Venor Capital Management Lp
- Regulatory AUM
- $254M
- Discretionary
- $254M
- Clients
- 10
- Avg AUM / client
- $25.4M
- Accounts
- 11
- Employees
- 4
AUM over time
Reported AUM from Form ADV filings, plotted by filing date · as of Mar 27, 2026
Investments (13F portfolio — 3 positions, $58,927)
13F period Sep 30, 2022| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Option Care Health Inc | COM NEW | $40,637 | 1,291,309 | 69.0% | 0.02% |
| 2 | Constellation Energy Corp | COM | $14,305 | 171,958 | 24.3% | 0.01% |
| 3 | Ati Physical Therapy Inc | COM CL A | $3,985 | 3,985,035 | 6.76% | 0.0% |
Top 25 of 3 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) | 10 | $251M | 98.9% |
| Corporations and other businesses | Fewer than 5 clients | $2.7M | 1.05% |
Private funds (5)
Reported in Form ADV Section 7.B.(1), filing of Aug 2024 · $414M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Venor Capital Master Fund Ltd. master | Hedge Fund | Cayman Islands | $245M | 27 |
| Venor Special Situations Fund Ii Lp master | Private Equity Fund | Delaware | $65.8M | 10 |
| Raven Holdings Ii, L.P. | Hedge Fund | Delaware | $54.9M | 10 |
| Trevithick Lp | Private Equity Fund | Cayman Islands | $45.5M | 2 |
| Raven Holdings, L.P. | Private Equity Fund | Delaware | $2.8M | 3 |
People (3)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Bersh, Jeffery, Adam | Limited Partner And Co Chief Investment Officer | May 2005 (21y) | ≈ 0% – 3.75% via Venor Capital Management Gp Llc | |
| Wartell, Michael, Jay | Limited Partner And Co Chief Investment Officer | May 2005 (21y) | ≈ 0% – 3.75% via Venor Capital Management Gp Llc | |
| Zemel, David, S | Limited Partner, Chief Financial Officer And Chief Compliance Officer | Aug 2005 (21y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Venor Capital Management Gp Llc | General Partner | Jul 2005 | A | Less than 5% |
Undisclosed: 0% – 50% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Bersh, Jeffery, Adam: 50% – 75% of Venor Capital Management Gp Llc × 0% – 5% direct ≈ 0% – 3.75% of the firm
- Wartell, Michael, Jay: 50% – 75% of Venor Capital Management Gp Llc × 0% – 5% direct ≈ 0% – 3.75% 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 (5, $414M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Venor Capital Master Fund Ltd. | Hedge Fund | $245M | $50.0K | 27 |
| Venor Special Situations Fund Ii Lp | Private Equity Fund | $65.8M | $10.0M | 10 |
| Raven Holdings Ii, L.P. | Hedge Fund | $54.9M | $5.0M | 10 |
| Trevithick Lp | Private Equity Fund | $45.5M | $200M | 2 |
| Raven Holdings, L.P. | Private Equity Fund | $2.8M | $0 | 3 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/27/2026 | 2.21 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
Custody
Reported custodians
- Northern Trust $3.2M (1% of AUM) Mar 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having 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 27, 2026.
View current Form ADV (SEC/IAPD) ↗