- Athens Capital Management, LLC (ACM) is the firm’s investment advisor and Fund’s General Partner.
- Firm originally established in 2002 as an investment vehicle for the managing member’s family. A majority of the managing member’s family’s net worth is invested in Athens funds.
- The firm has approximately $127 million in assets under management allocated between 2 funds.
- The firm’s main portfolio, Athens Steady Return Fund, LP (ASRF), also launched in 2002, has approximately $82 million in assets under management.
- The firm also manages Athens Venture Partners, LLC (AVP) which launched in 2005 as a private equity/venture capital fund of funds. AVP has approximately $45 million in assets under management.
- Athens Steady Return Fund, LP (ASRF)
- Multi-Strategy portfolio with a majority of its assets allocated to large established institutional managers as well as an allocation to smaller niche-oriented hedge funds.
- ASRF is highly diversified across asset classes, market sectors, and industries, with a very low correlation to the broader markets.
- The Fund applies multiple strategies including long/short equity, debt, asset-backed, real estate, commodities, distressed, private equity, and global macro.
- Low volatility is achieved through manager selection and allocation weighting.
- Athens Venture Partners, LLC (AVP)
- Private Equity/Venture Capital Fund of Funds.
- AVP has 45 million in assets under management (including 20 million from ASRF) invested in 8 different private equity/venture capital funds.
- Various industry mix including real estate, hospitality, aerospace, mobile energy technology, senior assisted living centers, and digital payment technology.
- Diversified portfolio across funds managed by skilled specialists in specific sectors, markets or styles
- Larger allocation to funds with higher conviction
- Low volatility core positions
- Avoid material drawdowns
- Preserve capital in tougher markets
Ongoing evaluation of managers and their strategies focused on:
- Risk assessment and quality control.
- Market categories that are inefficient or undervalued.
Manager due diligence to identify the best institutional funds in various market categories – highly selective:
- Proprietary evaluation of factors impacting manager performance
- Underlying manager interests are aligned with Athens, (i.e. they have a large investment in the fund alongside ours)
Asset allocation policy based on fund objectives and risk tolerance:
- Allocation driven by due diligence process
- Strong emphasis on fundamental value funds
Continuous monitoring of managers:
- Extensive transparency to ensure adherence to stated strategy
- We know and understand what our managers are invested in
- Prospective managers prioritized for potential inclusion
Our ideal manager:
- Excellent investing pedigree with depth in area of focus
- Identifiable, measurable factors influencing track record
- Disciplined AUM growth
- Exposure management
- High transparency of underlying funds
- Favor low leverage managers
- Core portfolio: low volatility managers
- Ongoing sensitivity analysis to monitor macro factor exposure
- Experienced management team with over 100 years of combined alternative investment portfolio and management experience
- Compelling strategy in the face of increased market efficiency
- Low correlation to other alternative investment programs and broad markets
- Access to closed funds and negotiated capacity
- Unique network of industry contacts provides sourcing edge
- Ability to participate in co-investment opportunities
- Due diligence work performed by Athens saves investors time and money from having to do the work themselves
Founded: September 2002
Organization: Delaware Limited Partnership, 3(c)1
Minimum Investment : $2,000,000
Management Fee: 1.25%
Performance Fee : 0%
Lock-up Period: 90 days
Redemptions: Quarterly, with 90-day Notice