Union Square Park Capital Management, LLC

**Background and Expertise:** Union Square Park Capital Management, LLC is a Delaware limited liability company established in November 2011, commencing operations in April 2015. The firm is primarily owned and controlled by Leon M. Zaltzman, the Founder and Managing Member. They provide discretionary investment advice to a private fund, Union Square Park Partners, LP, and expect to extend their services to separately managed accounts and additional private funds in the future. **Consumer-Facing Terms:** - **Minimum Initial Investment:** Generally $1,000,000 for investors in the Fund, with the possibility of waivers. - **Fee Structure:** The Fund pays a quarterly management fee of 0.375% (approximately 1.5% annually), prorated for partial billing cycles. Performance-based allocations are also received by the Union Square Park GP. - **Fiduciary Duty:** The firm acts as a fiduciary for its clients, aiming to provide best execution and manage conflicts of interest. - **Investment Discretion:** The firm has discretionary authority over managing client assets, with limited risk and operating guidelines for SMA clients negotiated on a case-by-case basis. **Advisory Business Description:** Union Square Park Capital Management focuses on obtaining superior, risk-adjusted total returns on capital by investing in securities and derivatives of public companies across domestic and international markets. They capitalize on corporate events in micro-, small-, and mid-cap companies, also investing in large-cap companies and special purpose acquisition companies. The firm employs various investment techniques, including short sales, swaps, options, and leverage, with a concentrated portfolio strategy. This summary provides insights into the firm's background, consumer terms, and investment strategies, offering a comprehensive overview for potential clients.