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Adviser Profile

As of Date 06/03/2024
Adviser Type - Large advisory firm
Number of Employees 14 16.67%
of those in investment advisory functions 8 33.33%
Registration SEC, Approved, 8/15/2019
AUM* 563,143,343 23.63%
of that, discretionary 563,143,343 23.63%
Private Fund GAV* 406,787,249 65.39%
Avg Account Size 187,714,448 23.63%
SMA’s No
Private Funds 3
Contact Info (30 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
458M 393M 327M 262M 196M 131M 65M
2019 2020 2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypePrivate Equity Fund Count3 GAV$406,787,249

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Brochure Summary

Overview

Crest Rock Management Company LP (“Crest Rock” or the “Company”) is an investment advisory firm based in Denver, Colorado, that was founded in 2019 by Steve Johnson and Jeff Carnes to manage private equity investments primarily in the software and technology sectors. The Company is organized as a Delaware limited partnership. The principal owners of Crest Rock are Steve Johnson and Jeff Carnes. Crest Rock sponsors and manages private equity funds that focus on investments primarily in the software and technology sectors (together with any related parallel funds, alternative investment vehicles, and Executive Funds (defined below), the “Funds”). It is anticipated that Crest Rock will also sponsor and manage other investment vehicles (“Co-Investment Vehicles”) that will offer investors opportunities to co-invest alongside the Funds in software and technology investment opportunities. Crest Rock also sponsors and manages other private investment funds formed to allow certain principals, employees and operating professionals of Crest Rock and its affiliates, as well as certain other persons, to invest in certain portfolio investments made by a Fund, as applicable (collectively, the “Executive Funds”). Crest Rock currently manages three Funds: Crest Rock Fund I-A LP (“Fund I-A”), Crest Rock Fund I- B LP (“Fund I-B”), and one Executive Fund, Crest Rock Fund I-Executive LP (“Fund I-Executive”). Funds I-A and I-B have some related ownership in their limited partners and are collectively, including the Fund I-Executive, managed on a pro-rata basis. Each Fund is exempt from registration under the Investment Company Act of 1940, and the offering of interests in each Fund is conducted through a “private offering” that is exempt from registration under the Securities Act of 1933. Responsibility for managing each Fund, including all day-to-day operations and investment activities, has been delegated to the Company by the Funds’ general partner (“General Partner”), which is an affiliate of Crest Rock. Crest Rock’s investment advisory services to the Funds consist of identifying and evaluating investment opportunities, negotiating the terms of investments,
managing and monitoring investments and achieving dispositions for such investments. Investments are made predominantly in non-public companies, although investments in public companies are permitted in certain instances. From time to time, the senior principals or other personnel of Crest Rock serve on the boards of directors (or other governing bodies) of such portfolio companies held by the Funds or otherwise act to influence control over management of portfolio companies in which the Funds have invested. If Crest Rock or its personnel receive board fees as a result of board of director positions at portfolio companies, such fees will be subject to the management fee offset provisions as set forth in the Funds’ Governing Documents (as defined below). As the investment adviser to the Funds, Crest Rock invests each Fund’s assets pursuant to an investment advisory agreement that the Fund enters into with Crest Rock, and in accordance with the Fund’s limited partnership agreement, private placement memorandum, side letters and other governing documents (the “Fund Governing Documents”). Crest Rock conducts its investment advisory activities so as to comply with the investment objective, guidelines and restrictions set forth in each Fund’s Governing Documents, as the same may be amended from time to time. However, Crest Rock does not tailor its investment activities on behalf of a Fund to the needs of any individual investor in a Fund. Each Fund enters into side letters or other similar agreements with certain investors in the Fund that have the effect of establishing rights under, supplementing or altering the Fund’s Governing Documents. Such alterations could be regarding economic terms, fee structures, excuse rights, information rights, co-investment rights (including the provision of priority allocation rights to investors who have capital commitments in excess of certain thresholds to one or more Funds), or transfer rights. The existence and terms of these side letters are not generally disclosed to other investors in the Fund. As of the date of December 31, 2023, Crest Rock has $563,143,343 in regulatory assets under management.