Biglari Capital Corp. manages The Lion Fund, L.P. and The Lion Fund II, L.P., investment limited partnerships. Sardar Biglari, the sole shareholder, makes all investment, operating, and capital allocation decisions. The firm focuses on maximizing the net worth of the funds' partners through various investment activities, primarily seeking undervalued securities.
Biglari Capital does not charge a management fee. Instead, the firm receives 25% of the net profits allocated to each investor in the Funds, in excess of a hurdle rate. This is subject to a high-water mark.