The Firm Pleiad Investment Advisors Limited (“Pleiad” or the “Firm”), a limited company incorporated in Hong Kong on March 24, 2014, is registered with the Securities and Exchange Commission ("SEC") as an investment adviser pursuant to the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Firm has its principal office and place of business in Hong Kong. Under the Hong Kong regulatory regime, companies that conduct regulated activities in Hong Kong must be licensed by the Securities and Futures Commission (“SFC”). The Firm is licensed by the SFC with a Type 9 (Asset Management) License for the regulated activity of asset management pursuant to the Hong Kong Securities and Futures Ordinance and its subsidiary legislation (the “SFO”). The Firm has its principal office and place of business outside the United States. This Brochure is provided to the Firm’s U.S. investors in connection with their investment in the pooled investment vehicles managed by the Firm. Principal Owners The Firm was founded by Kenneth Lee and Michael Yoshino (the “Founders”), who together own the Firm, equally and jointly (via holding companies), through Pleiad Investment Management Limited, an exempted company incorporated in the Cayman Islands on May 24, 2014. Types of Services Offered The Firm offers asset management services only to “Professional Investors” within the meaning of the SFO. Under the SFO, regulated activity of asset management means providing a service of managing a portfolio of securities or futures contracts for clients on a discretionary basis. This category of regulated activity will cover discretionary investment managers, whether managing a fund or an advisory account. In the United States, the Firm’s advisory services are currently offered only through investment in pooled investment vehicles discussed below. All the pooled investment vehicles managed by the Firm are unregistered private investment funds and are only available to persons who are both “Accredited Investors” within the meaning of Rule 501 of Regulation D under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and “Qualified Purchasers” within the meaning of Section 2(a)(51) of the U.S. of the Investment Company Act of 1940, as amended (the “Investment Company Act”). Below is a brief description of the investment strategies offered by the Firm.
• Asia Equities Long Short Strategy: A research intensive, fundamentally driven long-short on Asia. Through a bottom-up security selection process, this strategy seeks to long or short securities of companies where the market price is deemed to represent a compelling risk-reward opportunity relative to the Firm’s assessment of the underlying fundamentals. This strategy is offered through private pooled vehicles managed by the Firm, namely Pleiad Asia Master Fund and its feeder funds.
• Asia Equities Long-Only Strategy: A research intensive, fundamentally driven long-only on Asia. Through a bottom-up security selection process, this strategy seeks to long securities of companies where the market price is deemed to represent a compelling risk- reward opportunity relative to the Firm’s assessment of the underlying fundamentals. This strategy is offered through private pooled vehicles managed by the Firm, namely Pleiad Asia Equity Master Fund and its feeder funds.
• Japan Equities Long-Only Strategy: A research

intensive, fundamentally driven long-only equity investment strategy focused on bottom-up stock picking with a geographic focus on Japan. Through a bottom-up security selection process, this strategy seeks to long securities of companies where the market price is deemed to represent a compelling risk- reward opportunity relative to the Firm’s assessment of the underlying fundamentals. This strategy is offered through private pooled vehicles managed by the Firm, namely Pleiad Japan Equity Master Fund and its feeder fund.
• Japan Growth-Stage Private Equity Strategy: A late/growth-stage private equity investment strategy focused primarily on the Technology, Media, and Telecom (TMT) sector in Japan, with a particular focus on consumer internet and enterprise software services companies. This strategy seeks to invest in private equity securities of late/growth-stage pre-IPO companies where the valuation is deemed to represent a compelling risk-reward opportunity relative to the Firm’s assessment of the underlying fundamentals. This strategy is offered through a Cayman Islands exempted limited partnership, namely the Pleiad-Minerva Japan Growth Opportunities LP. ▪ Japan Equities Long Short Strategy: A research intensive, fundamentally driven long-short public equity investment fund focused on bottom-up stock picking with a geographic focus on Japan. Through a bottom-up security selection process, this fund seeks to long or short securities of companies where the market price is deemed to represent a compelling risk- reward opportunity relative to the Firm’s assessment of the underlying fundamentals. This strategy is offered through private pooled vehicles managed by the Firm, namely Pleiad Japan Master Fund and its feeder fund. The pooled investment vehicles mentioned above are collectively referred to as the “Funds” and individually as a “Fund” throughout this Brochure. Where differences exist between the various Funds, the specific fund name will be mentioned. This Brochure and the description set forth herein regarding the Funds are not intended to be complete. The definitive terms and full disclosures with respect to the Funds are set forth in the offering memorandum or limited partnership agreement and any supplements thereto (collectively, the “Governing Documents”) pertaining to the relevant Funds. Please carefully review the Governing Documents for a complete description of all information regarding the Fund prior to making an investment decision. The investment objectives, investment strategies, and any investment restrictions are described in the Governing Documents for each of the relevant Funds. The Firm provides investment advisory services to the Funds, as pooled investment vehicles, based on the specific investment objectives, investment strategies, and any investment restrictions of the Funds themselves are not tailored to the individual investors in the Funds. The Firm currently does not offer its advisory services other than through the Funds, and its advisory services are currently not available to other clients whether on a discretionary basis or on a non-discretionary basis. Assets Under Management As of December 31, 2023, the Firm had gross assets under management in the amounts set forth below:
• Assets Managed on a Discretionary Basis US$ 2,515,060,691
• Assets Managed on a Non-Discretionary Basis US$0
• Total Regulatory Assets Under Management US$ 2,515,060,691