Chalkstream, a Delaware limited partnership, was founded in January 2004 by Andrew K. Tsai and Peter
Muller. Chalkstream currently provides discretionary investment advisory services, including, but not
limited to, managing and directing the investment and reinvestment of assets for the following U.S. and
non-U.S. private investment funds:
o Chalkstream Investment Fund, L.P., a Delaware limited partnership (the “Domestic
Investment Fund”)
o Chalkstream Investment Fund (International), Ltd., a Cayman Islands exempted company
(the “Offshore Investment Fund”, and together with the Domestic Fund, the “Flagship
Funds”)
o CVIC Korea Feeder Fund, L.P., a Cayman Islands exempt limited partnership (the “CVIC
Feeder Fund”)
o CVIC Korea Master Fund, L.P., a Cayman Islands exempt limited partnership (the “CVIC
Master Fund”, and together with the Korea Feeder Fund, the “CVIC Funds”)
The CVIC Funds have ceased operations and are currently being liquidated and dissolved.
Chalkstream also provides non-discretionary investment advisory services to the Chalkstream Insurance
Fund Series of the SALI Multi-Series Fund, L.P. (the “Insurance Fund”).
An affiliate of Chalkstream, (i) Chalkstream GP, L.L.C. (“Chalkstream GP”), a Delaware limited liability
company, acts as the general partner of the Domestic Investment Fund, and (ii) CVIC GP, L.L.C. (“CVIC
GP”, and together with Chalkstream GP, the “GPs”), a Delaware limited liability company, acts as the
general partner of the CVIC Funds.
The general partner of Chalkstream is Chalkstream Capital Management, L.L.C. (“Chalkstream Capital
Management”), a Delaware limited liability company of which Andrew K. Tsai is the managing member
and Peter Muller is a special non-managing member. Mr. Tsai and Mr. Muller are also the sole limited
partners of Chalkstream. Mr. Tsai and Mr. Muller, both directly and through their interests in Chalkstream
Capital Management, are the owners of Chalkstream.
Each of the Flagship Funds and the CVIC Funds may be referred to individually in this Brochure as an
“Investment Fund” and together as the “Investment Funds”. Each of the Investment Funds and the Insurance
Fund may be referred to individually in this Brochure as a “Fund” and together
as the “Funds.” The terms
for each Fund are disclosed in detail in the relevant Fund’s offering documents that are provided to
prospective investors prior to investment.
Chalkstream acts as the investment manager of the Offshore Investment Fund, and the CVIC Funds, the
management company of the Domestic Investment Fund, and an investment sub-advisor to the Insurance
Fund (together, the “Advisory Clients”).
Chalkstream or its affiliates may also act in an investment advisory capacity to certain wholly-owned
subsidiaries of the Funds used to carry out certain investment objectives of the Funds.
As further described in Item 8 below, the primary source of return generation of the Funds comes from the
selection of a limited number of portfolio managers (the “Portfolio Managers”) and the investment funds
they operate (each, a “Hedge Fund”), and in certain classes of the Flagship Funds only, certain longer-
duration investments (each, a “Special Investment”) targeted by the Flagship Funds. Chalkstream
historically also allocated capital to hedging and direct trading investment strategies but has since
discontinued these strategies.
Generally, investors in any of the Funds do not have the ability to individually tailor their investments or
impose specific investment restrictions. However, when deemed appropriate, a Fund may create a special
class of interests or shares to accommodate a particular investor’s or a group of investors’ unique investment
restrictions.
Chalkstream does not participate in wrap fee programs.
As of January 1, 2023, and based on December 31, 2022 preliminary numbers provided by the independent
fund administrator, Chalkstream and its affiliates manage approximately $315 million of Advisory Client
assets on a discretionary basis. As of January 1, 2023, and based on December 31, 2022 numbers provided
by the independent fund administrator, Chalkstream and its affiliates manage approximately $59.4 million
of Advisory Client assets on a non-discretionary basis. It should be noted that the assets under management
disclosed here has been calculated differently than that of “regulatory assets under management” as
disclosed in Chalkstream’s Form ADV Part 1, Item 5.F.