Overview
A. Advisory Business
Evolution is an investment adviser with its principal place of business in Crystal Bay, Nevada.
Evolution was formed in May 2002 and is a limited liability company organized in the State of
Delaware. Michael Lerch is the founder and sole owner of Evolution.
B. Advisory Services
Evolution provides investment advisory services on a discretionary basis to pooled investment
vehicles that are structured as Delaware limited liability companies, Cayman Islands limited
partnerships, or Cayman Islands exempted companies (also referred to herein as “Client”, “Clients”,
“Fund”, or “Funds”) for which Evolution acts as investment manager. References to an “investor”
or “investors” in this Brochure refer to investors in Funds.
C. Tailored Advisory Services
Evolution is granted broad investment authority with respect to the management of its Funds, subject
to such investment restrictions as may be set forth in the confidential private offering memorandum,
investment management agreement, operating agreement (with respect to Funds formed as limited
liability companies), limited
partnership agreement (with respect to Funds formed as Cayman Islands
limited partnerships), memorandum and articles of association (with respect to Funds formed as
Cayman Islands exempted companies), and other governing documents of each Fund (collectively,
the “Governing Documents”). There is no assurance that any Fund’s investment objectives will be
achieved.
Evolution has entered into “side letters” or similar agreements with certain investors in the Funds
granting the investor specific rights, economic terms, benefits, or privileges that are not made
available to other investors. Investors may not impose restrictions on investing in certain securities
and/or investments and/or certain types of securities and/or investments except as agreed to in the
Governing Documents or in a side letter.
D. Wrap Fee Programs
Evolution does not participate in wrap fee programs.
E. Client Assets Managed on a Discretionary Basis
As of December 31, 2022, Evolution managed approximately $645,926,043 in regulatory assets under
management, all of which was managed on a discretionary basis.