9AT: RED CLIFF ASSET MANAGEMENT LIMITED

other names

RED CLIFF ASSET MANAGEMENT LIMITED

Adviser Profile

As of Date	03/31/2025
ADV Location	HONG KONG, Hong Kong
Adviser Type - Large advisory firm - Outside the United States
Number of Employees	41 -7%
of those in investment advisory functions	17 -6%
Registration	SEC, Approved, 07/22/2015
Other registrations (1)	SEC, ERA - Withdrawn, 07/17/2015

AUM^*	2,206,762,101 -19%
of that, discretionary	2,206,762,101 -19%
Private Fund GAV^*	1,645,169,213 8%
Avg Account Size	551,690,525 -19%
SMA’s	Yes
Private Funds	4 1
Contact Info	+85 xxxxxxx

Client Types

- Pooled investment vehicles
- Other

Advisory Activities

- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Fund Type	Count	GAV
Fund TypeHedge Fund	Count4	GAV$1,645,169,213

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser SCOPUS ASSET MANAGEMENT, L.P.	Hedge Fund3.1b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.1b	AUM3.1b	#Funds5
Adviser BARES CAPITAL MANAGEMENT, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.3b	#Funds-
Adviser THEOREM	Hedge Fund1.6b	Liquidity Fund-	Private Equity Fund20.5m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund2.2m	Total Private Fund GAV1.7b	AUM1.7b	#Funds9
Adviser LAB QUANTITATIVE STRATEGIES, LLC	Hedge Fund1.6b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.6b	AUM1.6b	#Funds3
Adviser GLADIUS CAPITAL MANAGEMENT LP	Hedge Fund2.9b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.9b	AUM3.1b	#Funds6
Adviser CALYDON CAPITAL, LLC	Hedge Fund24.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV24.0m	AUM2.9b	#Funds1
Adviser CASTLEARK MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM4.0b	#Funds-
Adviser SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC	Hedge Fund3.7b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.7b	AUM3.9b	#Funds12
Adviser STENHAM ASSET MANAGEMENT LIMITED	Hedge Fund92.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV92.1m	AUM3.4b	#Funds1
Adviser BLUE ROCK ADVISORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.2b	#Funds-

Brochure Summary

Overview

Overview Red Cliff Asset Management Limited (“Red Cliff”, the “Firm”, “We”, “Our”, or “Us”) is a company domiciled in Hong Kong, SAR and wholly owned by Mr. William K. Lee. Red Cliff was incorporated with limited liability in Hong Kong on 15 June 2012 and is licensed for Type 9 (asset management) regulated activities by the Securities and Futures Commission (“SFC”) under the Securities and Futures Ordinance (“SFO”) of Hong Kong. Red Cliff is also registered with the National Futures Association (“NFA”) as a Commodity Pool Operator (“CPO”) operating under exemption 4.7, and it is exempt from registering as a Commodity Trading Advisor (“CTA”) operating under Section 4m(1) of the Commodity Exchange Act and CFTC Rule 4.14(a)(10). Funds Structure Red Cliff serves as the Investment Manager to Red Cliff Asia (Master) Fund (the “Master Fund”) and Red Cliff Asia Fund (the “Feeder Fund” and together with the Master Fund, the “Funds”), both of which are organized as private pooled investment vehicles. The Funds have appointed Red Cliff to provide investment management activities in respect of the Funds pursuant to the investment management agreement, pursuant to which Red Cliff has full discretionary management authority over the investment activities of the Funds, including the authority to determine which investments are to be bought and sold and the amounts of such

investments that are appropriate, in accordance with the guidelines set forth in the investment management agreement. Any limitation on such authority is described in the Funds’ investment management agreement. Additionally, Red Cliff has separate investment management/sub-advisory agreements in place to serve as a manager/subadvisor to three managed fund accounts (each a “Managed Fund” and collectively with the Funds, the “Clients”) over which Red Cliff as the manager/subadvisor will have full discretionary management authority, including the authority to determine which investments to be bought and sold and the amounts of such investments that are appropriate, in accordance to the guidelines set forth in the investment management agreements. Any limitation on such authority will be described in the investment management/sub-advisory agreements. Red Cliff has approximately US$ 858.96 million of assets under management as of 31 December 2023, all of which it manages on a discretionary basis. Principal Owners Red Cliff is wholly owned by Mr. William K. Lee. Types of Services Offered As the investment manager, Red Cliff manages the Funds on a discretionary basis, subject to investment policies and restrictions set out in the constitution documents, and primarily focuses on liquid markets of both developed and developing economies with an emphasis on pan-Asia.

RED CLIFF ASSET MANAGEMENT LIMITED

Adviser Profile

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

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Brochure Summary

Overview