Crescent Park Management, L.P.

Crescent Park Management, L.P. provides discretionary investment management through separately managed accounts for high‑net‑worth individuals and small businesses, generally requiring clients to meet the “Qualified Client” standard under Rule 205‑3. The firm manages a relatively small number of accounts and notes that several current Accounts were funded by investor withdrawals from pooled investment vehicles it previously managed.

Crescent Park pursues a concentrated long‑and‑short investment approach, seeking multi‑year mispricing opportunities across U.S. and non‑U.S. equities and related instruments; it may also trade options, swaps, futures, margin, short positions and hold private securities. The firm may receive performance‑based compensation—typically an incentive fee (described in client IMAs as about 20% above a hurdle return)—and describes the attendant conflicts and allocation procedures in its brochure.

Notable features in the brochure include the firm’s prior role in managing pooled investment vehicles and related client transitions, its explicit use of a performance‑fee structure that limits clients to Qualified Clients, and a planned change in regulatory oversight as Crescent Park anticipates withdrawing SEC registration and applying for state registration in California. The brochure also discloses operational details such as reliance on a single principal portfolio manager, custodial arrangements with Charles Schwab, and that clients retain proxy‑voting authority for securities held in their Accounts.