Bluestem Asset Management, LLC

Bluestem Asset Management provides discretionary investment advisory services exclusively to a single private fund, Bluestem Partners, LP, a 3(c)(7) vehicle offered to qualified institutional and individual investors for which the firm acts as general partner. Following a return-of-capital program announced effective January 1, 2024, the Partnership has been in an orderly wind‑down; as of December 31, 2025 Bluestem reports approximately $1.29 billion in assets under management.

The firm operates primarily as a fund‑of‑funds allocator, selecting and allocating capital among underlying managers—predominantly long/short and long‑biased equity managers—while also allocating to arbitrage, credit, event‑driven and private co‑investment strategies. Bluestem discloses that underlying managers may employ a wide range of instruments (including commodity and futures contracts and other derivatives), and the firm may itself invest directly in exchange‑traded or over‑the‑counter derivatives for limited hedging purposes.

Noteworthy operational features include explicit exposure to commodity and futures markets through underlying managers and detailed risk disclosures about those markets, the stated use of artificial intelligence and machine‑learning tools in internal processes and investment research, and a relatively large asset base managed by a small advisory team while overseeing a single fund in wind‑down. The firm also disclosed that it will waive any future performance allocation following the return‑of‑capital announcement, a practice that affects how future performance compensation is handled.