• 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
Subscriptions: Monthly
Redemptions: Quarterly, with 90-day Notice