James River Capital Corp., a Delaware corporation which we will refer to as “James River,”
began operation in April 1986 under the name of KP Futures Management Corp. and served
as the alternative investment department of Kidder, Peabody & Co., Inc. (“Kidder”). James
River became an independent investment firm in 1995 when Paul Saunders and Kevin
Brandt, the two senior officers in the department, acquired the business from Kidder. James
River has been operating as an independent investment adviser under its current name since
January 1995. Effective on or about the date of this filing, Kevin Brandt is no longer a
principal of James River and Paul Saunders is the sole owner of James River.
James River provides investment management services on a discretionary basis to private
pooled investment vehicles to high net worth, financially sophisticated institutional and
individual investors. At this time James River serves as the investment manager through the
following private funds: James River Multi Strategy Fund Ltd., a Cayman Limited fund (the
“Multi Strategy”), Turbo Multi Strategy II Ltd, a Cayman Limited fund (the “Turbo Master”),
and Turbo Multi Strategy LLC, a Delaware Limited Liability Company (the “Turbo Onshore”).
In this brochure we refer to the funds offered to outside investors and for which James River
provides advisory services as the “Funds” collectively, and each, a “Fund.” Funds that only
trade futures contracts or other non-securities or for which James River provides no
advisory services are not described herein.
The Funds fall into several categories that are described immediately below. For additional
detail on the strategies and material risks of the Funds, see Item 8 of this brochure, entitled
“Methods of Analysis, Investment Strategies and Risk of Loss.”
Multi-Strategy Funds of Funds: In this brochure, the term “Multi-Strategy Funds
of Funds”
refers to Turbo Multi-Strategy LLC and Turbo Multi Strategy II Ltd. (collectively, the “Turbo
Funds”) as well as James River Multi-Strategy Fund Ltd. Turbo Multi-Strategy LLC pursues
its strategy indirectly by investing all or substantially all of its assets in Turbo Multi Strategy
II Ltd., a Cayman Islands exempted company. Turbo Multi Strategy II Ltd. in turn enters into
derivative trades for which the return is tied to the performance of James River Multi-
Strategy Fund Ltd., a multi-strategy fund of funds.
With respect to James River Multi-Strategy Fund Ltd., James River allocates assets to multiple
investment advisers and/or investment funds, which in turn trade in securities and
derivatives. In this brochure we refer to these investment advisers as “Sub-Fund Managers”
and the investment funds managed, advised, sponsored, and/or serviced by the Sub-Fund
Managers as “Sub-Funds.” In selecting Sub-Funds and Sub-Fund Managers, James River
considers a variety of factors, including past performance, diversification characteristics,
amount of assets under management, overall integrity and reputation, and fees charged.
James River’s sources for identifying prospective Sub-Funds and Sub-Fund Managers include
referrals from other Sub-Fund Managers, consultants, brokers, and investors, other industry
relationships, articles and publications, and related due diligence. Sub-Fund Managers may
employ all types of trading strategies including, but not limited to, relational and arbitrage
trading, basis trading, spread trading, municipal securities investing, directional trading,
short-selling, derivatives trading, relative value trading and speculative lending.
We do not currently participate any Wrap Fee Programs.
As of December 31, 2022, James River has approximately $473,055,094 in discretionary
Regulatory Assets Under Management (“RAUM”).