Important Disclosures

Radcliffe Capital Management, L.P. ("Radcliffe") is an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”).  SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the adviser has attained a particular level of skill or ability. Prospective investors should carefully review Radcliffe Capital Management, L.P.’s Form ADV Part 2A brochure for more information, which is available on the SEC’s website at www.adviserinfo.sec.gov.   

The views expressed in this website represent the opinions of Radcliffe, are provided for informational purposes only and are not intended as investment advice.  This website may contain opinions and estimates regarding the marketplace and the strategy, as well as descriptions of current and potential investment processes.  This reflects Radcliffe’s current thinking and may be changed or modified in response to Radcliffe’s perception of changing market conditions or otherwise without notice. This website does not constitute an offer to sell or the solicitation of an offer to purchase interests in any securities or other financial products. All investments are subject to risks including the possible loss of principal.  Past performance is not a guarantee of future results.  

All investments are subject to risks including the possible loss of principal.  Investment return, yield and price will vary with market conditions. Investments may be subject to, among others, credit risk, interest rate risk, and inflation risk.  In particular, high-yield, lower-rated securities are generally considered to have greater risk than higher-rated securities.  The credit quality of a particular security or group of securities does not ensure the stability or safety of the entire portfolio.  The value of most bond funds and fixed income securities is affected by interest rate fluctuations.  Bond indices generally fall as interest rates rise.  Bonds with longer durations tend to be more sensitive and volatile than bonds with shorter durations. Business Development Companies (BDCs) are closed-end investment companies that are operated for the purpose of making equity and debt investments in small and developing businesses.  Like other fixed income securities, investments in the debt of BDCs are subject to credit risk.  The level of credit risk associated with the debt of a BDC will be subject to, among other thing, the credit and/or investment risk of the underlying portfolio companies. SPACs are generally formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (each, a “Business Combination”).  If a SPAC does not complete a Business Combination, then the SPAC’s common stock is generally redeemed at the value of the SPAC’s trust account. Generally, trust account value is at or above the IPO price, but in certain instances could be below the IPO price. Prior to the announcement of a Business Combination, the common shares of a SPAC generally have limited liquidity and may trade at a discount to the SPAC’s IPO price or its redemption value.  The market price of SPAC common shares is a function of supply and demand.  SPAC securities may be illiquid.  The strategy may trade or hold SPAC warrants and rights. Warrants are securities giving the holder the right, but not the obligation, to buy the stock of an issuer at a given price (generally higher than the value of the stock at the time of issuance), on a specified date, during a specified period, or perpetually. Warrants and rights may be acquired separately or in connection with the acquisition of securities. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. Warrants and rights may be considered more speculative than certain other types of investments. A warrant or right ceases to have value if it is not exercised prior to its expiration date. Short selling, or the sale of securities not owned by the portfolio, necessarily involves certain additional risks.  Such transactions expose the portfolio to the risk of loss in an amount greater than the initial investment, and such losses can increase rapidly and without effective limit.  There is the risk that the securities borrowed by the portfolio und in connection with a short sale would need to be returned to the securities lender on short notice.  If such request for return of securities occurs at a time when other short sellers of the subject security are receiving similar requests, a “short squeeze” can occur, wherein the portfolio might be compelled, at the most disadvantageous time, to replace borrowed securities previously sold short with purchases on the open market, possibly at prices significantly in excess of the proceeds received earlier. The use of leverage exposes the strategies using leverage to additional levels of risk.  These portfolios would face risks due to leverage in the event that its investments decline in value.  In this event, a fund could be subject to a “margin call” or “collateral call,” pursuant to which the portfolio must either deposit additional funds with the lender, or suffer mandatory liquidation of the pledged securities to compensate for the decline in value. Risk of convertible arbitrage include, but are not limited to, the following: (i) dramatically rising interest rates or escalating market volatility may adversely affect the relationship between securities; (ii) convertible securities tend to be significantly less liquid and have wider bid/offer spreads making it more difficult to enter and profitably exit such trades; (iii) convertible arbitrage involves an inherently imperfect and dynamic hedging relationship and must be adjusted from time to time (the failure to make timely or appropriate adjustments may limit profitability or lead to losses); (iv) convertible arbitrage involves selling securities short; (v) a material change in the dividend policy of the underlying common equity may adversely affect the prices of the securities involved; (vi) changes in the issuer’s credit rating may adversely affect the prices of the securities involved; and (vii) unexpected merger or other extraordinary transactions affecting the convertible security or common equity may adversely affect the prices of the securities involved. Interests in loans are subject to  liquidity risks because loans are generally subject to legal or contractual restrictions on resale.  Loans are not currently listed on any securities exchange or automatic quotation system, but are traded by banks and other institutional investors engaged in loan syndication.  As a result, no active market may exist for some loans, and to the extent a secondary market exists for other loans, such market may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.