9AT: RINGS CAPITAL MANAGEMENT LLC

other names

RINGS CAPITAL MANAGEMENT LLC

Adviser Profile

As of Date	04/30/2025
ADV Location	CHICAGO, IL, United States
Adviser Type - Large advisory firm
Number of Employees	2
of those in investment advisory functions	2
Registration	SEC, Approved, 04/27/2018
Other registrations (1)	SEC, ERA - Withdrawn, 03/29/2018

AUM^*	537,586,539 28%
of that, discretionary	537,586,539 28%
Private Fund GAV^*	537,586,538 27%
Avg Account Size	179,195,513 28%
SMA’s	No
Private Funds	3
Contact Info	773 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

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

Fund Type	Count	GAV
Fund TypeHedge Fund	Count3	GAV$537,586,538

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 SICART ASSOCIATES, LLC	Hedge Fund18.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV18.8m	AUM380.3m	#Funds1
Adviser THAMES CAPITAL MANAGEMENT, LLC	Hedge Fund455.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV455.6m	AUM455.6m	#Funds3
Adviser STONY POINT CAPITAL	Hedge Fund78.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV78.4m	AUM1.1b	#Funds3
Adviser TRI LOCUM PARTNERS LP	Hedge Fund178.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV178.8m	AUM752.9m	#Funds3
Adviser OPALEYE MANAGEMENT INC.	Hedge Fund623.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV623.4m	AUM639.6m	#Funds1
Adviser OLYMPIAD RESEARCH LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM591.6m	#Funds-
Adviser BAYSHORE CAPITAL	Hedge Fund330.3m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund4.3m	Total Private Fund GAV334.6m	AUM740.8m	#Funds11
Adviser LOUNTZIS ASSET MANAGEMENT, LLC	Hedge Fund9.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV9.7m	AUM548.8m	#Funds1
Adviser GHOST TREE CAPITAL	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM360.0m	#Funds-
Adviser SW INVESTMENT MANAGEMENT LLC	Hedge Fund651.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV651.5m	AUM651.5m	#Funds1

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker615369105	Stock NameMOODYS CORP	$ Position$60,190,800	% Position29.00%	$ Change8.00%	# Change0.00%
Stck Ticker594918104	Stock NameMICROSOFT CORP	$ Position$41,285,030	% Position20.00%	$ Change33.00%	# Change0.00%
Stck Ticker143130102	Stock NameCARMAX INC	$ Position$42,073,460	% Position20.00%	$ Change6.00%	# Change23.00%
Stck TickerM22465104	Stock NameCHECK POINT SOFTWARE TECHNOLOGY LT	$ Position$35,400,000	% Position17.00%	$ Change-3.00%	# Change0.00%
Stck Ticker75513E101	Stock NameRTX CORPORATION	$ Position$24,093,300	% Position12.00%	$ Change10.00%	# Change0.00%
Stck Ticker093671105	Stock NameBLOCK H & R INC	$ Position$2,909,170	% Position1.00%	$ Change0.00%	# Change0.00%
Stck Ticker01609W102	Stock NameALIBABA GROUP HOLDINGS LTD	$ Position$805,211	% Position0.00%	$ Change-14.00%	# Change0.00%

Brochure Summary

Overview

Rings Capital Management LLC (the “Registrant”) is a Delaware limited liability company formed December 17, 2012. Dan Juran is the managing member and sole owner of the Registrant. Framtiden Management Company, LLC (the “Relying Adviser”), a Delaware limited liability company formed August 29, 2018, is an affiliated relying adviser of the Registrant. Dan Juran is the managing member of the Relying Adviser which is co-owned by K. Chris Anderson who is a member. The Registrant serves as the general partner and investment adviser to Framtiden LP (“Framtiden” or “FLP”) and First Framtiden LP (“First Framtiden” or “FFLP”), two Delaware private investment limited partnerships, since March 1, 2016. FLP and FFLP were formed in October 1998 and capitalized in January 1999. Dan Juran served as the general partner of FLP and FFLP from their formation until the Registrant became the general partner on March 1, 2016. The Relying Adviser serves as the investment adviser to Framtiden Holdings LP (“Framtiden Holdings” or “FHLP”), a Delaware private investment limited partnership formed in August 2018 and capitalized in July 2019. Framtiden Capital Company, LLC, a Delaware limited liability company formed August 29, 2018, serves as the general partner of FHLP. Dan Juran is the managing member of the general partner which is co-owned by K. Chris Anderson who is a member. FLP, FFLP, and FHLP (each, a “Partnership,”

collectively, the “Partnerships”) share the same investment approach. Dan Juran has ultimate investment authority for all three vehicles. The Partnerships are offering limited partnership interests to certain qualified investors as described in the response to Item 7 (such investors or prospective investors are referred herein as the “Investors”). The Registrant supervises all aspects of the Partnerships’ operations. The Registrant (or the Relying Adviser in the case of FHLP) manages each Partnership pursuant to the investment strategy set forth in such Partnership’s limited partnership agreement and private placement memorandum. The Registrant and Relying Adviser have the authority to select which and how many securities and other instruments to buy or sell without consultation with Limited Partners in the Partnerships. The Registrant and the Relying Adviser do not currently act in an investment advisory capacity outside of such capacities related to the Partnerships. The Registrant and the Relying Adviser may in the future act as the general partner or investment manager of other investment funds and managed accounts (collectively with the Partnerships, the “Clients”). As of December 31, 2023, the Registrant and the Relying Adviser together manage $422.4 million on a discretionary basis. The Registrant and the Relying Adviser do not manage any assets on a non-discretionary basis.

RINGS CAPITAL MANAGEMENT LLC

Adviser Profile

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