Caledonia US LP

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Assets, Funds, Holdings

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Caledonia US LP
CRD #291463
SEC #801-112541
CIK #0001750222
AUM 3,659.5 M (2026-03-30)
Employees 30 (33% Investors, 0% Brokers)
Fees
Minimum
Phone347-287-3760
Address1133 Avenue of The Americas
New York, NY 10036
Source [IAPD] [EDGAR] [Website]
Total AUM ($B)
7.56.04.53.01.50.02010201520212027
Fees and Compensation — Form ADV Part 2A (3/30/2026) [Brochure]
Item 5.         FEES AND COMPENSATION

For Caledonia’s services to Clients, Caledonia or its affiliates will charge a management fee
(“Management Fee”) and performance-based compensation in the form of either an incentive allocation
or a performance fee (each, a “Performance Fee”) as described below. These fees and compensation
are negotiable.

Management Fee

In general, Caledonia will receive from each Client an asset-based Management Fee in the range of 0.5%
to 1.5% per annum. The Management Fee will generally be calculated and payable monthly, in arrears,
as of the first day of each month. Please refer to the applicable Governing Document for additional
information.

Performance Fee

In general, subject to certain adjustments and a “high water mark,” Caledonia is entitled to a
Performance Fee from each Client which generally ranges from 5% to 20% of all net realized and
unrealized income and gains derived from portfolio investments. The long only strategy, while similar
in fee structure, pays a Performance Fee of 20% on the net realized and unrealized income and gains in
excess of the benchmark amount, which represents the return for the same period for the MSCI World
Index. This Performance Fee will generally be calculated and payable annually, in arrears, as of the
applicable Client’s fiscal year end and as agreed in the Governing Documents. Please refer to the
applicable Governing Document for additional information.

General Information
The Management Fee and Performance Fee may be waived, reduced or calculated differently with
respect to Caledonia’s affiliates, members or employees or any particular affiliated or unaffiliated
investor at Caledonia’s discretion.
Fees and compensation paid or allocated to Caledonia or its affiliates by Clients are generally directly
debited from the assets of such Clients.
Except as set forth in the applicable Governing Document, each Client bears all other expenses
incidental to and incurred in relation to its operations and business as well as its pro rata share of such
Client’s expenses, including, but not limited to, brokerage (see Item 12 of this Brochure), each Client
bears its own costs, fees and expenses and its attributable share of the relevant fund’s expenses, as well
as any similar expenses incurred by any special purpose vehicles and/or trading or investing vehicles in
which the investor or the master fund invests, including, without limitation, the Management Fee (if
any); expenses relating to the formation, maintenance and winding up of the Client, special purpose
vehicles and/or trading or investing vehicles formed to facilitate the Client’s investments and/or co-
investment vehicles (including fees, costs and expenses incurred in connection with establishing co-
investment vehicles in connection with proposed investments that are not consummated, to the extent
not borne by such vehicles); investment expenses (e.g., expenses that, in Caledonia’s discretion, are
related to the investment of the Client’s assets, whether or not such investments are consummated, such
as brokerage commissions, expenses relating to short sales, clearing and settlement charges, custodial
fees, bank service fees and interest expense; expenses of outsourced “treasury” services whereby a third-
party service provider manages and advises on matters pertaining to cash reserves and cash management
(e.g., cash management, securities finance, collateral management, counterparty management and
margin management)); expenses relating to research generated through the use of third-party consultants
and similar service providers, news and quotation equipment and services, portfolio risk management
services and market information systems and computer software and information expenses; professional

fees (including expenses of consultants, investment bankers, attorneys, accountants and other experts)
relating to investments; external accounting and valuation expenses, including expenses incurred by
certain non-investment personnel in this regard, as determined appropriate by Caledonia; research and
market data (including quotation and market data services (e.g., Bloomberg)); administrative expenses,
including fees and expenses of the Administrator; legal expenses (which includes, without limitation,
responding to formal and informal inquiries, audit, examination, proceeding or claim expenses on behalf
of or for the benefit of the Client or in connection with their business); expenses related to the preparation
and filing of regulatory filings related to the Client, Caledonia, any sub-advisor and any consultant as
well as other blue sky, AIFMD (as defined below) and corporate filing fees and expenses (except for
expenses relating to any compliance costs associated with registration as an investment adviser in the
U.S., the preparation of Form ADV and Form PF); external accounting and valuation expenses; expenses
relating to FATCA, and preparation costs of financial statements, tax returns (including schedules
thereto) and reports to investors and Schedule K-1s (or any other required Form 1065 schedules) to
investors; audit expenses and tax compliance and preparation expenses; costs and expenses with respect
to the Clients representative’s representation of the Client and the partners; costs of printing and mailing
reports and notices; taxes (including, for the avoidance of doubt, any entity-level taxes, withholding
taxes and/or similar charges that may be incurred or payable by the Client); corporate licensing;
regulatory expenses (including filing fees and expenses relating to filings made in connection with the
Client’s holdings or activities); organizational expenses; expenses incurred in connection with the
offering and sale of the Participating Shares, including the negotiation of Side Letters; expenses incurred
in connection with meetings of the investors; expenses of the UCC (as defined herein); indemnification
...
Account Minimums and Types of Clients — Form ADV Part 2A (3/30/2026) [Brochure]
Item 7.         TYPES OF CLIENTS

Caledonia’s Clients consist of funds, beneficial owners of which are sophisticated and institutional
investors which may include, but are not limited to, individuals, high net worth individuals, pension
funds, trusts, charitable organizations, endowments, foundations, corporations, family offices and funds
of funds. Caledonia, however, is not precluded from advising types of clients that are not previously
listed.

With respect to Clients offered in the U.S., the minimum required initial investment is $25 million,
subject to the discretion of Caledonia GP to accept lesser amounts.

As of 1 January 2018, separately managed accounts are no longer offered to new US clients. Caledonia
currently has no separately managed account clients. Any separately managed account clients are
managed by Caledonia Australia.

Depending on the exemptions relied upon by the Clients, as applicable, investors may be required to
meet certain qualification requirements prior to investment. For example, the Clients in the U.S.
currently rely on the exclusion from the definition of an investment company provided by Section
3(c)(7) of the Investment Company Act of 1940. Accordingly, investors in such Clients are required to
be “accredited investors” as defined for purposes of Regulation D under the Securities Act of 1933 and
“qualified purchasers” as defined in Section 2(a)(51) of the Investment Company Act of 1940.
Admission to the Clients is not open to the general public.

Prospective investors should refer to the appropriate Governing Documents for important qualifications
requirements for investment.
Sector Form 13F Holdings Value ($B)
Zillow Group Inc 1.1
Stars Group Inc 0.9
Zillow Group Inc 0.5
Cameco Corp 0.4
Royalty Pharma PLC 0.3
Live Nation Entertainment Inc 0.1
Coursera Inc 0.1
Appfolio Inc 0.1
Liberty Media Corp 0.0
Rocket Companies Inc 0.0
View All
Holdings by Sector ($B)
151296302011201620212027
Type Form D Funds Date Sold AUM
HF Caledonia Long Master Fund LP [2025-09-26] 106.7 M
Filed 2026-02-10 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
HF Caledonia Aggregated Fund LP 2021-03-30 21.2 M
HF Caledonia Concentrated Fund LP [2018-08-24] 230.0 M 3.9 M
Filed 2025-02-10 (D/A) · Exemption 506(b), 3(c), 3(c)(1) · Minimum $100,000 · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
HF Caledonia Gem Fund LP [2018-08-24] 131.0 M 97.0 M
Filed 2022-02-18 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
HF Caledonia Co-Invest Master Fund LP [2017-09-28] 161.8 M 956.8 M
Filed 2026-02-10 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Minimum $100,000 · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
HF Caledonia Master Fund Ltd [2015-01-30] 1,432.4 M 2,574.8 M
Filed 2026-02-10 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
AUM Breakdown Accounts AUM ($B)
By Client Type
(a) Individuals (other than high net worth individuals) 0 0.0
(b) Individuals (high net worth individuals) 0 0.0
(c) Banking or thrift institutions 0 0.0
(d) Investment companies 0 0.0
(e) Business development companies 0 0.0
(f) Pooled investment vehicles 10 3.7
(g) Pension and profit sharing plans 0 0.0
(h) Charitable organizations 0 0.0
(i) State or municipal government entities 0 0.0
(j) Other investment advisers 0 0.0
(k) Insurance companies 0 0.0
(l) Sovereign wealth funds and foreign official institutions 0 0.0
(m) Corporations or other businesses not listed above 0 0.0
(n) Other 0 0.0
Total 10 3.7
By Discretionary
Discretionary 10 3.7
Non-Discretionary 0 0.0
Total 10 3.7
By Non-United States Persons
Non-United States Persons 3.6
United States Persons 0.0
Total 10 3.7
Form D Directors Role # Filings # Firms 2011 - 2026
Caledonia Private Investments Pty Limited Executive Officer 8 3
Caledonia US LP Executive Officer 8 2
Caledonia GP LLC Executive Officer 5 2
Caledonia Private Investments US LLC Executive Officer 2 2
EDGAR Form CIK 2011 - 2026
13F-NT [0001750222]
Firm Profile (Form ADV)
Discretionary AUM$0.8B
ServesInstitutional
Fund TypesHedge Fund
LEI549300LBW37HWN2Y5A25
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