9AT: SBJ CAPITAL

other names

SBJ CAPITAL
SPANOS BARBER JESSE & CO., LLC
SPANOS BARBER JESSE & CO. LLC
SPANOS BARBER JESSE & CO.

Adviser Profile

As of Date	10/09/2025
ADV Location	WALNUT CREEK, CA, United States
Adviser Type - Large advisory firm
Number of Employees	17 31%
of those in investment advisory functions	14 40%
Registration	SEC, Approved, 07/29/2022
Other registrations (2)	SEC, ERA - Withdrawn, 06/30/2022 California, ERA - Withdrawn, 06/30/2022
Former registrations	SPANOS BARBER JESSE & CO., LLC

AUM^*	590,922,819 2%
of that, discretionary	590,922,819 2%
Private Fund GAV^*	1,049,607,819 70%
Avg Account Size	34,760,166 -10%
SMA’s	No
Private Funds	22 7
Contact Info	415 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees

Fund Type	Count	GAV
Fund TypePrivate Equity Fund	Count21	GAV$949,607,819
Fund TypeOther Private Fund	Count1	GAV$100,000,000

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 DURATIONAL CAPITAL MANAGEMENT LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund329.4m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV329.4m	AUM340.1m	#Funds3
Adviser AMERICAN INFRASTRUCTURE	Hedge Fund-	Liquidity Fund-	Private Equity Fund1.6b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.6b	AUM1.7b	#Funds8
Adviser OWNER RESOURCE GROUP, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund327.2m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV327.2m	AUM521.2m	#Funds11
Adviser AETHON ENERGY MANAGEMENT	Hedge Fund-	Liquidity Fund-	Private Equity Fund610.9m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV610.9m	AUM610.9m	#Funds5
Adviser TIMBER BAY PARTNERS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund771.7m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV771.7m	AUM771.7m	#Funds4
Adviser REVIVAL HEALTHCARE CAPITAL LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund633.4m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV633.4m	AUM633.4m	#Funds5
Adviser ADVANTAGE CAPITAL	Hedge Fund-	Liquidity Fund-	Private Equity Fund598.0m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund2.1m	Total Private Fund GAV600.1m	AUM789.9m	#Funds15
Adviser ENCORE CONSUMER CAPITAL, LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund540.0m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV540.0m	AUM722.8m	#Funds7
Adviser MAY RIVER CAPITAL	Hedge Fund-	Liquidity Fund-	Private Equity Fund981.9m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV981.9m	AUM981.9m	#Funds6
Adviser RADIAL EQUITY PARTNERS LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund649.9m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV649.9m	AUM649.9m	#Funds1

Brochure Summary

Overview

SBJ provides investment advisory services to private equity funds and other pooled investment vehicles (collectively, together with any future private investment funds to which SBJ and/or its affiliates provide investment advisory services (each a “Fund” and collectively, the “Funds”)) that are exempt from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”) and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”). The investors in the Funds include, among others, individuals, trusts, limited partnerships and limited liability companies. Such investors are generally referred to throughout as “investors” or “Limited Partners.” SBJ is a Delaware limited liability company originally organized in 2013. SBJ is principally owned by Gus Spanos and Tom Barber. The Managing Directors of SBJ, which includes Messrs. Spanos and Barber as well as three other individuals, have an average of over 25 years of experience growing businesses in the lower middle market consumer and services industries in North America over multiple business cycles as operating executives and principal investors. SBJ’s investment strategy focuses primarily on

companies in which its investment represents the first institutional equity capital invested in the business, allowing it to make a significant and positive impact by leveraging its operational and strategic experience (each a “Portfolio Company,” and collectively, the “Portfolio Companies”). SBJ provides investment advisory services to the SBJ Funds pursuant to separate investment advisory agreements. The terms of the advisory services to be provided by SBJ to a Fund, including any specific investment guidelines or restrictions and fees, are set forth in each of the Fund’s investment advisory agreements, partnership agreements, operating agreements, or offering/private placement memoranda and subscription agreements (together, “Governing Documents”). The Governing Documents are negotiated before commencement of the Fund. SBJ has in certain instances entered into agreements, commonly known as “side letters,” with certain investors under which the Firm waives or modifies certain investment terms for those investors, without obtaining the consent of any other investor in the Funds. SBJ does not participate in wrap fee programs. As of December 31, 2023, SBJ managed $615,714,461 of regulatory assets on a discretionary basis.

SBJ CAPITAL

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