Overview
A. The Firm: Reciprocal Capital
Alfacap LLC d/b/a Reciprocal Capital (“Reciprocal Capital,” “us,” or “we”) is a New York,
limited liability company formed on August 24, 2014 and is wholly-owned by Michael B.
Alfano.
B. Advisory Services Offered
Reciprocal Capital provides investment advice to institutional asset managers, alternative asset
managers, corporations, and family offices. Reciprocal Capital through research and analysis will
identify private secondary opportunities. Once a potential opportunity is identified, Reciprocal
Capital presents the opportunity to its clients or potential clients (together, “Client”). If the
Client determines the investment is suitable, the Client and Reciprocal Capital execute an
agreement with respect to the proposed transaction. The Client and Reciprocal under the same
terms, individually in their own capacity, will complete the transaction. Reciprocal Capital will
provide on-going due diligence and monitoring, and will provide investment advice to the Client
relating to the transaction/investment. In some situations, as part of the transaction,
Reciprocal
Capital may participate or serve on the Advisory Board.
Please See Item 7 (Types of Clients), and Item 8 (Methods of Analysis, Investment Strategies
and Risk of Loss)
C. Tailored Advice and Investment Restrictions
Reciprocal Capital identifies private secondary opportunities and provides its clients with
investment advice related thereto. In most instances, Reciprocal Capital does not have discretion,
trading authority, or power of attorney for client accounts. In those instances where Reciprocal
Capital does have discretion, trading authority, or power of attorney for a client account, such
authority is restricted to a narrow set of allowed activities dictated by such client in relation to
the execution and management of a specific transaction. In either instance, clients have sole
discretion to determine whether or not a transaction is suitable.
D. Wrap Fee Program
Not Applicable
E. Assets Under Management
As of December 31, 2023, Reciprocal Capital has seven clients and has $139,141,004 in
regulatory assets under management (“RAUM”).