Overview
Level One Fund (“LOF”) is a Delaware limited liability company formed in July 2019. LOF
provides investment advisory services to one or more investment funds, which may be formed from
time to time (each, a “Fund” and collectively, the “Funds”), that are exempt from registration under
the U.S. Investment Company Act of 1940, as amended (the “1940 Act”), and whose securities are
not registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”). LOF
expects to form one or more entities to serve as the general partner for certain of the entities
comprising the Funds (collectively, or individually, as the context may require, the “general
partner”).
LOF seeks to invest in high quality businesses with partners with whom it can collaborate to create
value. LOF seeks long-term investments as well as short-term opportunistic investments. It is
flexible on structure and may own a controlling interest in a portfolio company or take minority
positions.
LOF’s investment advisory services consist of investigating, identifying and evaluating investment
opportunities, structuring, negotiating and making investments on behalf of the Funds on a
discretionary basis, managing and monitoring
the performance of such investments and disposing
of such investments. LOF serves as the investment adviser to the Funds in order to provide such
services and tailors its advisory services in accordance with the Funds’ organizational and/or
offering documents, investment management agreements (the “Management Agreements”) and
other governing documents applicable to the Funds (collectively, the “Governing Fund
Documents”). LOF does not generally tailor its advisory services to the needs of any Fund’s
individual investors (“Investors”). In general, neither a Fund nor its Investors may impose
limitations on the investment activities of such Fund beyond those described in the applicable
Governing Documents. However, subject to a Fund’s Governing Documents, LOF reserves the
right to tailor other contractual rights of certain Investors through side letters in its sole discretion.
LOF does not participate in wrap fee programs.
The principal owners of LOF are Andrew Stewart, James Stewart, and Gary Lisiewski.
As of March 31, 2023 LOF manages approximately $206,674,860 in regulatory assets under
management on a discretionary basis. LOF does not manage any non-discretionary assets.