Connelly Capital Management LLC

Connelly Capital Management provides investment advisory and portfolio management exclusively to pooled investment vehicles organized as series limited liability companies; it does not offer advisory services to individual retail clients. The firm tailors its services to each fund or series under separate investment agreements and delivers reporting and governance consistent with those documents.

The firm manages roughly $1.05 billion across multiple series and focuses primarily on equity and debt investments in privately held Puerto Rico companies structured to comply with Puerto Rico’s Incentives Code, seeking capital appreciation, income, or a combination of both. Investment authority varies by series; notably, a substantial portion of the firm’s assets are managed on a non-discretionary basis in accordance with each series’ offering documents, which is uncommon for managers that serve pooled vehicles.

Distinctive features include the use of Puerto Rico series LLCs and reliance on the Incentives Code, which shapes target investments and creates specific tax-based compensation arrangements and approval requirements that can affect fund operations. The firm also has an ownership affiliation with a broker-dealer awaiting regulatory approval and principals maintain active business and advisory roles outside the adviser, arrangements that create potential conflicts of interest and warrant consideration by prospective investors.