Radcliffe Capital Management, L.P.

Hedge Fund • Multi-Strategy

Radcliffe Capital Management, L.P. is a Multi-Strategy Hedge Fund based in New York, NY led by Steve Brett Katznelson, reporting $4.4B in AUM as of Q3 2025 with 92% Unknown concentration and minimal technology exposure.

CIOSteve Brett Katznelson

Portfolio Value: $452.3M
Positions: 143
Top Holding: BACQ at 2.1%
Last Reported: Q3 2025

Address375 Park Avenue, New York, NY, 10152, United States

Top Holdings

Largest long holdings in Radcliffe Capital Management, L.P.'s portfolio (14.8% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 BACQ Inflection Point Acquisition Corp. IV BACQ	Unknown Unknown	$9.5M	2.10%	+$8.2M Bought	2.70% 912.2K shares	Q2 2025 Held for 5 months
2 EVAC EQV Ventures Acquisition Corp. II EVAC	Unknown Unknown	$8.6M	1.89%	+$8.6M New	1.46% 860.0K shares	Q3 2025 Held for 2 months
3 Gores Holdings X, Inc. Class A ordinary shares GTEN	Unknown Unknown	$6.7M	1.49%	—	1.46% 658.1K shares	Q2 2025 Held for 5 months
4 AACB Artius II Acquisition Inc. Class A Ordinary Shares AACB	Unknown Unknown	$6.6M	1.46%	+$3.9M Bought	2.35% 650.0K shares	Q2 2025 Held for 5 months
5 Archimedes Tech SPAC Partners II Co. Ordinary Shares ATII	Unknown Unknown	$6.3M	1.38%	+$2.9M Bought	2.07% 611.5K shares	Q2 2025 Held for 5 months
6 GPAT GP-Act III Acquisition Corp. GPAT	Unknown Unknown	$6.1M	1.34%	+$4.5M Bought	1.59% 572.9K shares	Q2 2025 Held for 5 months
7 PACH Pioneer Acquisition I Corp Class A Ordinary Shares PACH	Unknown Unknown	$5.9M	1.30%	+$920.1K Bought	1.87% 592.5K shares	Q2 2025 Held for 5 months
8 Live Oak Acquisition Corp. V Class A Ordinary Shares LOKV	Unknown Unknown	$5.9M	1.30%	+$5.8M Bought	2.00% 575.0K shares	Q2 2025 Held for 5 months
9 HCMA HCM III Acquisition Corp. HCMA	Unknown Unknown	$5.8M	1.28%	+$5.8M Bought	1.70% 575.0K shares	Q3 2025 Held for 2 months
10 Hennessy Capital Investment Corp. VII Ordinary Shares HVII	Unknown Unknown	$5.8M	1.28%	+$51.4K Bought	2.18% 568.4K shares	Q2 2025 Held for 5 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Radcliffe Capital Management, L.P.'s latest filing

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Market Value

$452.3M

Prior: $168.9M

Q/Q Change

+167.8%

+$283.4M

Net Flows % of MV

+59.05%

Turnover Ratio

34.34%

New Purchases

64 stocks

$182.4M

Added To

53 stocks

+$99.1M

Sold Out Of

6 stocks

$11.6M

Reduced Holdings

9 stocks

-$2.8M

Increased Positions

Position	Shares Δ	Change
1 EVAC EQV Ventures Acquisition Corp. II EVAC	New	0 → 860.0K +$8.6M
2 CCII Cohen Circle Acquisition Corp. II Class A Ordinary Shares CCII	New	0 → 675.0K +$5.7M
3 New Providence Acquisition Corp. III Class A Ordinary Shares NPAC	New	0 → 558.4K +$5.7M
4 OTGA OTG Acquisition Corp. I OTGA	New	0 → 550.0K +$5.5M
5 OBA Oxley Bridge Acquisition Limited Class A Ordinary Shares OBA	New	0 → 538.1K +$5.4M

Decreased Positions

Position	Shares Δ	Change
1 Armada Acquisition Corp. AACI	Sold	535.0K → 0 −$5.4M
2 LWACU Locust Walk Acquisition Corp. LWACU	Sold	384.7K → 0 −$3.9M
3 Dynamix Corporation DYNX	Sold	155.1K → 0 −$1.6M
4 EQV EQV Ventures Acquisition Corp EQV	Sold	67.2K → 0 −$706.8K
5 AACIW Armada Acquisition Corp. AACIW	Sold	267.5K → 0 −$73.6K

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Analytics

Portfolio insights and performance metrics for Radcliffe Capital Management, L.P.

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Sector Allocation

Financial Services

6.60%

Healthcare

0.70%

Technology

0.40%

Communication Services

0.20%

ETF

0.20%

Market Cap Distribution

Mid Cap ($2B - $10B)

0.19%

Small Cap ($300M - $2B)

53.03%

Micro Cap ($50M - $300M)

33.32%

Nano Cap (< $50M)

5.75%

N/A (ETF or Unknown)

7.70%

Portfolio Concentration

Top 10 Holdings %

14.83%

Top 20 Holdings %

27.04%

Top 50 Holdings %

60.08%

Top 100 Holdings %

94.31%