Origami provides discretionary and non-discretionary investment advisory services to private
investment funds (each a “Fund” and collectively the “Funds”). The Funds are open only to certain
financially sophisticated and high net-worth individuals and entities, as more fully discussed in
Item 7. With the exception of the entities comprising Origami Opportunities III, Origami
Opportunities IV, and Origami Taomo (as defined below), which are managed by an affiliated
general partner, or in the case of Origami DWC and OCP Liberty (as defined below), an affiliated
managing member, Origami also serves as the general partner to the Funds.
The Funds are:
• Origami Partners II, LP, a Delaware limited partnership (“Origami Partners II”);
• Origami Offshore Holdings II LP, a Cayman Islands exempted limited partnership
(“Holdings”);
• Origami Secondary Fund II LP, a Cayman Islands exempted limited partnership that
invests substantially all of its assets in Holdings (“Origami Secondary”);
• Origami Partners III, LP, a Cayman Islands exempted limited partnership (“Origami
Partners III”);
• Origami Partners IV Offshore LP, a Cayman Islands exempted limited partnership
(“Origami Offshore IV”);
• Origami Partners IV, LP, a Cayman Islands exempted limited partnership that invests
substantially all of its assets in Origami Offshore IV (“Origami Partners IV”);
• Origami Partners V Offshore LP, a Cayman Islands exempted limited partnership
(“Origami Offshore V”);
• Origami Partners V, LP, a Cayman Islands exempted limited partnership that invests
substantially all of its assets in Origami Offshore V (“Origami Partners V”);
• Origami Opportunities Fund III, L.P., a Delaware limited partnership (“Origami
Opportunities Fund III”);
• Origami Opportunities Fund III Offshore Master L.P., a Cayman Islands exempted
limited partnership (“Origami Opportunities Fund III Offshore Master”);
• Origami Opportunities Fund III Offshore L.P., a Cayman Islands exempted limited
partnership that invests substantially all of its assets in Origami Opportunities Fund
III Offshore Master (“Origami Opportunities Fund III Offshore” together with
Origami Opportunities Fund III and Origami Opportunities Fund III Offshore Master,
“Origami Opportunities III”);
• Origami DWC, LLC, a Delaware limited liability company (“Origami DWC”);
• Origami Opportunities Master IV (A), L.P., a Delaware limited partnership (“Origami
Master IV (A)”);
• Origami Opportunities Master IV (B), L.P., a Delaware limited partnership (“Origami
Master IV (B)”);
• Origami Opportunities Fund IV, L.P., a Delaware limited partnership that invests
substantially all of its assets in Origami Master IV (A) and Origami Master IV (B)
(“Origami Opportunities Fund IV”);
• Origami Opportunities Fund IV Offshore, L.P., a Cayman Islands exempted limited
partnership that invests substantially all of its assets in Origami Master IV (A) and
Origami Master IV (B) (“Origami Opportunities IV Offshore” together with Origami
Opportunities Fund IV, Origami Master IV (A) and Origami Master IV (B), “Origami
Opportunities IV”);
• Origami Taomo I, L.P., a Delaware limited partnership (“Origami Taomo”); and
• OCP Liberty, LLC, a Delaware limited liability company (“OCP Liberty”).
While Origami Partners IV is managed on a non-discretionary basis, in that investors in this
Fund have certain veto rights over the Fund’s respective investment decisions, Origami does not
generally tailor its advisory services to the individual needs of investors in the Funds (“Investors”).
All other Funds are managed on a fully discretionary basis. Origami DWC was formed for the sole
and exclusive purpose of owning an interest in
and acting as the manager of an Origami affiliated
property company (the “Property Company”), and, among other things, indirectly owning,
developing, improving, and selling an interest in a single real property asset through its interest in
the Property Company or other related entities. Origami Taomo was formed to co-invest alongside
Origami Opportunities IV in two Origami affiliated entities that hold investments in a diverse
portfolio of assets managed by a third party. OCP Liberty was formed to co-invest alongside
Origami Opportunities IV in an asset managed by a third party.
All Funds are currently closed to new investors and only Origami Opportunities III, Origami
Opportunities IV, Origami Taomo, OCP Liberty and Origami DWC are making new investments.
The principal owners of Origami are Jeffrey Young, Julie Klaff, and Joelle Kellam (the
“Managing Partners”). Thomas Elden founded Origami in 2008.
Origami is an investment firm that specializes in identifying niche special situation
opportunities in the capital markets. The objective of the funds listed above is to provide Investors
with attractive long-term returns by partnering with asset managers to solve ownership, structural,
financial, or legal problems with investment vehicles. This may include, among other things,
investing new money to address debt maturities, capital expenditures and other needs at either the
asset or fund level; providing liquidity to existing investors, typically through tender offers or the
acquisition of partial ownership interests; comprehensive fund restructurings, which typically
include secondary liquidity and follow-on capital; and acquiring directly illiquid assets.
Investments may be made in fund interests, private partnerships, joint ventures, or interests in other
structures that make the underlying asset illiquid (collectively, “Trapped Assets”).
Holdings, Origami Offshore IV, Origami Offshore V, Origami Opportunities III and Origami
Opportunities IV may also include portfolios of private funds which are not in liquidation. The
relevant private funds may be domiciled in the US or abroad. Origami may also implement
portfolio hedges from time to time as it deems appropriate in an attempt to mitigate a client’s
exposure to particular risks and/or overall equity or debt market declines.
As noted above, Origami DWC was formed for the purpose of directly or indirectly owning,
developing, improving, and selling an interest in a single real property asset, Origami Taomo was
formed to co-invest alongside Origami Opportunities IV in a diversified asset portfolio and OCP
Liberty was formed to co-invest alongside Origami Opportunities IV in a single asset.
In certain cases, Origami has entered into side letter agreements with certain Investors in the
Funds establishing certain rights and privileges under, or supplementing or altering the terms of,
the applicable governing documents. Such rights and privileges may not be available to other
Investors (including without limitation, transparency rights, reporting rights, capacity rights, and
certain other protections and the right to receive certain special allocations). Any rights or terms
so established in a side letter with an Investor will govern solely with respect to such Investor (but
not any of such Investor’s assignees or transferees unless so specified in such side letter) and will
not require the approval of any other Investor notwithstanding any other provision of the relevant
Fund’s governing documents.
As of December 31, 2022, Origami has regulatory assets under management (as defined by the
SEC) of approximately $1,270,132,629. $1,260,199,538 of such assets are managed on a
discretionary basis and $9,933,091 of such assets are managed on a non-discretionary basis.