Overview
Mairs & Power Private Capital Management, LLC (“PCM”) is an SEC-registered investment adviser
based in St. Paul, Minnesota. The firm was founded in 2021 and is a fully owned subsidiary of Mairs &
Power, Inc., a related SEC-registered investment adviser. Please refer to Item 10, Other Financial
Industry Activities and Affiliations for a discussion of matters relating to PCM’s affiliates.
PCM provides investment management services to privately-placed pooled investment vehicles (the
“Private Funds” or “Funds”) focusing on venture capital investments in a variety of sectors. PCM
provides investment management services on a discretionary basis and typically engages third-party
service providers, such as administrators and auditors, on behalf of the Funds.
PCM provides investment management services as described in the investment strategy of the relevant
Private Fund. The investment strategy is outlined in each Fund’s Private Placement Memorandum (the
“PPM”), limited partnership agreement, or other governing documents (collectively, the “Governing
Documents”). The Governing Documents should be read carefully for a description
of the merits for and
risks associated with such type of investment prior to investing.
Additionally, PCM has the ability to enter into agreements, such as side letters, with certain investors in
the Private Funds that provide for terms of investment that are more favorable than the terms provided to
other investors in the Private Funds. Such terms may include, but are not limited to, the waiver or
reduction of fees or the provision of additional reports and information. Any existing side letters or other
agreements are generally disclosed only to investors in the applicable Private Fund that have the right to
review such agreements.
To the extent permitted by law, PCM has engaged its affiliate, Mairs & Power, Inc., to provide support
related to its responsibilities. Mairs & Power, Inc. provides certain administrative services to PCM such
as the review and processing of new account documentation, implementation of Private Funds, account
monitoring, and other administrative and operational services as delegated.
As of December 31, 2022, we managed $19,155,000 of client assets on a discretionary basis.