Firm Description 
Founded in 2004, Linden Manager LLC d/b/a Linden Capital Partners and Linden LLC, together 
with its fund general partner entities, is a Chicago-based private equity firm focused on investing in 
and operating middle market healthcare businesses.  A dedicated healthcare adviser, Linden Manager 
LLC (referred to herein as “Adviser”, the “Firm” or “Linden”) makes investments across two broad 
strategies:  private equity buyout, which invests in middle market healthcare businesses, and structured 
capital, which invests in senior equity and junior debt securities typically issued by established middle 
market healthcare businesses.  There can be more focused strategies under these broad umbrellas.  
Linden serves as the investment manager for, and provides discretionary investment advisory services 
to, private funds, including (i) private equity funds; (ii) an overage fund that invests alongside a main 
private equity fund and its parallel fund (the “Co-Investment Fund” and together with the private 
equity funds and Opportunities Fund (defined below), the “PE Funds”); (ii) structured capital funds 
(the “SC Funds”); (iii) single purpose vehicles formed to invest alongside a Fund in a single portfolio 
company (the “SPVs”); (v) an executive fund and employee fund (the “Executive Funds”); and (vi) a 
continuation vehicle (the “Opportunities Fund”, and collectively with the PE Funds, the SC Funds, 
the SPVs and the Executive Funds, the “Funds”, unless the context otherwise requires).  In addition, 
in certain circumstances, as more fully described in Item 7 below, the Firm permits certain investors 
and third parties to co-invest directly into a portfolio company.  Unlike the SPVs mentioned above, 
such direct co-investments are not considered Funds or clients of Linden. 
Each Linden Fund is managed by a general partner ( “General Partner”) which has the authority to 
make investment decisions on behalf of such Funds.  These General Partners are deemed registered 
under the Investment Advisers Act of 1940, as amended, (the “Advisers Act”) pursuant to Linden’s 
registration in accordance with SEC guidance.  The applicable General Partner of each Fund retains 
investment discretion and investors in the Funds do not participate in the control or management of 
the Funds.  While the General Partners maintain ultimate authority over the respective Funds, Linden 
has been designated the role of investment manager of the Funds.  For more information regarding 
the Funds and General Partners, please see Linden’s Form ADV Part 1, Schedule D, Section 7.A. and 
7.(B).1. 
Linden’s  PE  Funds  focus  on  purchasing  privately  held  businesses,  non-core  businesses  of  large 
corporations and publicly traded companies.  Linden’s SC Funds focus on investing in senior equity 
and junior debt securities typically in established middle market healthcare businesses controlled by 
private  equity  funds  (including  investments  in  Linden  PE  Fund  portfolio  companies),  owner-
operators, or are publicly held.  For privately held portfolio opportunities in the equity space, the Firm 
looks for investments where it believes it is able to assist in the development of the organization by 
exploiting value creation opportunities and emphasizing human capital to support the organization’s 
strategic plans.  Linden’s strategy includes a proprietary ownership and governance model known as 
the  value  creation  program,  which  is  adapted  specifically  for  private  companies  and  leverages  the 
Firm’s highly experienced team of both investment professionals and experienced industry executives 
(“Operating  Partners”)  to  identify  value  creation  opportunities  pre-closing  and  seek  to  implement 
these initiatives during Linden’s ownership period.   
Linden  provides  investment  advisory  services  as  a  private  equity  manager  to  its  Funds.    Linden’s 
investment  advisory  services  to  the  Funds  consist  of  identifying  and  evaluating  investment 
opportunities,  negotiating  and  structuring  the  terms  of  investments,  managing  and  monitoring
                                        
                                        
                                             
investments and ultimately achieving dispositions of such investments.  Each portfolio company has 
its own independent management team responsible for managing its day-to-day operations, although 
senior  principals,  other  Adviser  personnel,  Operating  Partners  and/or  third  parties  appointed  by 
Linden generally serve on the boards of directors of the portfolio companies, including as an observer, 
or otherwise act to influence control over management of portfolio companies held by the Funds.  In 
addition, for most PE Fund portfolio companies, Linden will more directly influence the day-to-day 
management  of  the  portfolio  company  by  recruiting  and  installing  certain  individuals  in  various 
leadership roles, such as chief executive officer, chief operating officer, chief financial officer or in 
other  roles.    Investments  are  made  predominantly  in  nonpublic  companies  and  across  the  capital 
structure, although the Funds are permitted, and have on occasion, held public securities.    
Linden does not tailor its advisory services to the individual needs of investors in its Funds; the Firm’s 
investment advice and authority for each Fund is tailored to the investment objectives of that Fund.  
These Fund objectives are described in and governed by the private placement memorandum, limited 
partnership  agreement,  investment  advisory  agreements,  subscription  documents,  side  letters  and 
other  governing  documents  of  the  relevant  Fund  (collectively,  “Governing  Documents”)  and 
investors  determine  the  suitability  of  an  investment  in  a  Fund  based  on,  among  other  things,  the 
Governing  Documents.    The  Firm  does  not  seek  or  require  investor  approval  regarding  each 
investment decision.   
Fund  investors  generally  cannot  impose  restrictions  on  investing  in  certain  securities  or  types  of 
securities.  Investors in Funds participate in the overall investment program for the applicable Fund 
and generally cannot be excused from a particular investment except in certain circumstances pursuant 
to the terms of the applicable Governing Documents.  In accordance with industry common practice, 
Linden has entered into side letters or similar agreements with certain investors that have the effect 
of establishing rights under, or altering or supplementing, a Fund’s Governing Documents.  Examples 
of side letter rights entered into include, but are not limited to, provisions whereby investors have 
expressed an interest in participating in co-investment opportunities, certain notification provisions, 
reporting requirements, tax related requirements, confidentiality, fees, use of alternative investment 
vehicles, excuse rights, distributions in kind, legal requirements, advisory committee representation 
and  “most  favored  nations”  provisions.    These  rights,  benefits  or  privileges  are  not  always  made 
available  to  all  investors,  consistent  with  general  market  practice  and  the  Governing  Documents.  
Commencing in September 2024, Linden will make required disclosure of certain side letters to all 
investors (and in certain cases, to prospective investors) in accordance with the new Private Fund 
Rule.  Side letters are negotiated when the relevant investor’s subscription documents are executed 
and, once invested in a Fund, investors generally cannot impose additional investment guidelines or 
restrictions on such Fund.  There can be no assurance that the side letter rights granted to one or 
more investors will not in certain cases disadvantage other investors.     
Linden does not participate in wrap fee programs. 
As of the December 31, 2023, Linden managed approximately $7.945 billion in regulatory assets under 
management, all of which are managed on a discretionary basis.  Linden does not manage any assets 
on a non-discretionary basis.   
Principal Owners/Ownership Structure  
Linden Manager LLC is owned by Anthony Davis and Brian Miller.  For more information about the 
owners and executive officers of Linden, please see Linden’s Form ADV Part 1, Schedule A.