Rangeley Capital, LLC

Rangeley Capital provides discretionary investment management primarily to private funds (including a Special Opportunity Fund), a special purpose vehicle, a sub‑advised fund, and separately managed accounts for institutional, non‑retail investors. As of December 31, 2025 the firm reported approximately $220.5 million in discretionary assets and does not participate in wrap fee programs.

Its investment approach centers on fundamental, event‑driven analysis aimed at special‑situation and catalyst‑driven opportunities, with a separate mandate that focuses on small‑ and mid‑capitalization equities where a distinct path to value realization is identified. The firm also employs hedging techniques, short positions and options, and offers SMAs that allocate exclusively to pre‑deal SPACs as a targeted, bond‑alternative exposure.

Distinctive operational features include a primary emphasis on pooled vehicles and institutional SMAs rather than retail clients and the use of related entities to serve as general partner or co‑general partner for certain funds. The firm discloses performance allocation arrangements with loss‑carryforward mechanics, maintains documented allocation and valuation policies to address side‑by‑side conflicts, and notes that portfolio managers publish newsletters and that the firm bears a portion of external research expenses used by those managers.