Värde  Management,  L.P.  (“VMLP”)  is  the  registered  investment  adviser  in  the  broader  Värde 
organization (“Värde” or the “Firm”), a global alternative investment firm. In addition to VMLP, 
the  Firm  provides  advisory  services  through  affiliated  relying  adviser  entities,  including 
MPowered  Capital,  LLC  (“MPowered”).  Värde  was  founded  in  1993  and  operates  with  major 
offices in Minneapolis, London, Singapore and New York. 
The Firm is managed by a group of senior professionals, including sixteen partners: Bradley P. 
Bauer, Ilfryn C. Carstairs, James E. Dunbar, Carlos Sanz Esteve, Shannon R. Gallagher, George 
G. Hicks, Anthony C. Iannazzo, Andrew P. Lenk, Haseeb K. Malik, Andrew C. Malone, Aneek S. 
Mamik, David A. Marple, Francisco Milone, Timothy J. Mooney, Giuseppe Naglieri, and Marcia 
L. Page (the “Principals”). The Principals own 100% of the Firm.  
The Firm sponsors and manages a family of private investment funds (the “Private Funds”). A 
related entity of the Firm generally acts as the general partner of each Private Fund. VMLP serves 
as the investment manager for all Private Funds other than certain Private Funds that invest in 
Diverse Talent (as defined below) and are managed by MPowered. 
The Firm currently categorizes the Private Funds into two primary categories: “closed-end funds” 
and “evergreen funds.” The closed-end funds are typically structured to raise capital and then close 
to new investors and have a stated investment period. Generally, the evergreen funds do not have 
a defined investment period, and permit  investors to make subscriptions and redemptions on a 
periodic basis. In addition, the Firm from time to time forms Private Funds that are co-investment 
vehicles designed to participate in particular investments or opportunities alongside one or more 
other  Private  Funds.  The  terms  of  such  co-investment  vehicles,  including  but  not  limited  to 
permitted investments, fees and governance, are negotiated between the Firm and the participating 
Co-Investors (as defined herein). The section titled “Methods of Analysis, Investment Strategies 
and Risk of Loss” (Item 8 below) includes additional disclosure related to co-investments.   
The  Firm  also  offers  advisory  services
                                        
                                        
                                              to  managed  accounts  (the  “Managed  Accounts”  and, 
together with the Private Funds, “Clients”). Such Managed Accounts have customized mandates 
and participate in investments or opportunities that fit such mandates alongside one or more of the 
Private Funds. Such Managed Accounts have certain terms that differ from the terms of the Private 
Funds,  including  but  not  limited  to  permitted  investments,  fees,  governance,  liquidity  rights, 
transparency rights and/or termination rights.  
The  Firm’s  advisory  services  primarily  consist  of  (i)  investigating,  identifying  and  evaluating 
investment opportunities; (ii) structuring, negotiating and making investments on behalf of Clients; 
(iii)  managing  and  monitoring  the  performance  of  such  investments;  and  (iv)  exiting  such 
investments on behalf of Clients. The Firm’s advisory services to each Client are subject to the 
specific  investment  objectives  and  restrictions  set  forth  in  the  limited  partnership  agreement, 
confidential  private  placement  memorandum,  investment  management  agreement,  subscription 
materials and/or other governing documents (collectively, the “Account Documents”) applicable 
to such Client. Each Managed Account Client, as well as investors and prospective investors in 
each Private Fund, should refer to the Account Documents of the applicable Client for complete 
information  regarding  the  investment  objectives,  investment  restrictions  and  other  information 
with respect to such Client.  
In accordance with common industry practice, one or more of the Private Funds’ general partners 
enter into “side letters” or similar agreements with certain investors pursuant to which the general 
partner grants the investor specific rights, benefits and/or privileges that are not made generally 
available to other investors. Except as otherwise required by law, rule or regulation, these side 
letters or similar agreements generally  are disclosed only to investors in the applicable Private 
Fund that have the right to review such side letters or similar agreements or pursuant to a “most 
favored nations” provision. 
As of December 31, 2023, the Firm’s Regulatory Assets Under Management (as defined in Form 
ADV Part 1) are $18.09 billion.