Founded in 2009, LL Funds is an independent investment manager focused on opportunistic investments in special situations fixed income. LL Funds raised over $1.2 billion to acquire over $8 billion of outstanding face value of RMBS securities with distressed collateral. LL Funds value-investment philosophy focuses on finding opportunities with asymmetric positive returns. LL Funds acquires cashflows at material discounts to their potential intrinsic value and mitigates risk through a long-term private-equity structure with no leverage. Mr. Terlevich has 15 years of asset management experience in alternative investments and special situations. Mr. Terlevich leads all non-investing business activities for LL Funds. Prior LL Funds, Mr. Terlevich was a Partner at Permit Capital, leading its manager selection and special situations investments from 2007 to 2009. Prior to Permit Capital, Mr. Terlevich was an Executive Director and Portfolio Manager of Morgan Stanley Alternative Investment Partners. During 2003 to 2007 he led or co-led investments for over $700 million; including direct private equity secondaries, co-investments, and primary fund investments in the U.S., Europe, and Latin America. He monitored over $1 billion of private equity and real estate investments globally and actively participated in a $2 billion fundraising effort. He was a Principal with Advent International Global Private Equity’s London office, where he worked from 2000 to 2002, having initially joined Advent’s Latin America Private Equity Fund in 1999. He started his professional career at McKinsey & Company in 1996. Mr. Terlevich holds BS and MS degrees (magna cum laude) from Universidad Católica Argentina and a MBA from The Wharton School, University of Pennsylvania. Mr. Terlevich serves as a Trustee and Treasurer of Wharton Private Equity Partners and is a former Trustee and Treasurer of The Baldwin School. Mr. Terlevich lives in Bryn Mawr, Pennsylvania, with his wife, and two children.