9AT: MACELLUM ADVISORS, LP

Adviser Profile

As of Date	03/28/2024
Registration status	Terminated
ADV Location	NEW YORK, NY, United States
Contact Info	212 xxxxxxx
Websites

AUM^*	189,095,539 -35%
of that, discretionary	189,095,539 -34%
Number of Employees	5
of those in investment advisory functions	4
Private Fund GAV^*	0
Avg Account Size	47,273,885 -18%
SMA’s	No
Private Funds	0 5

Adviser Type

- Large advisory firm

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

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 UNIO CAPITAL LLC	Hedge Fund143.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV143.7m	AUM691.5m	#Funds2
Adviser LANSING MANAGEMENT, LP	Hedge Fund134.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV134.8m	AUM178.1m	#Funds3
Adviser KAH CAPITAL MANAGEMENT, LLC	Hedge Fund605.3m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV605.3m	AUM605.3m	#Funds6
Adviser WINEBRENNER CAPITAL MANAGEMENT LLC	Hedge Fund73.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV73.7m	AUM260.5m	#Funds4
Adviser NEO IVY CAPITAL MANAGEMENT, LLC	Hedge Fund45.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV45.8m	AUM1.2b	#Funds3
Adviser DELPHIA	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM187.1m	#Funds-
Adviser METRONOME CAPITAL LLP	Hedge Fund139.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV139.0m	AUM244.9m	#Funds3
Adviser UNION SQUARE PARK CAPITAL MANAGEMENT, LLC	Hedge Fund154.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV154.5m	AUM154.5m	#Funds2
Adviser CAMBRIAN ASSET MANAGEMENT, INC.	Hedge Fund134.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV134.4m	AUM121.8m	#Funds4
Adviser SONIC GP LLC	Hedge Fund109.9m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV109.9m	AUM109.9m	#Funds1

Brochure Summary

Overview

A. The Adviser is a Delaware limited partnership and has its principal place of business in New York, New York. Interests in the Funds are offered to certain sophisticated, qualified investors, including: high net worth individuals, retirement plans, trusts, partnerships, corporations, or other businesses.
1 The Adviser was formed in 2011 by Macellum Advisors GP, LLC and the Adviser’s chief executive officer and portfolio manager, Jonathan Duskin (the “Principal”), who is the ultimate beneficial owner of the Adviser. B. The Adviser provides discretionary investment advisory services to various open-end pooled investment vehicles operating as private funds (each a “Fund” and, collectively, the “Funds”). The Adviser’s primary investment objective is to generate positive risk-adjusted returns. The Adviser employs an opportunistic, value-oriented investment strategy supported by an analytical, fundamental research approach to identifying and assessing intrinsic value. In certain instances, the Adviser seeks to employ an activist strategy, whereby the Adviser and or its Clients attempt to exert influence or control of management of the companies in which it or its Clients invest. In such instances, the Adviser may form a group with one or more unrelated entities to act in concert in order to exert larger influence to implement the strategy. C. While each of its Clients will follow the general strategy stated above, the

Adviser may tailor the specific advisory services with respect to each Client based on the particular investment objectives and strategies described in the applicable Client’s (i) confidential offering memorandum or separate account agreement (as applicable) and (ii) governing documents, including but not limited to an investment management agreement (referred to collectively as “Governing Documents”). All discussion of the Clients in this Brochure, including but not limited to their investments, the strategies used in managing the Clients, and conflicts of interest faced by the Adviser in connection with the management of the Clients are qualified in their entirety by reference to each Client’s respective Governing Documents. D. The Adviser does not participate in wrap fee programs. E. As of December 31, 2022, the Adviser managed approximately $189,095,539 in discretionary regulatory assets under management and $0 in non-discretionary regulatory assets under management. 1 As a registered investment adviser, the Adviser owes a fiduciary duty to all of its clients. In 2006, the decision by the Court of Appeals for the D.C. Circuit in Goldstein v. SEC, 451 F.3d 873 (D.C. Cir. June 23, 2006), with respect to private funds, clarified that the “client” of an investment adviser to a private fund is the fund itself and not an investor in the fund.

MACELLUM ADVISORS, LP

MACELLUM ADVISORS, LP

MACELLUM CAPITAL MANAGEMENT

MACELLUM CAPITAL

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Brochure Summary

Overview

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MACELLUM ADVISORS, LP MACELLUM ADVISORS, LP MACELLUM CAPITAL MANAGEMENT MACELLUM CAPITAL

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Brochure Summary

Overview

MACELLUM ADVISORS, LP

MACELLUM ADVISORS, LP

MACELLUM CAPITAL MANAGEMENT

MACELLUM CAPITAL