include Catamaran CLO 2014-1 Ltd., Catamaran
2018-1, Ltd., Trimaran CAVU 2019-1, Ltd., Trimaran CAVU 2019-2, Ltd., Trimaran CAVU
2021-1, Ltd., Trimaran CAVU 2021-2, Ltd. and Trimaran CAVU 2021-3, Ltd., Trimaran CAVU
2022-1, Ltd. and Trimaran CAVU 2022-2, Ltd. TAM’s clients currently include Catamaran CLO
2014-2 Ltd. and Catamaran CLO 2015-1 Ltd.
The Advisers comply with investment restrictions and guidelines that are included in the
governing documents and/or in the offering documents of their CLO fund clients. These
guidelines identify the investment objective and strategy or strategies employed, types of
permitted investments and related restrictions. The Advisers at this time do not offer any other
investment advisory services, including wrap fee accounts, nor do they provide financial
planning services. The Advisers may, in the future, provide investment advisory services to other
types of clients.
As of February 1, 2023, the Advisers managed approximately $4,326,942,763.17 of client
regulatory assets under management on a discretionary basis.
The Advisers’ primary focus for their investment management services is interest-bearing
corporate debt instruments and other similar investments.
As noted above, the Advisers are relying advisers of LibreMax Capital and the business of
LibreMax Capital differs from that of the Advisers. The Form ADV Part 2A brochure for
LibreMax Capital should be read alongside this Brochure in order to obtain a full understanding
of the advisory business of the Advisers and their affiliates.