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Adviser Profile

As of Date 08/28/2024
Adviser Type - Large advisory firm
Number of Employees 13
of those in investment advisory functions 7
Registration SEC, Approved, 03/29/2019
AUM* 397,728,571 44.99%
of that, discretionary 397,728,571 44.99%
Private Fund GAV* 397,728,571 44.47%
Avg Account Size 44,192,063 12.77%
SMA’s No
Private Funds 9 2
Contact Info (41 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

Recent News

Reported AUM

Discretionary
Non-discretionary
274M 235M 196M 157M 118M 78M 39M
2019 2020 2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypePrivate Equity Fund Count9 GAV$397,728,571

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Brochure Summary

Overview

The Adviser, a Delaware limited liability company and a registered investment adviser, and its affiliated investment advisers provide investment advisory services to investment funds privately offered to qualified investors in the United States and elsewhere. The Adviser commenced operations in February 2017. The Adviser’s clients include P4G Capital Partners I, L.P., P4G Capital Partners I-A, L.P., P4G Capital Partners I-B, L.P., P4G Capital Partners I Co-Invest Fund, L.P. (each, a “Fund,” and together with any future private investment fund to which the Adviser and/or its affiliates provide investment advisory services, the “Funds”). The Adviser also manages special purpose vehicles (together with any future special purpose vehicles to which the Adviser and/or its affiliates provide investment advisory services, the “SPVs”). The SPVs are generally formed to hold a single subsidiary portfolio company. UEI Topco, LLC is a SPV formed prior to the formation of the Funds (the “Initial SPV”). P4G Capital Associates, L.P. (together with any future affiliated general partners that may be formed from time to time, the “General Partners”), P4G Acquisition SPV III, LLC (together with any future SPV sponsors, each an “SPV Sponsor” and together with the General Partners, the Adviser and their affiliated entities, “P4G”) are affiliated with the Adviser. Each General Partner is subject to the Advisers Act pursuant to the Adviser’s registration in accordance with SEC guidance. This Brochure also describes the business practices of the General Partners, which operate as a single advisory business together with the Adviser. The Funds and SPVs are private equity funds and invest through negotiated transactions in operating entities, generally referred to herein as “portfolio companies.” P4G’s investment advisory services to the Funds and SPVs consist of identifying and evaluating investment opportunities, negotiating the terms of investments, managing and monitoring investments and achieving dispositions for such investments. Although investments are made predominantly in non-public companies, investments in public companies are permitted. Where such investments consist of portfolio companies, the senior principals or other personnel of the Adviser or its affiliates generally serve on such portfolio companies’ respective boards of directors or otherwise act to influence control over management of portfolio companies in which the Funds and SPVs have invested. The advisory services to the Funds and SPVs are detailed in the relevant private placement memoranda or other offering documents (each, a “Memorandum”), limited partnership or other operating agreements or governing documents of the Funds and SPVs (each, a “Partnership Agreement” and, together with any relevant Memorandum, the “Governing Documents”) and are further described below under “Methods of Analysis, Investment Strategies and Risk of Loss.” Investors in the Funds participate in the overall investment program for the applicable Fund,
but in certain circumstances are excused from a particular investment due to legal, regulatory or other agreed-upon circumstances pursuant to the Governing Documents, although SPV investors only participate in the single investment made by each SPV; such arrangements generally do not and will not create an adviser-client relationship between the Adviser and any investor. Investors in the Funds and/or the SPVs are generally referred to herein as “Limited Partners.” The Funds and SPVs or the General Partners generally enter into side letters or other similar agreements (“Side Letters”) with certain investors that have the effect of establishing rights (including economic or other terms) under, or altering or supplementing the terms of, the Governing Documents with respect to such investors. Additionally, as permitted by the Governing Documents, the Adviser expects to provide (or agree to provide) co-investment opportunities (including the opportunity to participate in co- invest vehicles) to certain current or prospective investors or other persons, including other sponsors, market participants, finders, consultants and other service providers, portfolio company management or personnel, Adviser personnel and/or certain other persons associated with the Adviser and/or its affiliates (e.g., a vehicle formed by the Adviser’s principals to co-invest alongside a particular Fund’s transactions). The Adviser reserves the right to cause such co- investors to make their investment through a co-invest SPV. Such co-investments typically involve investment and disposal of interests in the applicable portfolio company at the same time and on the same terms as the Fund or SPV making the investment. However, for strategic and other reasons, a co-investor or co-invest vehicle may purchase a portion of an investment from one or more Funds or SPVs after such Funds or SPVs have consummated their investment in the portfolio company (also known as a post-closing sell-down or transfer). Any such purchase from a Fund or SPV by a co-investor or co-invest vehicle generally occurs shortly after the Fund’s completion of the investment to avoid any changes in valuation of the investment, but in certain instances could be well after the Fund’s initial purchase. Where appropriate, and in the Adviser’s sole discretion, the Adviser reserves the right to charge interest on the purchase to the co-investor or co-invest vehicle (or otherwise equitably to adjust the purchase price under certain conditions), and to seek reimbursement to the relevant Fund for related costs. However, to the extent any such amounts are not so charged or reimbursed (including charges or reimbursements required pursuant to applicable law), they generally will be borne by the relevant Fund or SPV. As of December 31, 2023, the Adviser managed approximately $397,728,571 in client assets on a discretionary basis. The Adviser is wholly owned by P4GCM Holdings, LP, which is ultimately owned, directly and indirectly, by Rachel E. Lehman.