9AT: THE WATERMILL GROUP

other names

THE WATERMILL GROUP
WM-TPG ENTERPRISES, LLC (RELYING ADVISER)
WATERMILL-TUBES ENTERPRISES, LTD. (RELYING ADVISER)
WATERMILL-TENERE ENTERPRISES, LLC (RELYING ADVISER)
WATERMILL-QMC ENTERPRISES, LLC (RELYING ADVISER)
WATERMILL-MPI ENTERPRISES, LLC (RELYING ADVISER)
WATERMILL-MPI ENTERPRISES II, LLC (RELYING ADVISER)
WATERMILL-MCT ENTERPRISES, LLC (RELYING ADVISER)
WATERMILL-EMI ENTERPRISES, LLC (RELYING ADVISER)
WATERMILL-C&M ENTERPRISES, LLC (RELYING ADVISER)
WATERMILL-ALSIP ENTERPRISES, LLC (RELYING ADVISER)
WATERMILL MANAGEMENT COMPANY, LLC

Adviser Profile

As of Date	03/26/2025
ADV Location	BOSTON, MA, United States
Adviser Type - Large advisory firm
Number of Employees	14 -13%
of those in investment advisory functions	9 -18%
Registration	SEC, Approved, 07/22/2022
Other registrations (2)	SEC, ERA - Withdrawn, 06/24/2022 Massachusetts, ERA - Withdrawn, 06/24/2022
Former registrations	WATERMILL MANAGEMENT COMPANY, LLC

AUM^*	145,088,497 -31%
of that, discretionary	145,088,497 -31%
Private Fund GAV^*	150,739,128 -43%
Avg Account Size	9,068,031 -35%
SMA’s	No
Private Funds	18 3
Contact Info	781 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- Fixed fees (other than subscription fees)
- Performance-based fees

Fund Type	Count	GAV
Fund TypePrivate Equity Fund	Count13	GAV$142,701,949
Fund TypeReal Estate Fund	Count4	GAV$6,021,458
Fund TypeOther Private Fund	Count1	GAV$2,015,721

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 LANTERN CAPITAL PARTNERS, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM76.1m	#Funds-
Adviser ROUNDSHIELD PARTNERS LLP	Hedge Fund-	Liquidity Fund-	Private Equity Fund3.2b	Real Estate Fund462.8m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.6b	AUM-	#Funds29
Adviser HSBC SECURITIES (USA) INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund88.1m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV88.1m	AUM3.2b	#Funds9
Adviser CLSA CAPITAL PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund484.7m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV484.7m	AUM-	#Funds13
Adviser LCN CAPITAL MANAGEMENT, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund4.2b	Real Estate Fund789.4m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV5.0b	AUM5.4b	#Funds31
Adviser WAFRA INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund8.4b	Real Estate Fund1.3b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV9.7b	AUM27.6b	#Funds43
Adviser LARSEN MACCOLL PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund137.6m	Real Estate Fund12.5m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV150.0m	AUM-	#Funds11
Adviser EQUITY INTERNATIONAL	Hedge Fund-	Liquidity Fund-	Private Equity Fund1.2b	Real Estate Fund632.2m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.8b	AUM1.5b	#Funds21
Adviser GI PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund16.8b	Real Estate Fund2.5b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV19.3b	AUM34.0b	#Funds35
Adviser ARCADIA INVESTMENT PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund1.2b	Real Estate Fund112.5m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.3b	AUM1.3b	#Funds73

Brochure Summary

Overview

Watermill Management Company, LLC (hereinafter “WMC” or “firm”) is a SEC- registered investment adviser with its principal place of business in Boston, Massachusetts. The firm has been investing under the name Watermill Management Company since 2002. Prior to 2002, investments in industrial businesses were made through HMK Enterprises Inc., a Karol family holding company started in 1978, which continues to be an active investor in the firm’s Fund investments. The principal owners of WMC (25% or more ownership) are as follows: Steven E. Karol Julia D. Karol WMC provides investment management services to private equity funds and certain parallel co-investors (hereinafter collectively, "the Funds"). The Funds invest generally, but not exclusively, in private, illiquid securities. Most of the time, each Fund invests in a specific portfolio company or a group of portfolio companies. WMC does not offer or provide securities brokerage services. WMC manages Fund investments in various companies offering a wide spectrum of services. For each Fund, WMC generally identifies prospective portfolio company(ies) (and possible add-on acquisitions to portfolio companies) and then performs due diligence and considers structures and pricing, works closely with portfolio companies to provide strategic, operating, marketing and financial advice and identifies opportunities to realize the value of such investments. The investment objective of the Funds is to seek

long-term capital appreciation. The Funds invest primarily in the equity securities or interests of private companies and typically seek majority control positions, in some cases with other co-investors. The Funds acquire investments directly and in transactions involving third parties, including traditional investment banks and brokers. The Funds are not required to register under the Securities Act of 1933 or the Investment Company Act of 1940 in reliance upon certain exemptions available to issuers whose securities are not publicly offered. WMC manages the Funds on a discretionary basis in accordance with the terms and conditions of each Fund's offering and organizational documents. ASSETS: As of December 31, 2023, WMC’s regulatory assets under management is $212,874,753, all of which is managed on a discretionary basis. WMC does not manage any assets on a non-discretionary basis. IMPORTANT ADDITIONAL CONSIDERATIONS: The information provided herein merely summarizes the detailed information provided in each Fund’s offering and organizational documents. Certain of the Funds are closed and are not admitting new investors. Current Fund investors and prospective investors in any new Fund launched by WMC should be aware of the substantial risks associated with investment as well as the terms applicable to such investment. This and other detailed information is provided in the appropriate Fund offering and organizational documents.

THE WATERMILL GROUP

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