For purposes of this brochure, the “Adviser” means Polaris Growth Management, L.L.C., a
Delaware limited liability company, North Star Venture Management 2010, L.L.C., a Delaware
limited liability company, and LS Polaris Innovation Fund Management, L.L.C., a Delaware
limited liability company together (where the context permits) with their affiliated general partners
of the Funds (as defined below) and other affiliates that provide advisory services to and/or receive
advisory fees from the Funds. Such affiliates may or may not be under common control with
Polaris Growth Management, L.L.C., North Star Venture Management 2010, L.L.C. and/or LS
Polaris Innovation Fund Management, L.L.C. but possess a substantial identity of personnel and/or
equity owners with Polaris Growth Management, L.L.C., North Star Venture Management 2010,
L.L.C. and/or LS Polaris Innovation Fund Management, L.L.C. These affiliates may be formed for
tax, regulatory or other purposes in connection with the organization of the Funds, or may serve
as general partners of the Funds.
The Adviser provides investment supervisory services to investment vehicles (the “Funds”) that
are exempt from registration under the Investment Company Act of 1940, as amended (the “1940
Act”) and whose securities are not registered under the Securities Act of 1933, as amended (the
“Securities Act”).
In accordance with the Funds’ respective investment objectives, the Funds typically make venture
capital, growth equity and minority and majority buy-out and equity-related investments. The
Adviser’s advisory services consist of investigating, identifying and evaluating investment
opportunities, structuring, negotiating and making investments on behalf of the Funds, managing
and monitoring the performance of such investments and disposing of such investments. The
Adviser may serve as the investment adviser or general partner to the Funds in order to provide
such services.
The Adviser provides investment supervisory services to each Fund in accordance with the limited
partnership agreement (or analogous organizational document) of such Fund or separate advisory,
investment management or portfolio management agreements (each, an “Advisory Agreement”).
Investment advice is provided directly to the Funds, subject to the discretion and control of the
applicable general partner, and not individually to the investors in the Funds. Services are provided
to the Funds pursuant to the Advisory Agreements with the Funds and/or organizational documents
of the applicable Fund. Investment restrictions for the Funds, if any, are generally established in
the organizational or offering documents of the applicable Fund, Advisory Agreements and/or side
letter agreements negotiated with investors in the applicable Fund (such documents collectively, a
Fund’s “Organizational Documents”).
Polaris Growth Management, L.L.C. is wholly owned by Bryce Youngren. North Star Venture
Management 2010, L.L.C. has no 25% owners. LS Polaris Innovation Fund Management, L.L.C.
is owned by Amy Schulman and Eileen McGuire. The Adviser and its predecessors have been in
business since 1996. As of December 31, 2023, the Adviser manages a total of $4,458,493,030 of
client assets, all of which is managed on a discretionary basis.