Varde Partners Inc. stands as a prominent name in the investment management industry. To gain a deeper understanding of its operations and structure, public filings like the Form D submitted to the U.S. Securities and Exchange Commission (SEC) provide valuable insights. This analysis delves into a recent Form D filing to extract key information about Varde Partners Inc., offering a comprehensive overview for those interested in the company and the broader financial landscape.
Varde Partners Inc.: A Company Overview
Based on the SEC Form D, the issuer identified is VARDE INVESTMENT PARTNERS LP. However, the filing clarifies that Varde Partners Inc. plays a crucial role as the “Ultimate General Partner of the General Partner of the Issuer.” This intricate structure is typical in the world of private funds, where limited partnerships are often managed by general partners, who in turn may be overseen by an ultimate general partner. Varde Partners Inc., in this context, appears to be the entity at the apex of the management structure for VARDE INVESTMENT PARTNERS LP.
Company Structure and Legal Formation
VARDE INVESTMENT PARTNERS LP is registered as a Limited Partnership in Delaware. Delaware is a popular jurisdiction for business incorporation, especially for investment partnerships, due to its well-established corporate law and business-friendly environment. The filing indicates that the company was incorporated over five years ago, suggesting an established presence in the market.
To further clarify the organizational layers, the Form D lists several related entities:
- Varde Investment Partners G.P., L.P. – Identified as the “General Partner of the Issuer.”
- Varde Investment Partners UGP, LLC – Identified as the “General Partner of the General Partner of the Issuer.”
- Varde Partners, L.P. – Identified as the “Managing Member of the General Partner of the General Partner of the Issuer.”
- Varde Partners, Inc. – Identified as the “Ultimate General Partner of the General Partner of the Issuer.”
This layered structure signifies a complex but deliberate design, often employed for legal, regulatory, and operational reasons within investment firms. Varde Partners Inc., as the ultimate general partner, likely holds significant management and control responsibilities over the investment partnership.
Principal Place of Business and Contact Information
The principal place of business for VARDE INVESTMENT PARTNERS LP, and by extension, Varde Partners Inc., is located at 901 Marquette Avenue South, Suite 3300, Minneapolis, Minnesota, 55402. The listed phone number is 952-893-1554. This provides a clear point of contact for official communications and underscores Minneapolis as a key operational hub for Varde Partners Inc.
[Image of the “1. Issuer’s Identity” section from the original document]
Alt text: Issuer Identity section from SEC Form D filing showing VARDE INVESTMENT PARTNERS LP name, CIK number, entity type as Limited Partnership, jurisdiction Delaware, and incorporation date.
Industry Focus: Investment Management and Financial Services
The Form D clearly categorizes Varde Partners Inc. within the Banking & Financial Services industry group, specifically within Investing. Furthermore, it identifies the issuer as a Pooled Investment Fund, more precisely a Hedge Fund. While not explicitly marked, the options for “Private Equity Fund” and “Other Investment Fund” being left unchecked might suggest a primary focus on hedge fund strategies, or at least that this particular filing pertains to a hedge fund offering. This categorization is crucial for understanding the nature of Varde Partners Inc.’s business and the types of investment activities it undertakes.
Key People at Varde Partners Inc.
The Form D meticulously lists several individuals as Executive Officers related to Varde Partners Inc. These individuals are identified as “Principal of Varde Partners, Inc. (the Ultimate General Partner of the General Partner of the Issuer)”. This highlights the leadership team steering the operations. Key executive officers listed include:
- Andrew P. Lenk
- Marcia L. Page
- James E. Dunbar
- Rick J. Noel
- George G. Hicks
- Ilfryn C. Carstairs
- Elena Lieskovska
- Bradley P. Bauer
- Timothy J. Mooney
- Giuseppe Naglieri
- David A. Marple
- Brian C. Schmidt
- Jonathan A. Fox
- Scott T. Hartman
- Francisco Milone
- Haseeb K. Malik
- Carlos Sanz Esteve
- Aneek Mamik
[Image of the “3. Related Persons” section from the original document – first part showing Lenk, Page, Dunbar, Noel]
Alt text: Related Persons section from SEC Form D filing, part 1, listing executive officers Andrew P. Lenk, Marcia L. Page, James E. Dunbar, and Rick J. Noel, principals of Varde Partners Inc.
This extensive list of principals suggests a deep bench of leadership and expertise within Varde Partners Inc., indicative of a substantial and well-managed organization. It is important to note that Molly Mammen is also listed as signing the document as “Managing Director of the Ultimate GP of the Issuer,” further emphasizing the role of Varde Partners Inc.
Investment and Financial Details from Form D
The SEC Form D also provides essential details regarding the offering of securities by VARDE INVESTMENT PARTNERS LP, shedding light on the financial activities overseen by Varde Partners Inc.
Offering Details and Regulatory Exemptions
The filing indicates a Rule 506(b) exemption under Regulation D and Section 3(c)(7) exclusion under the Investment Company Act of 1940. These are common exemptions utilized by private funds. Rule 506(b) allows for private offerings to an unlimited number of accredited investors and up to 35 non-accredited investors, while Section 3(c)(7) exempts investment companies from registration if their securities are sold only to qualified purchasers. Choosing these exemptions suggests that Varde Partners Inc. is targeting sophisticated, high-net-worth investors and institutions.
The filing is marked as an Amendment, suggesting this is not the initial notice for this particular offering, and the Date of First Sale is listed as 2012-02-01. This long duration of offering, intended to last more than one year, is typical for pooled investment funds that continuously raise capital.
Investment Size and Investor Base
The minimum investment accepted from any outside investor is $100,000 USD. This relatively high minimum investment further reinforces the focus on accredited and sophisticated investors. The Form D reports a total of 153 investors already invested in the offering. This number, while not explicitly stated as the total number of investors in Varde Partners Inc. funds, gives an indication of a substantial investor base.
Offering Amount and Sales
The Total Offering Amount is marked as Indefinite, which is typical for open-ended funds that do not have a fixed cap on the amount of capital they intend to raise. The Total Amount Sold at the time of filing was $1,050,516,420 USD. This significant figure underscores the scale of assets under management and the capital-raising success of VARDE INVESTMENT PARTNERS LP, under the management of Varde Partners Inc. The Total Remaining to be Sold is also marked as Indefinite, consistent with the open-ended nature of the offering.
[Image of the “13. Offering and Sales Amounts” section from the original document]
Alt text: Offering and Sales Amounts section from SEC Form D showing indefinite total offering amount, over one billion USD total amount sold, and indefinite remaining amount to be sold.
Conclusion
The SEC Form D filing provides a detailed snapshot into the structure, key personnel, and financial activities related to Varde Partners Inc., operating as the Ultimate General Partner for VARDE INVESTMENT PARTNERS LP. The information gleaned from this regulatory document paints a picture of a well-established, sophisticated investment management firm focused on pooled investment vehicles, likely within the hedge fund space. The firm targets accredited and qualified purchasers, manages a substantial amount of capital, and is led by a deep and experienced team of executives. For investors, partners, and those interested in the financial industry, SEC filings like Form D are invaluable resources for understanding the operations and profile of companies like Varde Partners Inc.
