General
P2 was founded by Claus Moller, P2’s managing member, and began investing in 2007. P2 has offices in
New York, New York.
Fund Structure
P2 provides discretionary investment advisory services to pooled investment vehicles and single-investor
funds (each a “Private Fund” and collectively, the “Private Funds”). The Private Funds are generally
organized as Delaware limited partnerships, Cayman Islands exempted limited partnerships and Cayman
Islands exempted companies. The Private Funds generally conduct their trading activities either directly on
their own or through a master-feeder structure. In a master-feeder structure, each feeder fund contributes
its investible assets to the master fund and participates on a pro rata basis in the profits, losses and expenses
of the master fund, based on the respective capital account balances of all Private Funds investing through
the master fund. An affiliate of P2 serves as the general partner or manager of each domestic Private Fund
and Cayman Islands master fund. Currently, the entities serving as general partners are: P2 Capital GP,
LLC and P2 Capital GP XIII, LLC (collectively referred to as the “P2 Fund GPs”).
Within the Private Funds, P2 has a number of partnerships and/or share classes that were formed to
accommodate specific large institutional investors with particular investment requirements and restrictions.
In addition, the Private Funds and/or P2 are authorized, without the approval of any investor, to enter into
“side letters” or similar written agreements with investors that have the effect of establishing rights under,
or altering or supplementing the terms of each Private Funds’ Confidential Offering Material; which may
include a Confidential Offering Memorandum, Limited
Partnership Agreement, Limited Liability Company
Agreement and Investment Management Agreement (collectively referred to as the “COM”). The ability
of other investors to elect to receive the benefit of such side agreements may be limited. Further, within the
Private Funds, P2 has established certain partnerships through which certain investors may invest alongside
one or more of the Private Funds for a particular public or private investment opportunity. These
opportunities are typically only offered to certain limited partners, and generally provide such limited
partners the ability to increase exposure to certain positions held by one or more of the Private Funds and/or
provide P2 with the opportunity to outsize investments without distorting the overall risk/return profile of
such Private Funds via excess concentration in one or more positions held by such Private Funds.
Since P2 does not provide individualized advice to the investors in the Private Funds, investors must
consider whether a particular Private Fund meets their investment objectives and risk tolerance prior to
investing. Information about each Private Fund can be found in its COM.
Advisory Services
P2 manages the Private Funds under one main strategy: P2 seeks to generate significant capital appreciation
by making strategic equity investments in primarily small capitalization (“small cap”) public and private
companies. P2’s strategic equity investment style applies a private equity approach to investing in the public
market. Specifically, P2 pursues a research intensive, concentrated, value-oriented, long-term, active and
management-friendly investment style.
As of December 31, 2023, P2 managed approximately $1,319,000,000, all on a discretionary basis.