Legal Notice

This Website or any content contained within, should not be considered a solicitation or offering of shares of any funds to investors in the United States. This Website or any content contained within should not be considered an advertisement or offering of any investment or other product.  Any private funds are offered by a confidential offering memorandum and/or prospectus only. The prospectus contains more complete information on the managed funds, including management fees, risks and expenses. Read it carefully before investing or sending money. In addition, the funds and services that are available for U.S. persons have not been registered with the Securities and Exchange Commission. As such, any pages referring specifically to investment products or services, if any, which may be offered by MASTPartners are only available for view with a user-name and password, which can be obtained only by registering with us. Nothing in this Website that can be viewed should be interpreted as investment or financial advice. Such information is available for informational purposes only and is not a solicitation as to any investment product. If you have any questions, please contact us, see details below or send an e-mail to us.


MASTPartners Copyright Policy
The contents of the MASTPartners and affiliated Websites and web pages on the Internet are protected by applicable copyright laws. No explicit or implicit permission is granted to copy, distribute, modify, post or frame any text, graphics, video, audio, software code, html code, scripts, style, or user interface design or logos or other materials.

All information and content on the MASTPartners Websites and web pages or affiliated Websites including, but not limited to, the Websites and web pages of, MASTPort, and all other current and future subsidiaries and affiliated sites are subject to applicable statutes and regulations, furnished "as is" without warranty of any kind, express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose, or non-infringement.


MAST Privacy Statement
As a visitor, you are not required to provide any personal information on the public area of the MASTPartners managed Website unless you choose to do so. Our web server may recognize your domain name (ISP) IP, but not your e-mail address. If we use cookies, it is only to hold temporary information about your current visit to our Website. You may also specifically delete these cookies though your browser preferences.

If you do provide your contact information on the public area of this Website in order to request information about our services, we may ask for your name, email, and/or address. This information will be used for the purposes of apprising you of interesting developments relating to alternative investments and the financial arena and, of course, to send you the literature that you have requested. We will NOT sell any information that you enter about yourself to any third party. Should the purposes for which MASTPartners holds, uses or processes your information change, you will be notified of such changes by way of a notice posted on this page. You agree to accept notification in this manner if you post any information on this Website.

Simply put: We will NEVER sell or share your private information!


Agreement of Terms and Conditions
of Website Usage and Service for:
MAST Partners,, StartHF,
SPAR Capital, SPAR Mgmt., SPAR Capital Mgmt.
LLCs/LPs/AKAs/DBAs, Affiliates' & Subsidiaries' sites/pages

You must read the following terms and conditions of use (the "Terms and Conditions") which govern your use of http(s)://(www.) (referred to as "Website" or "Site") including all software and content contained in the Website and MASTPartners blog/newsletter/article service (collectively referred to as the "Service") and your relationship with MASTPartners and all individuals and companies affiliated with this Website including, but not limited to those listed above, (collectively referred to as "MASTPartners" or "We", "Us", "Our" or "Ours") prior to using this Website. Do not use the Service unless you agree with these Terms and Conditions in their entirety. By using this Website, you signify your agreement to the Terms and Conditions and will become an authorized user of the Website (a "User", "You", "Your"). If you do not agree to these Terms and Conditions, do not use this Website.

We reserve the right to and may change these Terms and Conditions at any time and frequency without informing you.  For the purposes of the Terms and Conditions and the Electronic Transactions Act 1999, the effectiveness of any message from us is not conditional upon any acknowledgement of receipt from you.  By using this service after we have posted notice of such modifications, alterations or updates, you agree to be bound by the revised terms and that you accept any new or modified Terms and Conditions. It is imperative that you, please check back here every time you use the Service.  Your use of this Website is an implicit acknowledgement of having read and agreed with these terms and conditions of usage and service of this Website.

I. General Terms and Conditions

The use of the Service is entirely at your own risk. We are not a registered investment advisor or a broker dealer. You understand and acknowledge that there is a very high degree of risk involved in trading securities including but not limited to options. Any past results published on this Website are not indicative of Any potential future returns or of future returns, which you might realize when you use any of the Services. We assume absolutely no responsibility or liability for your trading and investment results. The articles, strategies, the newsletter and all other features of the Service (collectively referred to as the "Information") are provided only for informational, educational, and evaluative purposes and must not be construed as investment advice. We reserve the right to hold positions in the securities that We discuss. You should not rely solely on the Information in making any investment decision. You agree that you bear responsibility for your own investment research and investment decisions. We cannot and will not trade in any securities for you or on your behalf as individuals.  You are solely responsible for and will pay all costs associated with you trading in securities of any kind.

By using the Information, you assume full responsibility for any and all financial, emotional, and other gains and losses you experience, suffer or incur. We try our best to make the Information as accurate, timely, useful, and informative as possible, but We cannot guarantee the accuracy, completeness, or timeliness of the Information.  We do not give investment advice, and do not advocate the purchase or sale of any security or investment by you or other persons. The Information does not include personal or personalized tax, legal, investment, or any other professional advice.  You should obtain such advice from your professional advisor(s) prior to making any investment of the type discussed in the Information to assess the suitability and applicability of the Information to your investment portfolio. The Information does not constitute Our soliciting you to purchase or sell any securities.

We provide the Service "as is," without warranties of any kind, either expressed or implied, including without limitation, any warranty for information, data, services, uninterrupted access, or products provided through or in connection with the Service. Specifically, We disclaim any and all warranties, including, but not limited to any warranties concerning the availability, accuracy, usefulness, or content of the Information and any warranties of title, warranty of non-infringement, warranties of merchantability or fitness for a particular purpose. This disclaimer of liability applies to any damages or injuries caused by any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communication line failure, theft or destruction or unauthorized access to, alteration of, or use of record, whether for breach of contract, tort, negligence, or under any other cause of action. 

We, Our successors and assigns shall not be liable to you or other parties for any direct, indirect, incidental, special or consequential damages stemming from the use of the Service or the inability to gain access to or use the Service. We specifically disclaim any liability, whether based in contract, tort, strict liability or otherwise, for any direct, indirect, incidental, consequential, or special damages arising out of or in any way connected with access to or use of the Service, even if We have been advised of the possibility of such damages, including liability in connection with mistakes or omissions in, or delays in transmission of, information to or from the user, interruptions in telecommunications connections to the Website or viruses. Because some states do not allow the exclusion or limitation of liability for consequential or incidental damages, the above limitation may not apply to you. In such states, Our liability is limited to the lowest extent permitted by such state law. 

You acknowledge and agree that you must obtain your own access to the World Wide Web and pay any service fees associated with accessing the World Wide Web, and do possess or will possess at the time of use of the Service all equipment necessary for you to gain access the World Wide Web.  You acknowledge that you use this Website at your own risk.

II. Copyright and Website ownership

MASTPartners is the copyright owner or licensee of the Website and the Information. All material on this Website (the "Materials") including, but not limited to text, graphics, links, sounds, media, illustrations, audio clips, and video clips, is protected by copyrights, trademarks, and other intellectual property rights which are owned and controlled by MASTPartners or by other parties that have licensed their material to MASTPartners. All control and ownership of materials on this Website by MASTPartners is synonymous with ownership and control by SPAR Capital.  All brand names, product names and titles used in this Website are trademarks or trade names of their respective holders. No permission is given in respect of the use of any of the above, and any such use may constitute an infringement of the holder's rights. User must inform MASTPartners of any third party suits against User for infringement of any such rights.  We do not grant to you a license to the Information or any part of the Information. You may use the Information for your personal purposes only. All other commercial use or duplication of the information is strictly prohibited, unless explicitly permitted by us in writing.  Under United States copy rights law (see 17 U.S.C. Sections 504(c) (2) and 506 a), willful acts of infringement are punishable by fines and imprisonment, and may be subject to awards of statutory damages up to $ 150,000.  No User is permitted to use our name or to suggest any connection with us for any purpose whatsoever unless receiving express permission from Us in writing. 

We reserve the right to change this Website at any time, including but not limited to revising and/or deleting features or other information without prior notice to you. Clicking on certain links within this Website may provide you with access to other web sites for which We assume no responsibility of any kind for the content, availability or otherwise (See Section III below for further information). Use of this service does NOT give the Website visitor the right to download any of the Material and may be subject to charges and or be punishable by law.  The content of this Website may vary depending upon your browser functionality and limitations. We retain the right to deny access to anyone who we believe has violated any of these Terms and Conditions. Permission for any Material, if needed to be referenced, may be requested by emailing Us.

III. User Conduct on site: http(s)://(www.)

While using the Service, you agree to abide by commonly accepted rules of conduct as outlined in major publicly used internet forums, such as

  • Yahoo ( Item 6),
  • E-bay ( Item 6),
  • and MSN ( Using the Services...),

and you agree not to impersonate any other person or entity and that you are of legal age for the purposes of using the Service, as defined by the laws and statues of the county, state, principality, province or country where you use the Service.

In order to obtain an Authorized Use of the Materials you represent to us that you are at least 18 years of age. You are responsible for ensuring that no unauthorized access is obtained to this service. You will be entirely liable for all activities conducted and charges incurred, whether authorized by you or not. MASTPartners accepts no responsibility for any breach of security. However, there is a duty on both of us to inform each other if a password is compromised. If a third party uses the Website visitor's account the Website visitor is nevertheless responsible.

By clicking on links provided to you on the Website to other websites, you agree you stop using the Service. We may use content provided by third parties. Neither MASTPartners nor any of its data or content providers shall be liable for any errors or delays in the content, or for any actions taken in reliance thereon.  You acknowledge and agree that MASTPartners has no responsibility for the accuracy or availability of information provided by linked web sites. Links to external web sites do not constitute an endorsement by Us of the sponsors of such web sites or content, goods and services, advertising or other materials presented on such web sites and are solely used as reference.

By using the Website, you agree that you will not submit or otherwise publish anywhere on the Website any content or software which: (a) libels, defames, invades privacy, or is obscene, pornographic, abusive, or threatening; (b) infringes any intellectual property or other right of any entity or person; (c) violates any law, is fraudulent or misleading, or which impersonates any person or conceals your own identity; (d) advocates illegal activity; (e) advertises or otherwise solicits funds or is a solicitation for goods or services; (f) is any part of a chain e-mail or is unsolicited or spam; (g) is intended to annoy, offend, inconvenience or cause needless anxiety to any entity or person; (h) is commercial advertising or promotional material; (i) disrupts or prevents the functioning of other's use of this service; or (j) is a computer virus or a misuse of a computer; is a binary attachment i.e. a sound clip, video clip, image or other file.

The links on this Website may provide you with access to other web sites where trading of securities is possible. You acknowledge and agree that We shall not be responsible or liable for any trading which may be conducted on such linked trading web sites or any other web site which may be linked to or from the Website. Information in many web pages that are linked to the Website comes from a variety of sources. We do not author, edit, or monitor these web sites or links. You acknowledge and agree that We are not responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services available on such external web sites or resources. User is required to evaluate all Material for its suitability. User is also responsible for evaluating the accuracy and completeness of all Material, which it may wish to use. We accept no liability for any inadequacy of any of the Material. All Material is offered, "as is" and without warranties of any kind either express or implied

If you wish to make purchases on other web sites linked to this Website, you may be asked by the merchant or information or service provider from whom you are making the purchase to supply certain information, including credit card or other payment information. You agree not to hold Us liable for any loss or damage of any kind incurred as a result of any such dealings with any merchant.

In the event that a User wishes to submit Material for inclusion on our Website, then We will consider becoming the distributor thereof for such arrangements as We may decide to make. However, We will acquire ownership of all unsolicited submissions. Thus, unless you are willing to grant us a free, irrevocable unlimited license to publish and distribute any such submission, please do not send anything. If you do make an unsolicited submission you waive copyright and any such submission is not subject to confidentiality, and such material will be Our property. The personal information you provide to us about you and your company to profile interests, preferences and financial standing may be stored on computer. This information will not be passed to any third party without your permission except when required by law.

IV. Failure to Comply With Terms and Conditions

You acknowledge and agree that We may deny you access to all or part of the Service without prior notice, if you engage in any conduct or activities that We, in Our sole discretion, believe violate any of these Terms and Conditions, violate Our rights, or are otherwise inappropriate for continued access. You acknowledge and agree that We may, in Our sole discretion, deny you access from the Website to other web sites that sell goods and services and provide or information, and We shall have no responsibility to notify those web sites either. You agree to defend, indemnify and hold Us harmless from any and all claims, liabilities, costs and expenses, including reasonable attorney fees, arising in any way from your use of the Service or the placement or transmission of any message, information, software or other materials through the Service by you or through use of this Website or related to any violation of these Terms and Conditions by you or the use of this Website.

By subscribing to the Service, you are acknowledging that you have read this disclaimer, and agree that you are using this Website and the Service for educational purposes only.  It is your responsibility to inform Us of any changes you wish to make to your usage/subscription/membership.

V. Fees

Any fees for Our services are due immediately and may be obtained by emailing Us.  All fees paid to Us are unconditional and non-refundable.

VI. Privacy Notice

We do NOT sell or make available your email address or any other personal information in any form to other third parties outside of us.

VII. Miscellaneous

The laws of the State of Connecticut and the United States of America govern the Terms and Conditions and the relationship between you and Us, without regard to any conflict of law provisions, as if the Terms and conditions were a contract wholly entered into and wholly performed within the State of Connecticut. You agree to submit to the exclusive jurisdiction of the courts located within the State of Connecticut. Our failure to exercise or enforce any right or provision of the Terms and Conditions shall not constitute a waiver of such right or provision. If any provision of the Terms and Conditions is found by a court to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties' intentions as reflected in the provision, and the other provisions of the Terms and Conditions remain in full force and effect.  If any provision in these Terms and Conditions is invalid or unenforceable under applicable law, the remaining provisions will continue in full force and effect. These Terms and Conditions are personal to you, and you may not assign your rights or obligations to anyone.

All negotiations concerning any investment transaction by a Website visitor in any private company or fund presented on the Website, including further information, price, percentage ownership, and all other terms and conditions of such investment, shall take place directly between the Website visitor and such company or fund (or its agent).  Upon the Website visitor's investment in a private company or private fund presented on the Website, MASTPartners may be compensated with a fee previously agreed upon by MASTPartners and such company or fund. MASTPartners, or an affiliated company officer, director, agent or advisor may have a financial interest in certain of the companies or funds presented on the Website. Any such fee or financial interest should not be construed as an endorsement of any private company or fund by MASTPartners or as a substitute for a Website visitor's independent due diligence investigation.

MASTPartners Member acknowledges that, for a period of thirty days following notification of its approval as a Website visitor by MASTPartners, the Website visitor may not invest in any private company or fund that it becomes aware of through its membership with MASTPartners unless it (or an affiliate) is already invested in, actively considering investing in (independent of its MASTPartners membership), or has already been solicited to invest in such company or fund, and the Website visitor further acknowledges that it may not, and shall not, review any private company or fund offering posted on the Website prior to MASTPartners' approval of the Website visitor as such or invest in such private company or fund.

Website visitor's view of investment opportunities presented on the Website is subject to MASTPartners' policies and procedures, this Agreement and the Website, in each case as the same may be amended or modified, and applicable securities laws.

VIII. Cautionary Statements.

Past performance is not necessarily an indication of future results.
Historical performance does not promise the same or similar results in the future. Principal value, share prices and investment returns fluctuate with changes in market conditions. Your investment may be worth more or less than your original cost when you redeem your shares.

Read the prospectus carefully.
Before you invest in any fund, you are advised to request a copy of the fund's prospectus. The prospectus contains information on a fund's objectives, strategies, risks and expenses. Read it carefully to make sure that the fund is appropriate for your goals and risk tolerance before you purchase a fund. Your investment may be worth more or less than your original cost when you redeem your shares. Before you invest in any fund, you are advised to download and read a copy of the fund's prospectus.

Reliable sources.
We, along with our data providers, believe the information has come from reliable sources, but we cannot guarantee its accuracy, completeness or suitability for any purpose.

Special risks associated with hedge fund investing.
Hedge funds are for sophisticated investors. Hedge fund strategies can vary considerably by investment style and risk profile. Accordingly, you should ensure that the strategies deployed by the fund meet your risk parameters. If you need additional advice in this regard we would recommend that you contact an advisor familiar in hedge fund and alternative investment strategies.

Unregulated Investments
Hedge funds are by and large unregulated and focused on the sophisticated investor. This means that you may not be able to avail yourself of the certain protections or regulatory oversight normally associated with "retail funds".

International investing
Certain funds may invest in countries foreign to your residence, domicile or sphere of experience or knowledge. The risks associated with such investments may include political and economic instability, changing currency exchange rates, foreign taxes and differences in financial accounting standards.

The impact of taxes.
We do not offer any investment-related advice, including tax advice, except to suggest that you consider the impact of taxes and that you may want to consult with your tax advisor before making any investment. Please consult your tax advisor regarding the tax implications at redemption and during the investment period.

Waiving fees.
For some funds, the manager may have waived all or a portion of the fees during a given period. This fee waiver would have the effect of increasing the fund's reported returns and should be weighed in evaluating the fund's performance. You can find out if a manager has waived any fees by reading the prospectus.

IX. Disclaimer of Liability  &  Issues of Agreement

Copyright © 1999 - 2015 MASTPartners.
We do not guarantee the accuracy, adequacy, completeness or availability of any information and are not responsible for any errors or omissions or for the results obtained from the use of such information.


In no event shall MASTPartners be liable for any indirect, special or consequential damages in connection with subscriber's or others' use of any subset of MASTPartners. MASTPartners assumes no responsibility for any other matters beyond MASTPartners' reasonable control. In particular, we accept no liability or responsibility for a User being hijacked or re-directed to other web sites.

You expressly agree that use of the Website is at your sole risk. You expressly agree that neither MASTPartners, nor its affiliated or related entities, nor any of their respective employees, or agents, nor any person or entity involved in the creation, production, and distribution of the Website are responsible or liable to any person or entity whatsoever for any loss, damage (whether actual, consequential, punitive, direct, indirect, consequential or special damages or losses including loss of profit or otherwise), injury, claim, liability or other cause of any kind or character whatsoever based upon or resulting from the use of this Website or any other MASTPartners' Website. In particular, MASTPartners assumes no liability for loss of value of the net worth of any of the registered investors mentioned in any of our Materials, or for the non-posting of relevant events/changes relating to any investor. By way of example, and without limiting the generality of the foregoing, MASTPartners and related persons and entities shall not be responsible or liable for any claim or damage arising from failure of performance, error, omission, interruption, deletion, defect, delay in operation, computer virus, theft, destruction, unauthorized access to or alteration of personal records, or the reliance upon or use of data, information, opinions or other Materials appearing on this Website.

MASTPartners does not exclude liability for death or personal injury.  You expressly acknowledge and agree that MASTPartners is not liable or responsible for any defamatory, offensive or illegal conduct of other subscribers or third parties. Notwithstanding the generality of the above, our aggregate maximum liability to you in any instance is one dollar payable over one year on the basis that the charges for our Material have been calculated to take our exclusions into account.

Unless otherwise specified, the Materials in the Website is presented solely for the purpose of viewing by you. This Website is controlled and operated by MASTPartners from its offices within the US. Any delivery of Material to you is deemed to be delivery of the Material in the US from where this Website is controlled.  MASTPartners makes no representation that Materials in the Website is appropriate or available for use in other locations. Those who choose to access this Website from other locations do so on their own initiative and are responsible for compliance with local laws, if and to the extent local laws are applicable. Our Website is not directed at any particular person or entity in any particular jurisdiction where such material is prohibited and any person in such jurisdiction must not use the Website. Neither this Website nor any of the Material on it is a solicitation by MASTPartners for investment, and no Material on the Website constitutes financial advice by MASTPartners.

All Users must comply with all laws and licenses, which are applicable to User in connection with the use of our service. This Website, the Terms of Use, and all matters pertaining to the Materials supplied by MASTPartners and the services we offer are governed by US law.  If MASTPartners should delay responding to any request, challenge or correspondence from you, such delay shall not be construed as a waiver of our rights and we reserve the right to pursue any course of action, which may be available to us. Likewise, any one-off consent or dispensation shall not be construed as a permanent waiver of any of our rights. If any provision of this Agreement shall be unlawful, void, or for any reason unenforceable, then that provision shall be deemed severable from this Agreement and shall not affect the validity and enforceability of any remaining provisions.

This is the entire Agreement between the parties relating to the matters contained herein and shall not be modified except in writing, signed or notified by MASTPartners.  This Agreement is non-assignable.  This Agreement shall begin from the time you become a User and shall continue until terminated as provided above. Termination of this Agreement shall not affect any actions taken prior to such termination and all rights and liabilities are preserved and will survive such termination.


Legal Notices,
Copyright Policy,
Terms of Use, &
Privacy Statement