Overview
SBJ provides investment advisory services to private equity funds and other pooled investment vehicles
(collectively, together with any future private investment funds to which SBJ and/or its affiliates provide
investment advisory services (each a “Fund” and collectively, the “Funds”)) that are exempt from
registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”)
and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities
Act”). The investors in the Funds include, among others, individuals, trusts, limited partnerships and
limited liability companies. Such investors are generally referred to throughout as “investors” or “Limited
Partners.”
SBJ is a Delaware limited liability company originally organized in 2013. SBJ is principally owned by Gus
Spanos and Tom Barber. The Managing Directors of SBJ, which includes Messrs. Spanos and Barber as well
as three other individuals, have an average of over 25 years of experience growing businesses in the lower
middle market consumer and services industries in North America over multiple business cycles as
operating executives and principal investors. SBJ’s investment strategy focuses primarily on
companies in
which its investment represents the first institutional equity capital invested in the business, allowing it
to make a significant and positive impact by leveraging its operational and strategic experience (each a
“Portfolio Company,” and collectively, the “Portfolio Companies”).
SBJ provides investment advisory services to the SBJ Funds pursuant to separate investment advisory
agreements. The terms of the advisory services to be provided by SBJ to a Fund, including any specific
investment guidelines or restrictions and fees, are set forth in each of the Fund’s investment advisory
agreements, partnership agreements, operating agreements, or offering/private placement memoranda
and subscription agreements (together, “Governing Documents”). The Governing Documents are
negotiated before commencement of the Fund. SBJ has in certain instances entered into agreements,
commonly known as “side letters,” with certain investors under which the Firm waives or modifies certain
investment terms for those investors, without obtaining the consent of any other investor in the Funds.
SBJ does not participate in wrap fee programs.
As of December 31, 2023, SBJ managed $615,714,461 of regulatory assets on a discretionary basis.