Global Leisure Capital Partners LLC (“GLCP”) is a Registered Investment Adviser with the Securities and Exchange Commission (“SEC”), together with its Relying Adviser, Bespoke Capital Partners LLC (the “Firm”).
The only Firm products offered to retail customers are interests in private funds. Interests in private funds are generally issued in the form of private securities offerings, which are conducted by an affiliated broker dealer. Interests in private funds are only offered to Qualified Purchasers (as defined by Section 2(a)(51) of the Investment Company Act). Free and simple tools are available to research firms and financial professionals, these are available at www.Investor.gov/CRS, which also provides educational materials about broker-dealers, investment advisers and investing.
“What investment services and advice can you provide me?”
The Firm offers investment advisory services to retail customers. These investment advisory services consist of: investigating, identifying and evaluating investment opportunities; structuring, negotiating and making investments on behalf of the Firm’s funds; managing and monitoring the performance of such investments regularly (at least monthly); and disposing of such investments. The Firm has discretionary authority over the private funds; this means that the Firm:
- determines in which investment(s) the funds should invest;
- actively manages the day to day business of the funds, including analysis of the underlying performance of the investments, periodic valuation of the funds, and monitoring of the investments; and
- takes actions including the recommendation to the funds to buy additional securities and/or sell investments.
Each fund typically makes primarily long-term equity and equity-related investments in a single portfolio company. The Firm does not make recommendations with respect to purchasing interests in private funds, the investor makes the ultimate decision regarding the purchase of interests issued in any private fund. The Firm does not participate in wrap fee programmes. Further information can be found here on the firm’s Form ADV https://reports.adviserinfo.sec.gov/reports/ADV/161570/PDF/161570.pdf
Conversation Starters – Ask your financial professional,
- Given my financial situation, should I choose an investment advisory service? Why or why not?
- How will you choose investments to recommend to me?
- What is your relevant experience, including your licenses, education and other qualifications? What do
these qualifications mean?
"What fees will I pay?"
Depending on the product and service provided, you will generally pay management fees, quarterly in advance, based on the size of your investment and performance-based fees based on a percentage of any proceeds distributable to you that are received by the relevant fund (after you have received a return of capital and a preferred return, subject to any other performance hurdles, as set out in the relevant fund documentation). Each fund bears all of its expenses or obligations and any other expenses or obligations incurred by the Firm or the fund’s general partner in connection with the fund, these expense costs will also impact the underlying value of your investment.
The Firm’s affiliated broker dealer, or other registered broker dealers, as appropriate, may receive transaction fees from a fund on the sale of an investment, such fees would be deducted from the total proceeds of any sale and would also impact the underlying value of your investment.
Additional information You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying. Please see link to the ADV Part 2A of GLCP for additional information on fees and expenses (Section 5). https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=614681
Conversation Starters – Ask your financial professional,
Help me understand how these fees and costs might affect my investments. If I give you $10,000 to invest, how much will go to fees and costs, and how much will be invested for me?
"What are your legal obligations to me when acting as my investment adviser? How else does your firm make money and what conflicts of interest do you have?"
When we act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because they can affect the investment advice we provide you. Here are some examples to help you understand what this means.
Conflicts may exist as retail investors may be charged more (pay more in fees) if they invest more money in a fund. The Firm may have an incentive to encourage a retail investor to increase the amount invested (size of the investment). Further, the Firm may be incentivized not to write off investments because doing so could reduce the amount upon which the management fees are charged. The Firm may also be incentivized to overvalue the Fund’s investments to increase the amount of any management fees. The fact that the Firm values fund assets pursuant to specific valuation policies and procedures as laid out in the Firm’s ADV, helps to mitigate these potential conflicts of interest.
The Firm has affiliates who are broker-dealers in the US and UK and have acted (and may in the future act) as the placement agent for funds in certain jurisdictions, or provide investment banking advisory services where required in relation to M&A opportunities or the eventual sale of a portfolio company of a fund. Fees, commissions and other compensation paid to these affiliated broker-dealers are generally believed by the Firm to be reasonable, such compensation is not, however, negotiated at arm’s length and from time to time may be in excess of fees, commissions or other compensation that would be charged for comparable services by an unaffiliated third party.
Additional information. Please see link to the Firm’s ADV Part 2A for additional details on other financial industry activities and affiliations (Item 10).
https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=614681
Conversation Starters – Ask your financial professional,
How might your conflicts of interest affect me and how will you address them?
"How do your financial professionals make money?"
Firm personnel are compensated through a combination of salary and year-end cash bonus in relation to the overall Firm profitability at year-end. Personnel may also participate in performance-based fees received by the Firm, depending on their involvement in the origination, establishment and ongoing management of a fund. Firm personnel may also be offered the opportunity to invest their own capital directly in the underlying funds on a preferential fee basis.
"Do you or your financial professionals have legal or disciplinary history?"
No.
Investors should visit www.investor.gov/CRS for a free and simple search tool to research the Firm and our financial professionals.
Conversation Starters – Ask your financial professional,
As a financial professional, do you have any disciplinary history? For what type of conduct?
Additional information: If you would like additional, up to date information or a copy of the most recent Form CRS contact (mark.harms@bespokecp.com, maja.spalevic@bespokecp.com and +44 20 7016 8050).
Conversation Starters – Ask your financial professional,
- Who is my primary contact person?
- Is he or she a representative of an investment adviser or broker-dealer?
- Who can I talk to if I have concerns about how this person is treating me?