Overview
Sycamore, a Delaware limited partnership, is an investment adviser whose only clients are private
pooled investment vehicles. The private pooled investment vehicles are not registered investment
companies under the Investment Company Act of 1940, as amended (“Investment Company Act”),
and their securities are not registered under the Securities Act of 1933, as amended (the “Securities
Act”). Interests in Sycamore’s Funds (as defined below) are offered and sold on a private placement
basis to prospective investors that meet certain suitability requirements, such as being “accredited
investors” or “qualified purchasers.”1 Such suitability requirements may vary from Fund to Fund.
Generally, each Fund’s investors are institutions, governmental and corporate pension and profit-
sharing plans, sovereign wealth funds, funds of funds, university endowments, charitable
organizations, banks, trusts, other entities and/or high net worth individuals. Throughout this
Brochure, “clients” or “Funds” shall be used to refer to the pooled investment vehicles managed by
Sycamore and “investors” or “limited partners” shall be used to refer to those vehicles’ underlying
investors.
Sycamore was formed in 2011 and its principal place of business is located in
New York, New York.
Its principal owner is Stefan Kaluzny.
Sycamore provides discretionary or non-discretionary advisory services to each of its Funds
pursuant to an advisory contract. As described more fully below, Sycamore’s general strategy is to
negotiate private equity investments for its Funds in middle market and large enterprise companies.
With limited exceptions, Sycamore’s investments are limited to private equity investments.
Each of the Funds is managed in accordance with its own investment guidelines.2 In certain
circumstances, these guidelines limit the concentration and geography of the Funds’ investments or
limit Sycamore’s investments in certain asset classes. Sycamore reserves the right to further tailor
its advisory services to the specific needs of a Fund as may be necessary, appropriate or negotiated
from time to time. Sycamore does not tailor its advisory services to the specific needs of individual
investors, though it will enter into side letters with certain Fund investors, as described below.
Sycamore does not participate in wrap fee programs.
As of December 31, 2023, Sycamore manages $12,897,929,165 of client assets on a discretionary
basis and $80,343,729 of client assets on a non-discretionary basis.