Overview
A. Description of the Advisory Firm
ESO Management Services LLC is a Delaware Limited Liability Company formed in October 2011. Its
principal owners are Scott S. Chou, James D. Lackie, and Stephen M. Roberts.
B. Types of Advisory Services
ESO Management Services LLC serves as investment adviser to the series of ESO venture capital
funds, which are organized as Delaware limited partnerships each a “Fund” and collectively referred
to throughout this brochure as the “Funds”). Affiliated entities of ESO Management Services LLC
serve as the General Partners of the Funds.
ESO Management Services LLC is a venture capital and private equity firm. The Funds it manages
invest directly and indirectly in private technology related companies (see Item 8B below) primarily
in the United States, in accordance with the strategy described in each Funds’ offering memorandum,
limited partnership agreement, and subscription documents (“Constituent Documents”).
The Funds offer limited partnership interests (“Interests”) to certain qualified investors as described
in response to Item 7, below (such
investors are referred to herein as “Investors”).
C. Client Tailored Services and Client Imposed Restrictions
ESO Management Services LLC does not currently have individual, natural-person clients. The Firm
serves as the Investment Manager to the Funds and it has no other clients. All management and
investment decisions regarding the Funds are based on each Fund’s objectives, strategies and
policies. As Investment Manager of the Funds along with our affiliated entities serving as General
Partners, we are responsible for all major investment decisions of the Funds, including, without
limitation, amending or changing each Fund’s investment objectives, investment strategies and
investment policies or limitations.
D. Wrap Fee Programs
ESO Management Services LLC does not participate in wrap fee programs.
E. Amounts Under Management
As of December 31, 2023 ESO Management Services LLC has approximately $412 million of
regulatory assets under management on a discretionary basis. It does not manage assets on a non-
discretionary basis.