MENU CLOSE Ulysses Management LLC Ulysses Management LLC is a diversified investment firm led by Joshua Nash with over $1 billion in capital under management. We follow a variety of investment strategies in pursuit of superior investment results over the long term. The majority of the capital we manage belongs to our General Partners and their families, creating an uncommonly close alignment of interests in our investments with founders, entrepreneurs and management teams. Who We Are Public Markets Hedge Fund & Managed Account Real Estate Private Equity Founded over 20 years ago and managed by Joshua Nash, Ulysses is the successor firm to Odyssey Partners, LP, where Mr. Nash was a general partner. Odyssey Partners LP, was the pioneering Investment Partnership formed in 1982 by Jack Nash and Leon Levy. Odyssey was an innovator in the public, private, and alternative investment markets and made some of the earliest private equity investments almost 40 years ago when they were known as "boot strap" investments. This tradition of investment innovation continues within the Ulysses investment areas. Guiding Principles Long-Term Investors We are Long-Term Investors. We build conviction by having a firm understanding of a company’s "reason to exist." We are attracted to businesses with defensible, proven business models, enduring free cash flow, motivated management teams, and deep customer relationships. A central corollary to this philosophy is the avoidance of excessive borrowing or financial engineering to generate high-risk equity returns. Partnership We believe strongly in the benefits of partnership. We often deploy our capital alongside other like-minded investors, believing in the wisdom of multiple perspectives and the resiliency derived from additional human and capital resources. Business Building The power of compounding and thus longer term investment horizons is critical to our investment philosophy. This allows us to focus on real company building rather than financial engineering or quick flips. As a result, we prefer to measure our success in terms of return on invested capital rather than only internal rates of return. Operational Focus An operational focus is critical to creating sustainable value in businesses. We routinely rely on a network of operating executives to develop proprietary insights into our investment opportunities. Through many years of experience building businesses and our ability to draw on the talents and knowledge of our operating executives, we can help companies enhance their core advantages and transcend their historical limitations. Alignment of Interests Ulysses is an unusual investment firm in that our General Partners and their families have contributed the majority of our capital under management and it represents a meaningful portion of their net worth; we subscribe to the notion of "eating your own cooking." We have the ability to hold investments as long as we are the logical owner; there is no artificial or external pressure caused by fundraising cycles. Value Creation We work in close partnership with exceptional management teams and provide capital, vision, and operating resources to help build and strengthen the companies in which we invest. We are particularly focused on adding greater intelligence to the companies we invest in, which we define as (1) creating a data-driven culture; and (2) increasing the technology quotient of our products and services to improve the customer experience. Investment Strategies 01 Public Markets Our investing process is rooted in rigorous fundamental analysis with focus on valuation, barriers to entry, long-term sustainability of business model, sound financial structure, and a strong management team. Our discipline seeks to identify companies that we believe may be mispriced or undervalued by the market and which our research supports the potential for exceptional earnings, revenue, and/or asset growth. We also seek opportunities in emergent trends, disruptors, or turnaround situations and look to identify a proper inflection point in development for timely investment to capitalize in the growth trajectory as it accelerates. We employ strict risk control through asset allocation and derivatives where appropriate. Our investments are primarily in, but not limited to, US public markets. Investment Team Joanne Whittier Managing Director of Trading Adam Hurwich Senior Portfolio Manager Sam Steinman Senior Portfolio Manager 02 Hedge Fund & Managed Account The goal of the Ulysses Hedge Fund/Managed Accounts group is to manage capital and exposure utilizing hedge fund and other investment strategies. We endeavor to generate superior long-term returns with less risk than the market at large. First and foremost, we are fundamental investors with a hunger to succeed focused primarily on long-term capital appreciation. We seek to achieve this objective by investing in a portfolio of investment partnerships, managed accounts, and other investment vehicles that employ a variety of investment styles and strategies. Over time, we have sought to assemble and maintain a strategically diversified portfolio that, in the aggregate, is relatively balanced. We prioritize obtaining equity rates of return with reduced risk. Our investments are not limited by geographic parameters. We seek managers investing in geographic areas that best suit their particular style, knowledge base, and skill set. Above all, we believe in investing in the people behind the opportunity. We seek to align ourselves with strong managers who possess a proven track record and specific expertise in a given area. As such, each opportunity is rigorously vetted to evaluate compatibility of the management team with our investment philosophy and existing portfolio. We endeavor to identify investment opportunities across the market capitalization spectrum that offer risk- adjusted returns and will enhance our portfolio as a whole. Investment Team Ken Danczewski Senior Vice President 03 Real Estate We believe that significant opportunities exist to acquire undervalued or mismanaged real estate assets or real estate that is under-performing due to inefficient ownership, as well as to develop or rehabilitate real estate product to meet demand in certain markets with attractive risk-adjusted returns. Ulysses has been able to successfully pursue this approach by focusing on three guiding investment philosophies: investment quality, value creation, and timing. First, we feel that, over time, investment in quality properties in core, high-growth markets with supply constraints will produce superior returns. Second, we believe in value creation and that the willingness to assume an acceptable degree of risk to create a new product or to enhance an existing product is often rewarded with significant returns. Finally, we regard timing as a crucial element to any investment, as real estate is a cyclical industry, with windows of opportunity in which to buy, develop, hold, or sell investments. Such cyclical timing is both market and product specific, and is impacted by both real estate fundamentals (supply and demand), and capital market ebbs and flows. While the nature of opportunities may change over time, we believe we can produce excellent real estate returns through all phases of real estate cycles. The real estate investing philosophies outlined above are implemented using the following strategies: Market Research and Timing We focus on asset types and geographic regions to identify broad areas of opportunity, and then begin developing specific investment strategies to take advantage of these opportunities. By anticipating changes in market conditions, we strive to gain a competitive advantage in acquiring and developing assets and formulating attractive exit strategies. Local Entrepreneur Network Over time, we have cultivated relationships with an extensive network of local entrepreneurs throughout the nation who assist us in locating, pursuing, and investing in opportunities, often before they are widely marketed. We benefit from the management expertise and, in certain cases, the significant infrastructures of our operating partners. Through these affiliations, we are able to position and control opportunities on attractive terms and take advantage of local entrepreneurs’ extensive knowledge of local market conditions. We also believe that local knowledge and management can add significant value and generally seek to align our local entrepreneurs’ interests with our own by requiring them to invest alongside us, rather than simply participating in the profit of the project. Investment Team Adam Brodbar Managing Director of Real Estate Capitalizing on Market Inefficiencies We believe that we are able to identify market inefficiencies which create the potential for significant appreciation, such as inefficiency in the relative pricing of prime versus commodity properties. We believe that capital strategically deployed into prime assets should earn above-average returns. Real Estate Expertise We apply the extensive real estate expertise of our principals to formulate strategies that maximize the value of its real estate investments and to become as involved in the management of such investments as necessary to implement those strategies. Ulysses has the capacity in-house to oversee the management and repositioning of real estate assets, the ability to implement capital market strategies and, ultimately, the expertise to execute strategies for the disposition of assets. Co-investment We have co-invested with other major equity investors in order to share risk in larger transactions. Our intent is to implement this strategy in the future, should we or another equity source generate an opportunity in which we might otherwise be unable to participate due to investment concentration considerations. Typical Size of Investment $5 million to $15 million, but can be higher or lower depending on the specifics of the situation Product Types Focused on the traditional real estate product types, including multi-family, office, hotel, and industrial, but will consider all product types Target Returns Value-add and opportunistic Typical Holding Period Three to seven years Geography Primarily US 04 Private Equity Our private equity group has a broad and flexible investment mandate to pursue attractive opportunities as a sponsor, co-investor, or limited partner. We invest in profitable, well-established companies with tangible competitive advantages. Our investment philosophy is to seek out opportunities born through change – change created by fundamental industry trends, economic cycles, technology, or specific company circumstances. Frequently, our investment serves as a catalyst to manage the transition from founder/entrepreneur leadership to a professional management team. As a sponsor, we seek to partner with management to drive expanded market presence, improved profitability, enhanced capabilities through technology, and a steepened growth trajectory in our portfolio companies. We invest across a broad range of industries and geographies. Our goal is to help management teams build long-term value that benefits all stakeholders. We structure our private equity investments based on each company’s circumstances and generally seek to invest in established businesses, typically requiring equity capital of between $10 and $50 million. For larger transactions, we have co-invested in partnership with other family offices or like-minded sponsors. Investment Team Paul D. Barnett Senior Managing Director Toby Rando Managing Director Sanjeev Thakrar Senior Vice President Stephen Clough Senior Operating Executive Fred Thiel Senior Operating Executive Niraj Patel Senior Operating Executive Roman Molino Dunn Senior Operating Executive Portfolio Investment Criteria Team Bios Artisanal Brewing Ventures Top-10 US craft alcoholic beverage company, with a leading portfolio of beer, spirits, cider, and FMB brands. Antares Audio Technologies Leading developer of music software and vocal processing technology, including the Auto-Tune™ brand family of plug-ins. Cannamedical Leading EU provider of pain management pharmaceuticals, including branded prescription medical cannabis. Communications Capital Group LLC Aggregator and manager of long term ground leases beneath cellular towers and rooftop antennas. (Exited.) Community National Bank Community bank serving commercial and individual clients in Long Island, New York. (Exited.) Electric Guard Dog Largest owner/operator of monitored electric security fences in the US, protecting untitled outdoor property from theft and vandalism. (Exited.) Fidelis Bermuda-based specialty insurance and reinsurance provider led by Chairman & CEO Richard Brindle. Ice House America Leading manufacturer and franchisor of ice vending machines in the United States. Lancashire Insurance Group Provider of specialty insurance and reinsurance products worldwide. (Exited.) NIBC Dutch merchant bank offering residential mortgage and corporate loan origination in Benelux, Germany, and Northern Europe. (Exited.) NYDJ Leading designer and marketer of upscale jeans targeting average sized women. (Exited.) Pursuit Oil & Gas, LLC Developer of unconventional gas assets in the Eagle Ford of South Texas. Polyconcept Largest promotional products company in Europe and the United States. (Exited.) Southern Tier Craft brewery based in upstate New York. United Site Services Provider of portable restroom rental, temporary fence, and other site services in the United States. (Exited.) Victory Brewing Company Craft brewery based outside of Philadelphia, PA. Sixpoint Brewery Brooklyn, New York craft brewer. Bold Rock Hard Cider Virginia-based craft beverage brand producing premium hard ciders and hard seltzers. Williams Scotsman Leading provider of permanent modular structures, such as mobile offices and trailers, in North America. (Exited.) Dresser Energy and natural resources corporation based in Dallas, Texas. (Exited.) Ethan Allen Connecticut-based furniture retailer founded in 1932. (Exited.) Nellson Nutraceutical Leading North American provider of nutritional supplement powders and food bars. (Exited.) Includes investments led by Ulysses professionals at previous funds. 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