CHICAGO ATLANTIC ADVISERS, LLC

Thesis

Chicago Atlantic Advisers, LLC is a private markets alternative investment manager established in July 2019, headquartered in Chicago, Illinois. The firm's investment strategy focuses on identifying overlooked or mispriced opportunities within North American private credit markets, specializing in highly structured, senior-secured financing for non-sponsor-backed businesses with limited access to conventional funding. They target idiosyncratic markets and smaller companies, aiming for attractive risk/reward profiles in less competitive sectors, with a priority on capital preservation and consistent income generation. Key strategies include opportunistic and niche direct credit (liquidity solutions, growth/technology finance, esoteric industries, specialty asset-based loans), cannabis-focused private credit (secured solutions for U.S. state-licensed operators), and emerging markets private credit (secured lending to government-linked and strategically important companies in Asia, Africa, Latin America, the Middle East, and Developing Europe). They utilize various instruments like senior/junior secured loans, unitranche, mezzanine, structured debt, and equity investments, often focusing on time-sensitive and complex opportunities in dislocated sectors. As of March 31, 2026, their total registered AUM was $970,286,524, all discretionary. The firm has closed over $3.3 billion in credit facilities. While specific check sizes aren't detailed, they focus on smaller companies and deal sizes often overlooked by other lenders.

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• Series C+ investors based in Chicago, IL