This brochure describes the investment advisory services we provide. P&A Capital Advisors, Inc. was founded in 1991. We are owned by David E. Alexander and Tony C. Peyser. We are the general partner and investment manager of three limited partnerships (each a “Fund,” and together, the “Funds”). Each Fund operates as a hedge fund-of-funds, meaning it invests assets in a diversified investment portfolio of alternative investment vehicles (“Underlying Funds”) such as hedge funds or other collective investment vehicles, managed by various professional investment managers (“Portfolio Managers”). The Funds do not make direct purchases of marketable securities; however, most of the Portfolio Managers and Underlying Funds do directly invest in marketable securities. All of the Underlying Funds are organized as domestic limited partnerships or limited liability companies. Portfolio Managers may also manage assets through a separately managed account. We monitor the performance of each Underlying Fund and we may adjust the amount of assets allocated to any Underlying Fund. We may add or replace Underlying Funds at any time, in our sole discretion, without notice to or the consent of limited partners or shareholders who invest in the Funds (“Investors”). The Funds we advise are:
• P&A Diversified Managers Fund, L.P. (“DMF”)
• P&A Multi-Sector Fund, L.P. (“MSF”)
• P&A Balanced Fund, L.P. (“BAL”) Additionally, we advise

a separately managed account, AGL P&A Select Multi Manager Separately Managed Division (“AGL”), as well as an account for a high net worth individual. AGL invests in Underlying Funds along with the other Funds and invests in three of the Funds, DMF, MSF and BAL. We advise AGL on a discretionary basis. We advise AGL and the Funds as our advisory clients (“Clients”). As of January 1, 2023, we manage approximately $114.9 million in assets for five (5) Clients on a discretionary basis. The total regulatory assets under management includes approximately $2.6 million that certain of our private funds or separate account Clients have invested in our other private fund Clients. This amount has not been netted out of the assets under management amount of these other private funds Clients that are receiving the investment. Consequently, we count this $2.6 million twice in our reporting of regulatory assets under management. Clients and Investors should be aware that this brochure is not an offer to purchase any interest or shares in the Funds above and is only intended to provide information about our firm. The Funds are private investment vehicles qualifying for an exception from the definition of an “investment company” under the Investment Company Act of 1940, as amended, and interests or shares in them will not be publicly offered as securities. Page 5 of 16