Overview
Item 4.B................................................................................................................................5
Item 4.D ...............................................................................................................................6
Item 5: Fees and Compensation .......................................................................................................7
Item 5.A ...............................................................................................................................7
Item 5.B................................................................................................................................7
Item 5.C................................................................................................................................8
Item 5.D .............................................................................................................................10
Item 5.E ..............................................................................................................................10
Item 6: Performance-Based Fees and Side-By-Side Management ................................................11
Item 7: Type of Clients ...................................................................................................................12
Item 8: Methods of Analysis, Investment Strategies and Risk of Loss .........................................13
Item 8.A .............................................................................................................................13
Item 8.B..............................................................................................................................13
Item 8.C..............................................................................................................................19
Item 9: Disciplinary Information ...................................................................................................20
Item 10: Other Financial Industry Activities and Affiliations .......................................................21
Item 10.A ...........................................................................................................................21
Item 10.B............................................................................................................................21
Item 10.C............................................................................................................................21
Item 10.D ...........................................................................................................................21
Item 11: Code of Ethics. Participation or Interest in Client Transactions and Personal
Trading ...............................................................................................................................22
Item 11.A ...........................................................................................................................22
Item 11.B ............................................................................................................................22
Item 11.C ............................................................................................................................22
Item 11.D ...........................................................................................................................23
Item 12: Brokerage Practices .........................................................................................................24
Item 12.A ...........................................................................................................................24
Item 12.B............................................................................................................................25
Item 13: Review of Accounts .........................................................................................................26
Item 13.A and 13.B ............................................................................................................26
Item 13.C............................................................................................................................26
Item 14: Client Referral and Other Compensation ........................................................................27
Item 14.A ...........................................................................................................................27
Item 14.B............................................................................................................................27
Item
15: Custody ............................................................................................................................28
Item 16: Investment Discretion ......................................................................................................29
Item 17: Voting Client Securities ...................................................................................................30
Item 17.A and 17.B ............................................................................................................30
Item 18: Financial Information ......................................................................................................31
Item 4.A
Marlowe Partners LP (“Marlowe Partners” or “Marlowe”) is a Delaware limited partnership
founded in February 2013 by David Steinberg and Eric Udoff, who are the principal owners.
Marlowe is a New York City based alternative asset management firm.
Marlowe Partners LP manages Marlowe Partners Onshore Fund LP (the “Onshore Fund”),
Marlowe Partners Offshore Fund Ltd. (the “Offshore Fund”) and Marlowe Partners Master Fund
LP (the “Master Fund” and, collectively with the Onshore Fund and the Offshore Fund, the
“Funds” or the “Fund”). Each of the Onshore Fund and the Offshore Fund invest substantially all
of their assets in the Master Fund.
Marlowe’s investment objective is to invest in undervalued securities that are trading below our
assessment of their intrinsic value. While we invest predominantly in stocks, debt investments will
be a cyclical component of our portfolio as we take advantage of distressed opportunities when
they occur. Our bottom-up study of companies drives our investment selection. Marlowe seeks to
identify complex situations where incremental sellers may be more prone to making mistakes. This
approach means we hold cash when we cannot find better alternatives and we may hedge against
the risk of dramatic market downturns. Marlowe often invests with a multi-year horizon.
Marlowe invests in both the US and internationally. Historically the largest five investments
have averaged roughly 60-95% of the overall portfolio. The Funds may invest in rights
offerings, derivatives, trust units, CDS, swaps and similar complex securities.
The Funds are formed as limited partnerships and offshore corporations. The Funds that are offered
within the United States as well as to U.S. Persons are available only to persons who are
“accredited investors” under the Securities Act of 1933 and only to persons who are “qualified
purchasers” under the Investment Company Act of 1940 (the “IC Act”). Additionally, all investors
must also be “qualified clients” under the Investment Advisers Act of 1940 (the “Advisers Act”).
The Funds are not registered as investment companies under the IC Act and are not made available
to the general public. Marlowe Partners’ pooled Funds are managed by Marlowe Partners in its
sole discretion. Interests in the Funds are offered only by means of a private placement
memorandum (also referred to as an offering memorandum) (the “Memorandum”). The Funds are
funded through capital contributions/subscriptions and withdrawals/redemptions that are permitted
at stated intervals at then current net asset values.
Marlowe Partners makes all investment decisions on behalf of the Funds pursuant to the terms of
an investment management agreement between each Fund and Marlowe Partners. Marlowe
Partners’ primary responsibilities are to identify, review, and select investment opportunities that
it believes will achieve the investment objectives of the Funds. This requires Marlowe Partners to
monitor investments and determine whether to modify investment allocations. Marlowe Partners
and its affiliates (identified in Item 10.C), also provide administrative and management services to
the Funds.
Marlowe Partners currently does not provide investment advisory services to clients apart from its
management of the Funds and does not participate in wrap fee programs. Marlowe Partners may,
from time to time in the future, serve as the investment adviser or management company for
additional funds or other accounts.
As of December 31, 2023, Marlowe Partners managed on a discretionary basis
approximately $50.3 million, which represents the aggregate net asset value of the Funds as
of such date. Marlowe Partners does not manage any assets on a non-discretionary basis.