Overview
Rock Springs is organized as a limited partnership under the laws of the State of Delaware. Rock
Springs is owned and controlled by Graham McPhail, Kris Jenner, and Gordon Margraf (“Mark”)
Bussard (collectively, the “Principals”). The Principals own and control the general partners of the
Funds (defined below) (collectively and as applicable in each case, the “General Partner”); unless and
only to the extent that the context otherwise requires, references to “Rock Springs” include the General
Partner. The investment activities of Rock Springs are led by the Principals along with a number of
other investment professionals who work with the Principals to execute Rock Springs’ investment
strategies.
The Funds and the General Partner
Rock Springs provides discretionary investment advice to private investment funds organized as
domestic or foreign private pooled investment vehicles (the “Funds”). The Funds are organized as
master-feeder structures whereby each domestic fund (“Domestic Fund”) and offshore fund (“Offshore
Fund” and together with the applicable Domestic Fund, the “Feeder Funds”) invests substantially all of
its assets in a master fund (“Master Fund”). All trading occurs at the Master Fund level. Rock Springs
began providing investment advisory services in October 2013.
The Funds have been established to pursue
investment strategies that focus primarily on investing in
companies in healthcare and healthcare-related industries, with an emphasis on companies and/or
products that Rock Springs believes serve critical unmet needs. The Funds’ investment objective is to
generate capital appreciation, primarily through investments in publicly traded and privately placed
securities of companies in these industries. Rock Springs manages the Funds in accordance with the
investment strategies, objectives, restrictions and guidelines set forth in their respective confidential
offering documents, limited partnership agreements and/or investment management agreements (the
“Governing Fund Documents”), as applicable, and does not provide investment advice individually to
the limited partners of the Funds (each, an “Investor” and together, “Investors”).
Rock Springs does not require, and does not seek, approval from the Funds or the Investors in the Funds
with respect to its trading. Rock Springs generally does not permit Investors to impose restrictions on
investments made by the Funds.
Client Assets Under Management
As of the close of business on December 31, 2023, Rock Springs managed approximately $3.7103
billion of client assets on a discretionary basis. Rock Springs does not currently manage any assets on
a non-discretionary basis.