Radcliffe Capital Management, L.P.
SEC-registered
Private Fund Manager · Mid-sized ($1B–$10B)
CRD 136028
· SEC file 801-65461
· Bala Cynwyd, PA
· WWW.RADCLIFFEFUNDS.COM
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ADV data as of Mar 30, 2026
- Regulatory AUM
- $5.1B
- Discretionary
- $5.1B
- Clients
- 24
- Avg AUM / client
- $214M
- Accounts
- 24
- Employees
- 22
AUM over time
$1.2B
$5.8B
Dec 2011
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 30, 2026
Investments (13F portfolio — 405 positions, $1,334,215,864)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Teladoc Health Inc | CONV | $110,425,500 | 115,750,000 | 8.28% | 2.15% |
| 2 | Coinbase Global Inc | CONV | $55,796,684 | 56,258,000 | 4.18% | 1.08% |
| 3 | Enphase Energy Inc | CONV | $44,178,844 | 49,639,000 | 3.31% | 0.86% |
| 4 | Five9 Inc | CONV | $37,741,455 | 43,506,000 | 2.83% | 0.73% |
| 5 | Etsy Inc | CONV | $33,930,200 | 38,000,000 | 2.54% | 0.66% |
| 6 | Dex Com Inc. | CONV | $23,946,000 | 26,000,000 | 1.79% | 0.47% |
| 7 | Gladstone Capital Corp | CONV | $20,014,779 | 21,400,000 | 1.5% | 0.39% |
| 8 | Bandwidth Inc | CONV | $19,850,560 | 22,304,000 | 1.49% | 0.39% |
| 9 | Unity Software Inc | CONV | $16,665,570 | 17,181,000 | 1.25% | 0.32% |
| 10 | Callaway Golf Company | CONV | $14,485,500 | 14,500,000 | 1.09% | 0.28% |
| 11 | D Boral Acquisition I Corp | Common Stock | $12,584,604 | 1,276,329 | 0.94% | 0.24% |
| 12 | Eqv Ventures Acquisition Corp Ii | Common Stock | $9,190,598 | 910,862 | 0.69% | 0.18% |
| 13 | Trip Advisor Inc | CONV | $8,229,375 | 8,250,000 | 0.62% | 0.16% |
| 14 | Meshflow Acquisition Corp | Common Stock | $7,664,750 | 775,000 | 0.57% | 0.15% |
| 15 | Wen Acquisition Corp | Common Stock | $7,494,913 | 736,239 | 0.56% | 0.15% |
| 16 | Aldabra 4 Liquidity Opportunity Vehicle Inc | Common Stock | $7,395,000 | 750,000 | 0.55% | 0.14% |
| 17 | Evolution Global Acquisition Corp | Common Stock | $7,191,855 | 720,988 | 0.54% | 0.14% |
| 18 | Siddhi Acquisition Corp | Common Stock | $7,181,213 | 693,837 | 0.54% | 0.14% |
| 19 | Jackson Acquisition Co Ii | Common Stock | $7,148,261 | 675,001 | 0.54% | 0.14% |
| 20 | Hcm Iii Acquisition Corp | Common Stock | $7,090,312 | 703,404 | 0.53% | 0.14% |
| 21 | Cslm Digital Asset Acquisition Corp Iii Ltd | Common Stock | $7,045,460 | 701,739 | 0.53% | 0.14% |
| 22 | Bill Holdings Inc | CONV | $7,028,175 | 7,302,000 | 0.53% | 0.14% |
| 23 | Artius Ii Acquisition Inc | Common Stock | $7,017,458 | 678,671 | 0.53% | 0.14% |
| 24 | K&F Growth Acquisition Corp Ii | Common Stock | $7,006,957 | 671,808 | 0.53% | 0.14% |
| 25 | Archimedes Tech Spac Partners Co | Common Stock | $6,901,052 | 661,337 | 0.52% | 0.13% |
Top 25 of 405 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 15 | $4.1B | 80.6% |
| State or municipal government entities | 1 | $179M | 3.47% |
| Corporations and other businesses | 4 | $292M | 5.67% |
| Other | 4 | $527M | 10.2% |
Private funds (8)
Reported in Form ADV Section 7.B.(1), filing of Jul 2024 · $3.5B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Radcliffe Ultra Short Duration Master Fund, L.P. master | Hedge Fund | Cayman Islands | $1.5B | 578 |
| Radcliffe Short Duration Fund, L.P. | Other Private Fund | Delaware | $628M | 186 |
| Radcliffe Spac Master Fund, L.P. master | Hedge Fund | Cayman Islands | $445M | 269 |
| Radcliffe Bdc Master Fund, L.P. master | Hedge Fund | Cayman Islands | $298M | 64 |
| Radcliffe Multi Strategy Master Fund, L.P. master | Hedge Fund | Cayman Islands | $289M | 45 |
| Radcliffe Ultra Short Duration Select Master Fund, L.P. master | Hedge Fund | Cayman Islands | $221M | 152 |
| Radcliffe Treasury Plus Fund, Ltd. | Hedge Fund | Cayman Islands | $153M | 1 |
| Radcliffe Spac Opportunity Fund, L.P. | Hedge Fund | Delaware | $5.0M | 69 |
People (16)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Katznelson, Steve, Brett | Chief Investment Officer/Limited Partner | Aug 2002 (24y) | ≈ 0% – 3.75% via Rgc Management Company, Llc | |
| Cassidy, Matthew, Allen | Chief Financial Officer | Jan 2009 (18y) | Less than 5% | |
| Hinkel, Christopher, L | Director Of Research/Limited Partner | Jul 2009 (17y) | 25% – 50% | |
| Mackimmie, Laurie, L | Trustee | Feb 2012 (15y) | GP / trustee / elected manager of The Steven B. Katznelson 2012 Trust F/B/O Sarah Grace Katznelson (indirect) | |
| Doyle, Douglas, Pierce | Trustee | Dec 2012 (14y) | GP / trustee / elected manager of The Steven B. Katznelson 2012 Trust F/B/O Emily Tess Katznelson (indirect) | |
| Jakacki, Robert, Scott | Director | Dec 2014 (12y) | GP / trustee / elected manager of Kudu Investment Management Llc (indirect) | |
| Ruffel, Charles, Anthony | Director | Dec 2014 (12y) | GP / trustee / elected manager of Kudu Investment Management Llc (indirect) | |
| Bell, Wesley, Conger | Director | Feb 2018 (9y) | GP / trustee / elected manager of Kudu Investment Management Llc (indirect) | |
| Cramer, Jonathan, Adam | Director | Feb 2018 (9y) | GP / trustee / elected manager of Kudu Investment Management Llc (indirect) | |
| Rountree, George, Manning | Director | Feb 2018 (9y) | GP / trustee / elected manager of Kudu Investment Management Llc (indirect) | |
| Adams, Ryan, Edward | Managing Director/Limited Partner | Dec 2022 (4y) | Less than 5% | |
| Gordon, Michael, Paul | Managing Director/Limited Partner | Dec 2022 (4y) | Less than 5% | |
| Rudnick, Peter, Martin | Managing Director/Limited Partner | Dec 2022 (4y) | Less than 5% | |
| Duffy, Peter, R | Director Of Investments | Jan 2023 (4y) | Less than 5% | |
| Mootz, Jonathan | Chief Compliance Officer | Jan 2024 (3y) | Less than 5% | |
| Norina R Vittese | Registered representative | Nov 2023 (3y) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Idlewild Associates Lp | Limited Partner | Sep 2012 | A | 10% – 25% |
| Kudu Investment Us, Llc | Limited Partner | Dec 2021 | A | 10% – 25% |
| Rgc Management Company, Llc | General Partner | Aug 2002 | A | Less than 5% |
| Kudu Investment Holdings, Llc | Managing Member | Dec 2019 | B | ≈ 7.5% – 25% via Kudu Investment Us, Llc |
| Kudu Investment Management Llc | Managing Member | Dec 2019 | B | ≈ 5.63% – 25% via Kudu Investment Holdings, Llc |
| Wm Regent Ltd. | Member | Oct 2020 | B | ≈ 4.22% – 25% via Kudu Investment Management Llc |
| Wm International Holdings Ltd. | Shareholder | Oct 2020 | B | ≈ 3.16% – 25% via Wm Regent Ltd. |
| Wm Hinson (Bermuda) Ltd. | Shareholder | Oct 2020 | B | ≈ 2.37% – 25% via Wm International Holdings Ltd. |
| White Mountains Insurance Group, Ltd. | Shareholder | Oct 2020 | B | ≈ 1.78% – 25% via Wm Hinson (Bermuda) Ltd. |
| The Steven B. Katznelson 2012 Trust F/B/O Sarah Grace Katznelson | Limited Partner | Feb 2012 | B | ≈ 2.5% – 12.5% via Idlewild Associates Lp |
| The Steven B. Katznelson 2012 Trust F/B/O Emily Tess Katznelson | Limited Partner | Feb 2012 | B | ≈ 2.5% – 12.5% via Idlewild Associates Lp |
| The Steven B. Katznelson 2012 Trust F/B/O Jacob Mark Katznelson | Limited Partner | Feb 2012 | B | ≈ 2.5% – 12.5% via Idlewild Associates Lp |
| Idlewild Associates Gp Llc | General Partner | Feb 2012 | B | GP / trustee / elected manager of Idlewild Associates Lp (indirect) |
Undisclosed: 0% – 30% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Katznelson, Steve, Brett: 50% – 75% of Rgc Management Company, Llc × 0% – 5% direct ≈ 0% – 3.75% of the firm
- Kudu Investment Holdings, Llc: 75% – 100% of Kudu Investment Us, Llc × 10% – 25% direct ≈ 7.5% – 25% of the firm
- Kudu Investment Management Llc: 75% – 100% of Kudu Investment Holdings, Llc × 75% – 100% of Kudu Investment Us, Llc × 10% – 25% direct ≈ 5.63% – 25% of the firm
- Wm Regent Ltd.: 75% – 100% of Kudu Investment Management Llc × 75% – 100% of Kudu Investment Holdings, Llc × 75% – 100% of Kudu Investment Us, Llc × 10% – 25% direct ≈ 4.22% – 25% of the firm
- Wm International Holdings Ltd.: 75% – 100% of Wm Regent Ltd. × 75% – 100% of Kudu Investment Management Llc × 75% – 100% of Kudu Investment Holdings, Llc × 75% – 100% of Kudu Investment Us, Llc × 10% – 25% direct ≈ 3.16% – 25% of the firm
- Wm Hinson (Bermuda) Ltd.: 75% – 100% of Wm International Holdings Ltd. × 75% – 100% of Wm Regent Ltd. × 75% – 100% of Kudu Investment Management Llc × 75% – 100% of Kudu Investment Holdings, Llc × 75% – 100% of Kudu Investment Us, Llc × 10% – 25% direct ≈ 2.37% – 25% of the firm
- White Mountains Insurance Group, Ltd.: 75% – 100% of Wm Hinson (Bermuda) Ltd. × 75% – 100% of Wm International Holdings Ltd. × 75% – 100% of Wm Regent Ltd. × 75% – 100% of Kudu Investment Management Llc × 75% – 100% of Kudu Investment Holdings, Llc × 75% – 100% of Kudu Investment Us, Llc × 10% – 25% direct ≈ 1.78% – 25% of the firm
- The Steven B. Katznelson 2012 Trust F/B/O Sarah Grace Katznelson: 25% – 50% of Idlewild Associates Lp × 10% – 25% direct ≈ 2.5% – 12.5% of the firm
- The Steven B. Katznelson 2012 Trust F/B/O Emily Tess Katznelson: 25% – 50% of Idlewild Associates Lp × 10% – 25% direct ≈ 2.5% – 12.5% of the firm
- The Steven B. Katznelson 2012 Trust F/B/O Jacob Mark Katznelson: 25% – 50% of Idlewild Associates Lp × 10% – 25% direct ≈ 2.5% – 12.5% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (8, $3.5B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Radcliffe Ultra Short Duration Master Fund, L.P. | Hedge Fund | $1.5B | $250K | 578 |
| Radcliffe Short Duration Fund, L.P. | Other Private Fund | $628M | $250K | 186 |
| Radcliffe Spac Master Fund, L.P. | Hedge Fund | $445M | $250K | 269 |
| Radcliffe Bdc Master Fund, L.P. | Hedge Fund | $298M | $250K | 64 |
| Radcliffe Multi Strategy Master Fund, L.P. | Hedge Fund | $289M | $250K | 45 |
| Radcliffe Ultra Short Duration Select Master Fund, L.P. | Hedge Fund | $221M | $250K | 152 |
| Radcliffe Treasury Plus Fund, Ltd. | Hedge Fund | $153M | $250K | 1 |
| Radcliffe Spac Opportunity Fund, L.P. | Hedge Fund | $5.0M | $5.0M | 69 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/30/2026 | 3.09 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
- • Other services
Custody
Reported custodians
- State Street $346M (7% of AUM) Mar 2026
- Td Prime Services Llc $291M (6% of AUM) Mar 2026
- BNY Mellon $283M (5% of AUM) Mar 2026
- UBS $56.1M (1% of AUM) May 2022
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports it does not have custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 30, 2026.
View current Form ADV (SEC/IAPD) ↗