Portfolio Structure

Tactile Fund is a diversified strategy with between 35 and 50 holdings. Once purchased, positions are treated as permanent unless their economic character changes or their prospective returns fall to unacceptable levels. This low turnover allows Tactile to be tax efficient and allows the long-term economic value generated by portfolio holdings to accrue to partners.

Fee Structure

Tactile Fund LP’s management fee is 1.25% annually. The incentive allocation is 12.5% of returns above an 8% annual hurdle.

The first $10 million in commitments are “Founder’s Class” interests with a 1.00% management fee and 10% incentive allocation.

Lock-Up

Tactile Fund LP features a long lock-up period to allow the manager to pursue long duration investments.

Fund commitments have 5-year lock-up periods. LPs are entitled to redeem 10% of their capital balance annually and the entire balance at the end of each 5-year period.

Management

Alluvial Capital Management, LLC serves as general partner. Alluvial is a FINRA-registered investment advisory firm. Alluvial is wholly-owned by David Waters, CFA.

Thomas Kapfer serves as research associate and operations manager. Mr. Kapfer has been employed by Alluvial for 7 years.

Timeline

Tactile Fund LP will commence operations on January 1, 2025.

We are currently accepting investor subscription documents.

David Waters, CFA

David Waters, CFA is Alluvial’s managing member. Since launching Alluvial Capital in 2014, Mr. Waters has focused on delivering exceptional results for investors.

Mr. Waters’ work history includes stints at Wilmington Trust and BNY Mellon Wealth Management. Mr. Waters resides in the Pittsburgh area with his wife, Kayleigh, and their two young children.

Tom Kapfer

Tom is an associate at Alluvial Capital, supporting the organization through research and due diligence functions, as well as other operational responsibilities. He joined Alluvial following an eight year stint at a local investment advisory firm, focused on building the business intelligence, operations, and compliance practice areas. He resides in the Pittsburgh area with his wife and their three children.