Larkspur Capital Partners

Larkspur Capital Partners is a newly registered independent investment adviser that intends to provide discretionary portfolio management through separately managed accounts for individuals, high‑net‑worth families, family trusts and related entities, and foundations, endowments, and other charitable organizations. The firm requires that advisory clients meet qualified‑client standards and states a minimum relationship of $1,500,000; it has not yet commenced advisory operations and reports no assets under management.

The firm’s investment approach is fundamentally driven and oriented toward concentrated, long‑term equity compounding, using detailed valuation work (e.g., normalized earnings, free cash flow, sum‑of‑the‑parts) and position sizing based on business quality, liquidity, and downside exposure. Larkspur also evaluates private investments and sponsors single‑asset private vehicles (to date direct interests in real assets), and may use cash, ETFs, and limited derivatives for liquidity, transition, or hedging purposes.

What is most distinctive is the firm’s compensation and client structure: it charges only performance‑based fees (25% of gains above a 6% per‑annum preferred return, measured annually with a carryforward/high‑water‑mark mechanism) and does not charge an asset‑based management fee, and sponsored private vehicles pay similar carried interest with principals investing alongside clients. The principals’ dual roles as advisers and managers of sponsored vehicles and family investment entities create conflicts the firm discloses; it says it mitigates those conflicts via uniform fee terms, pro‑rata allocations, inclusion of principals in aggregated trades, a code of ethics, and written allocation and reporting policies.