CHORAL CAPITAL MANAGEMENT

Jeffrey S. Bailey is the founder, portfolio manager, and sole decision-maker. He built his approach during a 10-year tenure at Piper Jaffray, where he covered technology equities across the research and institutional asset management divisions. The firm's SEC filings consistently identify Bailey as the named portfolio manager for its core equity strategy.

CHORAL targets companies it calls 'smaller-cap compounders' and holds them over multi-year cycles. The firm does not trade around quarters. Investor letters and public commentary describe patience as a structural edge — letting revenue reinvestment compound without rushing to exit at fair value.

Deal flow is research-driven rather than broker-dependent. Bailey's process leverages his two decades of sell-side and buy-side relationships across the technology ecosystem, combined with fundamental screening for recurring revenue, high switching costs, and management teams with a history of disciplined capital allocation. The firm does not market itself as accessing proprietary private-company flow.

CHORAL is exclusively a direct, long-only equity manager. It does not allocate to external funds, invest in private rounds, or operate a fund-of-funds. The entire strategy runs through a single concentrated public-equity composite.

The firm's published materials and track record show no exposure to energy, materials, real estate, or financial-services companies outside of software and payments infrastructure. Biotech and medical-device companies are also absent, consistent with a technology definition that excludes clinical-approval risk and Medicare-reimbursement dependency.

CHORAL is a registered investment adviser that manages external capital for institutional investors, family offices, endowments, and high-net-worth individuals. It is not a single-family office. The firm has filed as an SEC-registered adviser and is not exempt under the family-office rule.

CHORAL does not pursue co-investments. Because the firm only invests in publicly traded equities, the co-investment structure common in private equity and venture capital does not apply. All allocations are direct purchases of common stock.