Document Progress: Yarra Square Partners 4Q2023 - Investor

Section 01 / Overview & Model

Executive Summary & Targets

Target Vehicle Yarra Square LP

Sponsor / GP Yarra Square Partners LP

GP Classification Emerging

Emerging Status Emerging Manager

account_balance Fund Terms & Fee Structure

Target Fund Size N/A

Hard Cap N/A

Management Fee 1%

Carried Interest 10%

GP Commitment N/A

Hurdle Rate N/A

show_chart Target Economics & Fund Model

Gross vs Net IRR -% Gross / -% Net

Gross vs Net MOIC -x Gross / -x Net

Model Assumptions & Footnotes

• Typically one to three years holding period for long investments
• Tactical duration of six months to two years for short investments
• Guideline net exposure of ~ 25-75%
• Gross exposure of ~ 120% to 170% of AUM

Section 02 / Leadership

GP Team & Core Principals

V

Victor Ho Founder and Chief Investment Officer

J

Jonathan Pines Managing Director

C

Christopher Noelcke Managing Director

M

Michael Herring Chief Financial Officer & Chief Compliance Officer

Section 03 / Strategy & Focus

Deployment & Portfolio Construction

explore Investment Strategy Focus

Primary Asset Class Hedge fund / public equities

Target Industry Sectors

Generalist Financial services

Target Geographies

United states Developed markets Global

pie_chart Portfolio Construction

Target Deals N/A

Target Ownership N/A

Follow-On Reserve N/A

Lead Status Flexible

Initial Check Size N/A USD

Section 04 / Track Record

GP Prior Performance & Case Studies

history Prior Vehicles Performance

Vehicle	Vintage	Fund Size	Gross IRR	Gross MOIC
Sutton Square Partners Fund, L.P.	2016	N/A	-	-

lightbulb Strategic Case Studies

No case studies discovered.

Section 05 / Pipeline

Seed Assets & Warehoused Pipeline

Entry Valuation N/A

Section 06 / Analyst Disclosures

Narratives & Legal Framework

description Analyst Slides Narratives

Investment Strategy, Philosophy, and Value Creation

"Yarra Square Partners employs a concentrated long/short equity strategy targeting the intersection of multi-year investment horizons and corporate situations undergoing complex, structural change. Led by CIO Victor Ho, the firm leverages exhaustive bottom-up research and a 'Socratic' investment process to generate absolute returns, supported by over $20 million in internal capital and strategic seeding from Tiger Management."

Key Claims

• Experienced leadership with CIO Victor Ho bringing over 20 years of experience across private equity (Castle Harlan), event-driven (Och-Ziff), and growth/GARP (Conatus Capital) frameworks.
• Significant general partner alignment with over $20 million of internal capital invested, representing the majority of the founder's liquid net worth.
• Highly concentrated portfolio structure typically holding 15-20 longs (top 5 representing 35-45% of AUM) and 20-30 shorts, with strict risk parameters limiting maximum long exposure to 15% per company.
• Independent sourcing and low peer overlap, with top 5 longs averaging only 12 sell-side analysts of coverage compared to the S&P 500 average of 21.
• Repeatable investment process utilizing a 'Socratic Pitch' and explicit 'Bias Checks' to mitigate commitment bias and challenge investment theses.
• Dual-catalyst thematic focus on Long Compounders/Discontinuous Change and 'Alpha Shorts' targeting bubbles and cyclicals with tactical durations of six months to two years.
• Demonstrated historical downside protection, evidenced by a -7% return in Q1 2020 compared to the S&P 500's -20% decline.
• Backed by committed, long-term capital from industry pioneers Julian Robertson (Tiger Management L.L.C.) and Ken Brody.

auto_stories Cover Page Details

Fund Name Yarra Square Master Fund LP

Management Company Yarra Square Partners LP

Fund Series I

Vintage Year 2023

gavel Legal & Disclaimers

Legal Fund Name Yarra Square LP

Legal Adviser Name Yarra Square Partners LP

Domicile Delaware

Regulatory Exemptions

None found