9AT: IONIC CAPITAL MANAGEMENT LLC

other names

IONIC CAPITAL MANAGEMENT LLC
IONIC CAPITAL ADVISORS LLC (RELYING ADVISER)
IONIC PAMLI GP LLC (RELYING ADVISOR)
IONIC CAPITAL PARTNERS LP (RELYING ADVISER)

Adviser Profile

As of Date	03/31/2026
ADV Location	NEW YORK, NY, United States
Adviser Type - Large advisory firm - An investment adviser (or subadviser) to an investment company
Number of Employees	34 10%
of those in investment advisory functions	15 7%
Registration	SEC, Approved, 03/11/2011

AUM^*	3,865,359,381 28%
of that, discretionary	3,865,359,381 28%
Private Fund GAV^*	3,737,127,447 -10%
Avg Account Size	184,064,732 -15%
SMA’s	No
Private Funds	17 2
Contact Info	212 xxxxxxx
Websites

Client Types

- Investment companies
- Pooled investment vehicles

Advisory Activities

- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Fund Type	Count	GAV
Fund TypeHedge Fund	Count17	GAV$3,737,127,447

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser FENIMORE ASSET MANAGEMENT, INC.	Hedge Fund48.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV48.0m	AUM5.4b	#Funds1
Adviser NUT TREE CAPITAL MANAGEMENT, LP	Hedge Fund5.1b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV5.1b	AUM5.1b	#Funds9
Adviser CAMBER CAPITAL MANAGEMENT LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM3.7b	#Funds-
Adviser SAND GROVE CAPITAL MANAGEMENT LLP	Hedge Fund633.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV633.0m	AUM2.3b	#Funds3
Adviser ANOMALY CAPITAL MANAGEMENT, LP	Hedge Fund5.9b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV5.9b	AUM5.9b	#Funds3
Adviser DEEP TRACK CAPITAL, LP	Hedge Fund8.4b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV8.4b	AUM8.4b	#Funds7
Adviser BOULDER HILL CAPITAL MANAGEMENT LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM390.7m	#Funds-
Adviser GREENVALE CAPITAL LP	Hedge Fund2.5b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.5b	AUM3.7b	#Funds3
Adviser ATALANTA SOSNOFF CAPITAL, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM5.0b	#Funds-
Adviser RIMROCK CAPITAL MANAGEMENT LLC	Hedge Fund2.9b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.9b	AUM3.9b	#Funds19

Brochure Summary

Overview

Ionic Capital Management LLC (“Ionic”) is a Delaware limited liability company founded in 2006 that provides advice on a discretionary basis to private investment funds (both commingled funds and funds- of-one) offered exclusively to sophisticated investors (collectively referred to herein as the “Ionic Funds”) as well as sub-advisory services to undertakings for collective investments in transferable securities (the “UCITs Funds”) and a registered investment company (the “Inflation Protection ETF”, referred to collectively with the UCITS Funds as the “Liquid Alternatives Funds,” and together with the Ionic Funds, the “Clients,” and each as a “Client”). Bart Baum and Daniel Stone (collectively, the “Principals”), are the principal beneficial owners of Ionic and collectively control its operations and activities. Ionic is an alternative asset manager that employs long volatility, relative value arbitrage, and value equity strategies on behalf of its Clients. Ionic provides investment advisory

services tailored to the investment objectives and strategies of each Client as described in each Client’s offering or governing documentation (collectively referred herein as the “Fund Documentation”). Ionic is the investment adviser to the Ionic Funds and has been delegated primary responsibility for the day-to-day operations of the Ionic Funds. The Liquid Alternatives Funds have engaged Ionic to serve as a sub-adviser, and Ionic is responsible only for providing discretionary investment advice for all or a portion of the assets of such funds. All information relating to Ionic’s Clients in this brochure, including but not limited to the investment strategies employed, fees and expenses, risk factors, and conflicts of interest, are qualified in their entirety by reference to such Fund Documentation. As of December 31, 2023, the total regulatory assets under management of Ionic’s Clients was approximately $3,030,399,721. Ionic manages assets solely on a discretionary basis.

IONIC CAPITAL MANAGEMENT LLC

Adviser Profile

Details

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

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Brochure Summary

Overview