Obra Capital Management, LLC: Manager Rating and Record

Why Obra Capital Management, LLC has three stars

Obra runs USD 5.7 billion of regulatory assets and has been registered with the SEC since 2010. Its Form ADV lists three matters. Two concern Obra Capital Management itself, the most recent brought by the SEC in 2023; the other concerns another company in its group or an individual and counts for less. Its two rated insurance-dedicated funds range from three to four stars.

The rating looks only at the areas below, which matter to a family holding this manager's funds through a private placement policy. Past returns play no part: these funds do not report them in their SEC filings, and they say little about what a policy will earn.

Conduct and regulatory record

What regulators and courts have recorded against the manager, and for platform series against the platform, as the advisers report it to the SEC. Several proceedings on one set of facts count as one matter. Recent and serious matters count most, matters of other companies in the group count for less, matters of individuals are weighed by the person's role and their bearing on the business, and the size of the firm is taken into account.

Reported controls

What the adviser reports to the SEC for the fund: whether the accounts are audited every year by an accountant registered with the PCAOB and subject to its regular inspection, whether audited statements go to investors and what the audit opinion says, whether the administrator and custodian are outside the adviser's group, and what share of the assets was valued last year by a person not related to the adviser.

Depth and experience of the manager

The assets the manager runs, its investment staff and how long it has been registered with the SEC.

PPLI.comManager Rating

Investor experience. What policyholders, insurers and advisers tell us is shown separately and never changes the stars. A factual point they raise is checked against the filings, and if it holds, the data is corrected. We never publish names. Tell us about yours

The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the fund or its manager, not a credit rating, not a forecast of returns and not investment advice. Read about the rating.

Registration and size

Identity

Legal nameObra Capital Management, LLC

SEC registrationRegistered investment adviser, 801-71894 IAPD

CRD number155231

Latest Form ADV23 September 2026 ADV

Registered with the SEC since4 November 2010

Assets and staff, as filed

Regulatory assets under managementUSD 5,747,000,000

Of which discretionaryUSD 5,556,000,000

Employees132

Of which investment advisory staff84

Private funds listed in Schedule D12

Regulatory assets are calculated under the SEC's Form ADV instructions and include all funds and accounts the adviser manages, not only those open to insurers. Figures come from the SEC's adviser files of November 2026.

Regulatory and legal record

What the adviser itself discloses in Item 11 of its Form ADV, summarised from the disclosure pages, with a link to the filing. Item 11 is filed for the adviser as a whole, so under each matter the fund it concerns is read from the disclosure itself.

202322 March 2023

Regulatory action by US Securities and Exchange Commission: cease and desist

Fund concerned: none named in the filing. The matter concerns the adviser itself, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The SEC alleged that a former employee of the registrant, in 2019, made a campaign contribution to an elected official before being hired by the registrant, was then hired into a position in which the individual became a covered associate, and within two years after the contribution the registrant provided Investment advisory Services for compensation to a State public pension Fund over which the elected official had influence; the Investment pre-dated the contribution. Pursuant to an offer of settlement, the SEC found, and the registrant neither admitted nor denied, that the registrant violated Section 206(4) of the Advisers Act and Rule 206(4)-5 thereunder.

US Securities and Exchange Commission · Order 19 August 2024 · USD 95,000 · Concerns the adviser itself · Form ADV, Item 11 disclosure

202128 September 2021

Civil action brought by private plaintiffs: money damages

Fund concerned: Vida Longevity Fund, LP, a life settlement fund. None of the insurance-dedicated funds in this file is named.

Private plaintiffs · Dismissed 14 July 2022 · No monetary sanction reported · Concerns the adviser itself · Form ADV, Item 11 disclosure

202119 March 2021

Civil action brought by private plaintiffs: money damages

Fund concerned: Vida Longevity Fund, LP, a life settlement fund. None of the insurance-dedicated funds in this file is named.

Private plaintiffs · Settled 2 May 2023 · No monetary sanction reported · Concerns another company in the group · Form ADV, Item 11 disclosure

These are the matters Obra Capital Management, LLC reports in Item 11 of its Form ADV, filed 23 September 2026. A reported matter is a fact disclosed by the adviser, not a finding by PPLI.com. None of them concerns the insurance-dedicated funds listed above.

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Obra Capital Management, LLC

Insurance-dedicated funds managed by Obra

Why Obra Capital Management, LLC has three stars

Conduct and regulatory record

Reported controls

Depth and experience of the manager

Registration and size

Identity

Assets and staff, as filed

Regulatory and legal record

Regulatory action by US Securities and Exchange Commission: cease and desist

Civil action brought by private plaintiffs: money damages

Civil action brought by private plaintiffs: money damages

How would you rate Obra Capital Management, LLC?

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