SkyKnight Capital, L.P.

SkyKnight Capital, L.P. advises privately offered pooled investment vehicles (SkyKnight Capital Fund I–IV and related vehicles) for family-office and institutional investors and does not provide individualized advisory services to investors. The firm reports discretionary management of approximately $4.4 billion in regulatory assets under management and focuses on direct investments in private and public companies through its Funds.

The firm pursues a long-term, concentrated private equity approach—typically 8–20 portfolio investments—using a proprietary SCORE underwriting framework that emphasizes attractive “defensive growth” sectors (for example, insurance and healthcare), high-quality niche market leaders, and purchases across the capital structure where downside protection and margin of safety can be found. SkyKnight typically seeks board seats and active governance, conducts deep strategic and financial diligence, and structures transactions to balance upside and downside while offering occasional co‑investment opportunities alongside its Funds.

Distinctive features noted in the brochure include a material role for Portfolio Fees and monitoring agreements (often multi‑year arrangements that can continue after an IPO and may offset management fees), which the firm acknowledges can create conflicts and are overseen in part by advisory committees and side letters. The adviser also discloses a less common affiliation with a commodity trader and the regular use of co‑investment vehicles and side letters for certain “Adviser Investors,” which together produce fee, governance and allocation arrangements that differ from many peers.