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Management Team

JDP Capital Management
Jeremy Deal Founder, Portfolio Manager
I launched JDP in October 2011 with personal capital and the backing of two families. A fascination with business goes as far back as I can remember, but it wasn’t until my early 20s that I discovered a passion for value investing.

A couple years after university I read Roger Lowenstein’s “Buffett: The Making of an American Capitalist”. I was fascinated how Buffett compounded at very high rates of return with only a handful of stocks that he owned for years. Even as late at 1977, Berkshire’s insurance companies had 60% of their equity holdings in only five stocks.

My journey to becoming a money manager was non-traditional; I did not work on Wall Street or for another hedge fund prior to launching JDP. I spent the first decade of my career in the electronic home security and energy management industries—first at Honeywell, and then at a start-up called Secure Wireless with the same team.

I was lucky to have a boss that I admired and could learn from. He had an important influence on my perception of calculated risk and encouraged me to pursue my own path when the time was right.

I began studying investing by spending evenings and weekends researching companies that seemed cheap. I read annual reports, looked at private companies for sale, invested my own money and read everything I could on value-oriented super-investors and their holdings.

The idea of investing in markets with the care, temperament and time horizon of buying an entire business resonated with me in a big way. It was obvious that this type of thinking was an enormous advantage over mutual funds or traditional market strategies.

In late 2008 I had the opportunity to make a career change after a successful sale of our company. It was the early stages of the financial crisis and I launched a pledged-capital fund to buy small distressed industrial-related divisions of public companies.

For two years my capital partners and I bid on dozens of private deals. We found most of them to be lower quality with higher valuations than their larger publicly traded parent companies and peers. We refused to overpay and were continuously outbid.

As a source of deal flow I had developed a process for finding hidden balance sheet assets in small and mid-cap distressed public companies. As the economy recovered in 2010 these stocks became more attractive than anything else we could find in the private market.

So in 2011 I reorganized a portion of the pledged capital and launched JDP as an open-ended hedge fund to invest in cheap stocks, but with a time horizon more common in private company investing.

Today JDP remains a vehicle for like-minded family offices to invest alongside our firm’s capital, in a co-mingled structure where incentives are uniquely aligned.
JDP Capital Management
Seth Lowry CFA – Senior Analyst
Seth is Senior Analyst at JDP Capital Management. Seth first became interested in investing at nine-years-old by following his grandfather’s mutual fund investments. After high school Seth was accepted to the US Air Force Academy where he planned to become a fighter pilot. But later when medical complications would not let him fly, he transferred to the University of Colorado where he reconnected with a passion for capital markets and investing.

Seth began his finance career at Merrill Lynch where he spent four years working on both an Institutional Investor Ranked research team, and in investment banking.

After Merrill Lynch, Seth spent three years at Citi as a transportation analyst servicing clients with a variety of strategies. His work with some of the largest concentrated value funds inspired him to pursue a transition to investment management.

While not quite as exciting as flying fighter jets, Seth is an important part of JDP’s investment research process and operations. He is excited about being part of building a fund with a strategy that he strongly believes in.
JDP Capital Management
Mark Chapman Independent Director, JDP Offshore Ltd.
Mark Chapman joined JDP Offshore Ltd. as an Independent Director in October 2016. Mark is the former Managing Partner of Deloitte & Touche in the British Virgin Islands and retired in 2013. Mark is a director of the Aquamarine fund in Zurich Switzerland in addition to being a consultant for a number of international hedge funds. As an independent director, Mr Chapman provides a specialized level of oversight, policy advice, and expertise around navigating the intricacies of JDP’s cross-border operations.

Fund Administration

Joshua Sack Partner – Yulish & Associates
Joshua joined Yulish & Associates in May 2008 and has deep experience in the hedge fund industry. From June 2005 through April 2008, Joshua served as Chief Financial Officer of the Satori Technology Fund; a long/short equity technology sector hedge fund, part of Lehman Brothers’ Absolute Return Strategies division. He departed Lehman Brothers with the corporate title of Senior Vice President.

From 2004 until May 2005, he served as Head of Operational Due Diligence at Lehman Brothers’ fund of hedge funds business. He served as Controller of the fund of hedge funds business from 2002 until 2004. Mr. Sack joined Lehman Brothers in 1999 as a senior fund accountant for several of Lehman Brothers’ alternative asset products and subsequently served as Chief Financial Officer of Lehman Brothers Futures Asset Management Corp. From September 1996 through June 1999, Mr. Sack worked at Deloitte & Touche, LLP in the audit division, with a focus on investment companies. Mr. Sack received both his Masters and B.S. degrees in accounting from the University of Denver (1996) and is a Certified Public Accountant in New York and California.

About Yulish & Associates
Yulish & Associates, founded in 1993, is a fund administration company servicing the alternative investment industry, with a focus on hedge funds and funds of hedge funds. Yulish provides fund accounting, year-end audit assistance, financial statement preparation, investor servicing, performance statistics reporting, and independent representation.
www.yulish.com
AJ Haas Managing Member – Perennial Fund Services
AJ Haas is the Managing Member of Perennial Fund Services. He has serviced the global alternative investment fund and investment adviser community for over twenty years with international public accounting firms such as Ernst & Young, Deloitte and BDO. Mr Haas has extensive experience with fund administration, fund accounting, financial statement preparation, US tax compliance, US FATCA compliance, entity consulting, ASC 740 reporting, foreign entity reporting and IRS audit representations.

AJ’s clients include domestic and offshore funds, master-feeder funds, fund of funds, unit trusts, umbrella trusts, investment advisors, general business and high net worth individuals. He has specialized knowledge dealing with foreign partnerships, and passive foreign investment companies. Mr Haas services clients throughout the US, Cayman, BVI, Tokyo, China, Hong Kong and Singapore.

Mr Haas holds a Juris Doctorate degree from Rutgers Law School, a Bachelor’s of Science degree in Business Administration from Fordham University and an LL.M. in Taxation from the University of San Diego. He is a Certified Public Accountant and was admitted to the New York State Bar in 1999.

About Perennial Fund Services
Perennial Fund Services is a leading global fund administrator, which offers unique turnkey solutions to investment managers that combines robust technology with strong industry experience.
www.perennialfundservices.com

Tax & Audit

Bob Yurglich, CPA Managing Partner – Spicer Jeffries LLP
Bob Yurglich is the Managing Partner of Spicer Jeffries LLP. He began his career with one of the three largest international accounting firms in 1972. Prior to forming Spicer Jeffries LLP, he was the Managing Partner of the Denver office of Spicer & Oppenheim, a firm based in New York and London whose national expertise was in securities and commodities. He began working with over-the-counter investment banking, market making and retail brokerage firms in 1980, several of which were self-clearing firms. He continued to work with numerous broker-dealers and as a result began assisting various funds and other investment entities in the mid-1980's. In addition, Bob is well qualified in SEC practice as a result of working with a significant number of SEC reporting entities, as well as assisting many clients with their initial public offerings. He has served as an expert witness before the SEC, FINRA (formerly the NASD) and NASDAQ on various issues.
Mike Callahan, CPA Partner – Spicer Jeffries LLP
Mike Callahan is a Partner at Spicer Jeffries LLP and has been associated with the firm for over fifteen years and heads the firm’s tax department. He has acquired in-depth expertise in securities taxation, organizational structure of onshore and offshore funds, international taxation and personal tax planning with fund managers. Mike has been involved in many areas of tax research and planning, including advising broker-dealers and hedge funds on a variety of tax issues and general business consultation including international taxation, multi-state tax planning and compliance and estate and financial planning.He consults with clients and attorneys from an entity’s start-up and formation through various, ongoing operational issues.
Craig Stegeman, CPA Audit Director – Spicer Jeffries LLP
Craig Stegeman is an audit director at Spicer Jeffries LLP. He joined the audit team in 1999, focusing on broker dealers and commodity pool operators. In 2002 Craig joined another Denver firm to focus on auditing SEC reporting companies. Craig rejoined Spicer Jeffries in 2011 as an audit manager bringing with him twelve years of experience including the securities industry, reverse mergers, initial public offerings, quarterly, annual and all other SEC filings. His experience ranges from startup shell companies to operating companies in the film, advertising, gaming software and hardware, homebuilding, franchising, and manufacturing industries as well as securities broker dealers, hedge funds and commodity pools.
Tim Holscher, CPA Tax Manager – Spicer Jeffries LLP
Tim Holscher is a Tax Manager at Spicer Jeffries LLP. Tim began his public accounting career in 2001. Tim has gained significant knowledge in the securities industry by working with numerous hedge and commodity funds as well as securities broker-dealers. In addition, he has an extensive experience with international taxation, high net-worth individuals, estate planning and compliance, multi-state tax planning and compliance, construction, light manufacturing, and oil & gas taxation.
About Spicer Jeffries LLP
Spicer Jeffries LLP specializes in the securities industry, providing clients with professional audit, tax, accounting, and consulting services. For more than three decades Spicer Jeffries and its associates have worked diligently to forge new partnerships with hundreds of professionals in the industry around the globe.

Spicer Jeffries clients include broker-dealers, hedge funds, commodity funds, private equity funds, registered investment advisors and other investment entities, both onshore and offshore. Entities of this nature require both a unique understanding of what it takes to operate in this dynamic business environment, as well as a precise comprehension of the various and peculiar tax rules and regulations. Because of our extensive experience and trained personnel, we bring this understanding and expert knowledge to all of our engagements, allowing us to conduct our work efficiently and cost effectively.
www.spicerjeffries.com

Global Compliance, Registration & Reporting

Justin Schleifer Senior Compliance Consultant – Gordian Compliance
Justin Schleifer is a Senior Compliance Consultant and CFO at Gordian. He has been the Chief Compliance Officer for SEC-registered investment advisers in addition to serving as FinOp, supervisory analyst, and OSJ manager for FINRA-member broker dealers. Beyond compliance, Justin has experience in finance, accounting, operations, and human resources, which enables him to develop creative business-efficient solutions for meeting regulatory obligations.
Heidi Johnson Senior Compliance Consultant – Gordian Compliance
Heidi Johnson is a Senior Compliance Consultant at Gordian. She has over 15 years of experience in compliance, operations and relationship management within the financial services industry. Prior to joining Gordian she held positions with JPMorgan Private Bank and Deutsche Bank Private Wealth Management in San Francisco and London. She was responsible for compliance and operational oversight including implementation of a new European wide regulatory regime (Markets in Financial Instruments Directive).
About Gordian Compliance
Gordian Compliance Solutions is a boutique consulting firm specializing in regulatory compliance services for financial industry firms. We work with investment advisers, broker-dealers, private fund managers, and futures professionals to provide compliance and risk management solutions for their overall business needs. Our clients operate throughout the United States, ranging in size from start up businesses to established multi-national firms. Gordian is based in the San Francisco Bay Area and maintains offices in New York and Florida.
www.gordiancompliance.com

Legal - Offshore

Philip Graham Partner – Harneys Westwood & Riegels
Eric Flaye Senior Associate – Harneys Westwood & Riegels
About Harneys Westwood & Riegels
Harneys is a leading international offshore law firm. We provide advice on Bermuda, British Virgin Islands, Cayman Islands, Cyprus and Anguilla law to an international client base which includes the world’s top law firms, financial institutions, investment funds and private individuals. In 2016 Harneys was named Offshore Law Firm of the Year by The Lawyer for its market leading strategy, commercial strength, legal innovation, exceptional client service and jurisdictional leadership. Key areas of practice include Investment Funds, Banking and Finance, Dispute Resolution, Insolvency and Restructuring, Corporate and Commercial, Trusts and Private Client.
www.harneys.com

Legal - US

Jack Martel Partner – Ragghianti Freitas LLP
Jack has over fifteen years experience in general business and securities transactions while specializing in representing investment advisers, fund managers and others in the investment management industry. He acts as outside general counsel providing corporate and business advice on a broad spectrum of business, operational, mergers and acquisitions, and other matters. Jack counsels investment advisers, wealth managers, and fund managers ranging from start-ups to those with billions in assets under management on all manner of advisory operations, federal and state regulatory compliance, registration and exemptions from registration under federal and state securities and investment adviser laws. Jack is the author of the Investment Adviser Law Blog, providing information and discussion of interest to investment advisers, private fund managers and others in the investment management industry.
www.rflawllp.com

Banking & Cash Controls - US

Ron Garcia Client Services – City National Bank, San Francisco
About City National Bank
City National Bank offers a full complement of banking, trust and investment services through 73 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. Its 4,000 colleagues deliver highly personal service and complete financial solutions to entrepreneurs, professionals, their businesses and their families. As of November 2016 the bank had $47 billion in assets.
www.cnb.com