Tenere Capital, LLC

**Summary:** **Background and Expertise:** Tenere Capital, LLC is a financial advisor firm established in November 2020, providing discretionary investment advisory services to private investment funds. The firm specializes in managing the Tenere Crossover Fund and the Tenere Liquid Fund, focusing on long-only equity investments in early-stage growth companies and mid-cap to large-cap equities, particularly in the Technology, Media, and Telecom markets. **Consumer-Facing Terms:** - Minimum Initial Investment: Not specified - Fee Structure: Management fees of 0.25% for the Tenere Crossover Fund and 0.083% for the Tenere Liquid Fund, with a 25% Incentive Allocation for outperformance. - Fiduciary Status: Acting in the best interests of clients - Investment Discretion: The firm has discretionary authority over client investments. - Investment Philosophy: Concentrated portfolio, long-term core positions, and thematic idea generation. **Advisory Business Description:** Tenere Capital, LLC advises private investment funds, including the Tenere Crossover Fund and the Tenere Liquid Fund, focusing on long-only equity investments in the TMT markets. The firm's investment approach involves thematic idea generation, fundamental analysis, and risk management to maximize alpha over the long term. **Methods of Analysis and Risk Factors:** The firm utilizes a systematic framework for analyzing companies, focusing on quality business models, management alignment, and capital allocation decisions. Risks include market volatility, cybersecurity breaches, natural disasters, and economic uncertainties. **Financial Information:** As of December 31, 2024, the firm managed approximately $512,370,000 in regulatory assets under management on a discretionary basis. **Regulatory Compliance:** The firm has not been involved in any disciplinary or legal matters that would impact client evaluation or the integrity of its management. **Custody and Voting Rights:** Tenere Capital, LLC has custody of client funds and securities and exercises discretionary authority to vote on client securities in the best interests of the Funds. This summary provides an overview of Tenere Capital, LLC's background, expertise, consumer-facing terms, investment strategies, risk factors, and financial information as outlined in their Form ADV brochure.