Permit Capital, LLC

Permit Capital, LLC, established in 2002, is an SEC-registered investment adviser specializing in managing private investment funds. The firm's principal owners are Richard B. Worley, Caroline J. Ritter, and John C. Broderick. Permit Capital offers three types of investment programs for fund clients: direct investment programs, fund-of-funds investment programs, and a combination of both. The firm manages approximately $550,990,891 on a discretionary basis as of December 31, 2024, without managing any non-discretionary accounts. For each Permit Fund, Permit Capital charges a management fee payable monthly or quarterly, with the possibility of waiving the fee at its discretion. The firm may engage sub-advisers to assist in managing the funds. Permit Capital also charges performance-based fees for certain funds, with fee structures varying based on the fund type. The firm's investment philosophy focuses on identifying undervalued securities through fundamental research, with portfolios adjusted based on market opportunities. Investors in the Permit Funds must meet specific qualification requirements, with minimum investment amounts ranging from $500,000 to $2,000,000. Permit Capital does not compensate individuals for client referrals and maintains custody of the funds' assets at qualified custodians. The firm has discretionary authority over managing the funds and votes proxies in the best interest of the funds. Permit Capital has not been subject to any disciplinary actions and complies with SEC regulations regarding custody and financial reporting.