Seaport Capital, LLC (“Seaport”), a New York City-based private equity firm, was formed in 2000
to make and manage investments by pooled investment vehicles structured as limited partnerships
or other similar entities (each a “Fund” and, collectively, the “Funds”) in private middle market
companies operating in the communications, business and information services, and media sectors
(the “Focus Sectors”). Each Fund is managed by a general partner or manager entity that is an
affiliate of Seaport (each a “Manager” and collectively, the “Managers”). The group that became
Seaport Capital operated as a division of Communications Equity Associates from 1997 to 2000.
Until February 13, 2017, Seaport was owned by its founders, William K. Luby and James J. Collis.
M. Scott McCormack and Robert Tamashunas now own Seaport. Mr. Luby and Mr. Collis
continue to be integrally involved in the firm’s business.
Seaport is a value-based, active investor that seeks to grow its portfolio companies and protect its
Funds’ capital. Key elements sought in its investments include: recurring revenues; high organic
EBITDA (earnings before interest, taxes, depreciation and amortization) (or other similar measures
of earnings) intended to serve as a proxy for a company’s cash flow from operations; growth rates
driven by expanding markets; attractive underlying unit economics and strong operating leverage;
and, high level of industry fragmentation.
Seaport tailors its advisory services to the specific investment objectives and restrictions of each
Fund as set forth in each Fund’s offering memorandum (or other information documents, as
applicable), limited partnership agreement, limited liability company agreement, management
agreement (where applicable)
and “side letters,” as applicable (collectively, the “Documents”).
Seaport does not vary its investment advice from the terms of these Documents. In accordance
with common industry practice, the Funds may enter into “side letters” or side agreements with
certain investors in the Funds, pursuant to which a Manager may grant an investor specific rights,
benefits, or privileges.
Included as Funds may be parallel funds and alternative investment vehicles (“AIVs”), which are
organized on terms substantially similar to those of their related Funds to meet the needs of certain
classes of investors or to address legal, regulatory or tax concerns. Each parallel fund will invest
on a pro rata basis in the corresponding Fund’s transactions. Also included are co-investment
vehicles (“Co-Invests”) formed and operated by Seaport through which certain persons may invest
alongside the Funds in certain investments made by the Funds.
Seaport also uses special purpose vehicles (“SPVs”) to make investments in certain new portfolio
companies or different security classes of existing portfolio companies. An SPV may be formed
due to Documents restrictions or limitations on the availability of investment capital in the Funds.
An SPV’s partners or members may include certain investors in the Funds, business contacts of
Seaport, and members of Seaport management.
Item 11 below provides additional information about Seaport’s allocation of investment
opportunities.
As of December 31, 2023, Seaport had $399,536,721 in discretionary assets (including uncalled
capital) and $0 in non-discretionary assets under management, in four multi-investment funds
(including two parallel funds), a co-investment entity and two special purpose vehicles.