Lucid Management and Capital Partners LP

Lucid Management and Capital Partners LP provides discretionary investment management to pooled investment vehicles intended for sophisticated and institutional investors, focusing on cash-alternative and short-duration fixed income strategies. The Adviser manages Funds that invest in eligible fixed-income securities and engage in collateralized transactions such as repurchase agreements, securities lending and security‑based derivatives.

The firm constructs portfolios by seeking the highest risk‑adjusted returns across money‑market sectors, with allocations that can range from zero to 100% across eligible sectors, and it emphasizes capital preservation, liquidity and a stable net asset value. Risk management relies on a Value‑at‑Risk (VaR) framework together with collateral and counterparty monitoring, and the Adviser uses standardized documentation (e.g., MRAs, GMRAs and ISDA agreements) when entering Securities Agreements.

Noteworthy features include the firm’s active use of bilateral Securities Agreements with global banks, broker‑dealers and institutional counterparties and its ability to negotiate side letters that may provide certain investors with fee waivers, enhanced reporting or modified redemption terms—arrangements that are less common among peers. The Adviser also serves in managerial and administrative roles for feeder entities and permits employees to purchase new‑issue U.S. Treasury bills at auction, practices governed by its Code of Ethics.