Content  Partners,  LLC  (“Content  Partners”),  an  investment  adviser  registered  under  the 
Investment Advisers Act of 1940, as amended (the “Advisers Act”), is a Delaware limited liability 
company.  Content Partners advises its clients (as defined below) primarily in seeking long-term 
capital appreciation through investments acquired or to be acquired in primarily passive revenue 
interests and participation interests (collectively, “Participations”) in feature films and television 
series.    Participations  are  illiquid  and  intended  to  be  held  long-term.    As  a  result,  clients  (and 
investors in clients) will be limited in their ability to sell or transfer Participations. 
Content Partners was formed in October 2005.  However, the Principals (as defined below) have 
more  than  50  years  combined  experience  in  the  entertainment  industry,  including  financing, 
producing and distributing film and television series, talent representation and business affairs.  As 
a result of their many years of high-level involvement in the entertainment industry, the Principals 
have developed a network of relationships that Content Partners believes serves as the foundation 
of  its  deal  flow.    In  addition,  we  believe  these  many  years  of  experience  in  the  entertainment 
industry  position  the  Principals  with  the  necessary  expertise  to  meet  the  challenges  of  valuing 
Participations in entertainment properties. 
Content Partners and Content Partners 3 GP, LLC (“Fund 3 GP”), an affiliate of Content Partners, 
are  principally  owned  by  Steven  E.  Blume  (“Blume”),  Steven  H.  Kram  (“Kram”)  (indirectly 
through MAX MMC, Inc., an entity owned and controlled by him), and CP Enterprises LLC (“CP 
Enterprises”).  CP Enterprises is an indirect subsidiary of Cinema Holdco 3 LP and a controlled 
affiliate of  certain  funds managed by The Carlyle Group and its  affiliates. Notwithstanding CP 
Enterprises’ ownership of Content Partners and Fund 3 GP, Messrs. Blume and Kram (who are 
each referred to herein as a “Principal” or collectively as the “Principals”) continue to control 
Content Partners and Fund 3 GP.  Messrs. Blume and Kram also own minority equity interests in 
and are members of the board of CP Enterprises’ indirect parent.  Content Partners and Fund 3 GP 
operate a single advisory business, share common owners and officers, are under common control, 
and are subject to a unified compliance program. 
Content Partners and its affiliates sponsor, manage and provide investment advisory services to 
pooled
                                        
                                        
                                             investment vehicles (together with any future private funds sponsored by Content Partners, 
the  “Sponsored  Funds”).  In  addition,  to  the  extent  permitted  by  any  applicable  Governing 
Documents (as defined herein), Content Partners may, but in certain circumstances is not obligated 
to, offer clients, investors, and third parties the opportunity to co-invest, either directly or through 
a vehicle formed by Content Partners or one of its affiliates, in certain investment opportunities. 
Content  Partners  negotiates  the  terms  of  each  Sponsored  Fund  with  potential  investors  prior  to 
accepting  their  commitments  to  such  Sponsored  Fund,  but  Content  Partners  does  not  tailor  its 
advisory services to a Sponsored Fund based on an individual investor’s needs.  Sponsored Fund 
investors are expected to participate in a Sponsored Fund’s overall investment program and are 
generally  unable  to  withdraw  from  or  redeem  their  interests  in  the  Sponsored  Funds.    Content 
Partners negotiates the services it provides to other clients on a case-by-case basis, tailoring its 
advisory services to the client’s needs.  Content Partners does not participate in wrap fee programs. 
Content  Partners  and  Fund  3  GP  exercise  investment  discretion  with  respect  to  the  Sponsored 
Funds  pursuant  to  the  applicable  Governing Documents, as  well as  an investment  management 
agreement.  Fund 3 GP has also entered into side letters or other similar agreements with certain 
investors that have the effect of establishing rights under, supplementing or altering a Sponsored 
Fund’s partnership agreement or an investor’s subscription agreement.  Such rights or alterations 
include, but are not limited to, economic terms, fee structures, excuse rights, information rights, 
co-investment rights, or transfer rights. 
The partnership agreements and investment management agreements of the Sponsored Funds, and 
any private placement memorandum for a Sponsored Fund are referred to herein collectively as 
the  “Governing  Documents.”  Content  Partners  provides  investment  advice  to  CP  Enterprises 
pursuant to an investment management agreement.  These services consist of managing the assets 
purchased by CP Enterprises, subject to Content Partners’ oversight. 
As of December 31,  2023, Content Partners had  approximately  $1,281,074,347 of assets  under 
management on a discretionary basis.  This amount reflects regulatory assets under management 
as  calculated  in  Part  I  of  our  Form  ADV.  We  do  not  manage  any  client  assets  on  a  non-
discretionary basis.