Overview
SP Partners, a New Jersey general partnership (“SP”), was formed in 2011. The general partners
and owners of SP are Marvin E. Lesser (“Lesser”) and Michael D. Young (“Young”) (collectively,
the “General Partners”).
SP currently acts as the investment manager (i.e., provides discretionary investment advisory
services, including, but not limited to, managing and directing the investment and reinvestment of
assets), for Sigma Partners, L.P. (the “Fund”), a Delaware limited partnership formed in 1993 by
the General Partners. The General Partners also serve as general partners of the Fund. SP also
currently provides non-discretionary investment advisory services to a General Partner and his
spouse. The Fund is primarily designed for investment by U.S. investors. The terms for the Fund
are disclosed in detail in the Fund’s offering documents that are provided to prospective investors
prior to investment. The Fund is managed in accordance with the investment objectives, strategies
and guidelines and the terms and conditions of investment, set out in its private placement
memorandum, organizational, governing and other related documents (together, the “Governing
Documents”). A prospective Fund Investor (as defined below) must consider whether the Fund is
an appropriate investment, including with respect to such Fund Investor’s investment objectives
and risk tolerance.
The Fund is a fund of funds. In managing the Fund, SP seeks the opportunity for reasonable growth
over time
while attempting to moderate downside risk with some of the investments. SP generally
selects third-party investment managers (the “Underlying Managers”) who use a variety of
investment strategies. The Fund invests in such strategies through underlying investment funds or
separate accounts managed by the Underlying Managers (such funds or accounts, “Underlying
Funds”). The strategies and techniques used by the Underlying Managers may include, without
limitation, long/short equity, distressed securities, risk arbitrage, targeted portfolios and relative
value strategies. The Fund may also invest directly in securities from time to time rather than in
Underlying Funds as permitted in its Governing Documents.
SP neither tailors its advisory services to the individual needs of investors in the Fund (each, a
“Fund Investor”) nor accepts Fund Investor-imposed investment restrictions with respect to the
Fund. SP may, but is not required to, take into consideration the general characteristics of its target
Fund Investors, and not necessarily the characteristics of any specific Fund Investor. An
investment in the Fund does not, in and of itself, create a client-adviser relationship between any
Fund Investor and SP.
As of January 1, 2023, SP manages the Fund’s assets, in the amount of $23.6 million, on a
discretionary basis. In addition, it provides investment advisory services to its separately managed
accounts, in the amount of $3.8 million, on a non-discretionary basis.