Overview
The Adviser is a Delaware corporation that began operations in 1997 and is principally owned by
Bruce M. Kallins, the Adviser’s principal, chief investment officer (“Principal”).
The Adviser currently provides discretionary investment advisory and sub-advisory services to
private investment funds (collectively the “Fund” or the “Funds”). The private investment funds
sponsored by the Adviser and its affiliates are Yakira Partners, L.P., a Delaware limited partnership
and Yakira Enhanced Offshore Fund Ltd., a Cayman Island Limited Company (the “Yakira
Funds”). The General Partner of Yakira Partners, L.P. is YP Management, L.L.C., which is a New
York limited liability company (the “General Partner”).
The Funds’ investment objectives, strategies and processes are described in the Confidential Private
Placement Memorandum or the Investment Management Agreement (collectively the “Governing
Documents”). The Governing Documents, in addition to describing, among other things, our
investment management relationship, the Funds’ investment program and objective and the specific
terms applicable to an investment in the Funds (including as to fees and other compensation, costs
and expenses, and liquidity), contains a discussion of various risk factors and considerations, as
well as certain conflicts of interest, that generally is more extensive
in scope and detail than those
described in this Brochure. Accordingly, this Brochure and the information set forth herein are
qualified in its entirety by the disclosures and the terms in the Funds’ Governing Documents.
The Adviser serves as the Funds’ investment manager and has full discretion to manage the Funds’
investment portfolio. The Funds’ investment objective is to achieve consistent superior investment
results over time relatively independent of the returns generated by the overall equity markets. The
Funds attempt to realize this by investing principally in securities subject to reorganizations where
the Adviser believes the market price does not adequately reflect the effect that such reorganization
will have on the securities valuation. The Funds invest primarily in risk arbitrage, restructurings,
mergers, exchange offers, closed‐end funds, SPACs and other special situations including value
plays.
The Funds also engages in balance sheet arbitrage, pair trading within the same industry group,
short selling and other investments in securities. The Adviser’s methods of analysis, investment
strategies, and risks are further described in Item 8 below.
As of December 31, 2023, the Adviser had approximately $372,500,049 of regulatory assets under
management, all of which are managed on a discretionary basis.