Venor Capital Management LP (“we,” “us,” “our,” or “our firm”), a Delaware limited partnership founded
in July 2005, is an investment advisory firm with its principal place of business in New York, New York.
Venor Capital Management GP LLC, a Delaware limited liability company, is the general partner of our
firm. Jeffrey A. Bersh and Michael J. Wartell are the co-founders and Co-Chief Investment Officers of our
firm and the co-founders and co-managing members of Venor Capital Management GP LLC and each of
the following entities (each a “General Partner” and collectively, the “General Partners”):
Venor Capital GP LLC, a Delaware limited liability company that serves as the general partner
of certain of our clients;
Venor Special Situations GP LLC, a Delaware limited liability company that serves as the
general partner of certain of our clients;
Venor Trevithick GP LLC, a Delaware limited liability company that serves as the general
partner of one of our clients; and
Venor Raven Holdings GP LLC, a Delaware limited liability company that serves as the
general partner to one of our clients.
In addition, Mr. Bersh and Mr. Wartell each own greater than 25% of each of the foregoing entities as well
as our firm. As such, Mr. Bersh and Mr. Wartell control our firm.
Our firm provides investment advisory services to the following private funds:
Venor Capital Master Fund Ltd., which is structured as a master-feeder fund and which
(together with its feeder funds) we refer to in this brochure as our “flagship fund” and through
which we advise its feeder funds;
Venor Special Situations Fund II LP, which is structured as a master-feeder fund and which
(together with its feeder fund) we refer to in this brochure as our “special situations fund” and
through which we advise its feeder fund;
Raven Holdings, L.P., which we refer to in this brochure as our “special purpose client fund”;
Trevithick LP, which we refer to in this brochure as our “fund-of-one”; and
Raven Holdings II, L.P., which we refer to in this brochure as our “custom client fund.”
In addition, our firm provides investment advisory services to
a separately managed account and sub-
advises a private fund through a separately managed account arrangement. We refer to these arrangements
in this brochure as our “managed accounts.”
Going forward, our firm is no longer accepting new clients or new investors into any of the private funds. In
addition, we are in the process of liquidating our existing clients and funds.
References throughout this document to “clients” or “client funds” refer to the foregoing private funds and
managed accounts, as well as any investment vehicles that we may advise in the future. In addition,
references herein to “investors” refers to the advisers of the managed accounts and investors in our other
client accounts, as applicable.
In providing advisory services, we formulate the investment objective for each client, direct and manage
the investment and reinvestment of each client’s assets.
Our firm tailors our advisory services to each client’s needs and investment mandates as disclosed in each
client’s offering documents, governing documents or investment management agreement (collectively, the
“Governing Documents”). While much of this brochure applies to all our clients, certain information
included herein applies to specific clients only. Thus, it is crucial for any investor or prospective investor
in a private fund client or any client or prospective client to closely review the applicable Governing
Documents with respect to, among other things, the terms, conditions, and risks of investing. While
restrictions on the types of securities in which we invest for our clients vary from client to client as disclosed
in each client’s Governing Documents, generally neither clients nor investors of our clients may impose
restrictions on investment in certain securities or types of securities. We describe the investment strategies
our firm employs on behalf of our clients in greater detail below in Item 8.
Our firm does not participate in wrap fee programs.
As of December 31, 2023, our firm managed $439,493,920 of regulatory assets under management on a
discretionary basis and did not manage any client assets on a non-discretionary basis.