9AT: NORCAP INVESTMENT MANAGEMENT, L.P.

Adviser Profile

As of Date	03/31/2026
Registration	SEC, Approved, 04/14/2005
ADV Location	AUSTIN, TX, United States
Contact Info	972 xxxxxxx
Websites

AUM^*	350,562,550 72%
of that, discretionary	350,562,550 72%
Number of Employees	8 -11%
of those in investment advisory functions	6 -25%
Private Fund GAV^*	350,562,550 11%
Avg Account Size	70,112,510 174%
SMA’s	No
Private Funds	9

Adviser Type

- Large advisory firm

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

	Count	GAV
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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 GORDIAN WEALTH ADVISORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM488.7m	#Funds-
Adviser GFG ALTERNATIVE INVESTMENT ADVISORS LLC	Hedge Fund599.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV599.6m	AUM599.6m	#Funds3
Adviser STONEPINE CAPITAL MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM347.8m	#Funds-
Adviser ACM	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM231.2m	#Funds-
Adviser BENGAL ASSET MANAGEMENT, LLC	Hedge Fund197.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV197.6m	AUM197.6m	#Funds4
Adviser KNUFF & COMPANY LLC	Hedge Fund8.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV8.8m	AUM393.9m	#Funds1
Adviser WATCHTOWER ADVISORS, LP	Hedge Fund289.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV289.5m	AUM289.5m	#Funds3
Adviser SPRUCE POINT CAPITAL MANAGEMENT, LLC	Hedge Fund262.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV262.2m	AUM262.2m	#Funds3
Adviser LIVELLO CAPITAL MANAGEMENT LP	Hedge Fund221.3m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV221.3m	AUM265.2m	#Funds4
Adviser RIP ROAD CAPITAL PARTNERS LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM116.8m	#Funds-

Brochure Summary

Overview

The Adviser primarily provides investment management advice with respect to the Adviser’s private investment funds (as further described in Item 7). Such funds are private offerings of Limited Partnership (“Limited Partners”) interests, sometimes referred to as “Funds,” and each a “Fund” (or “Partnership”). Each Fund is sometimes referred to as a “Client” or, collectively, as “Clients.” The Adviser will typically provide investment management services to each Client per investment guidelines detailed in respective private placement memorandums. NorCap Management, L.P., a Delaware limited partnership, serves as the General Partner (“General Partner”) of the Fund(s), and NorCap Investment Management, L.P., serves as the Investment Manager (“Investment Manager”). The general partner of the Investment Manager and the General Partner is NorCap Advisors, LLC, a Delaware

limited liability company. The owner of NorCap Advisors, LLC, is David Norcom as an individual, and BAG Securities, L.L.C., a Texas limited liability company controlled by Bolton Walters. The professionals of the General Partner and the Investment Manager will use their expertise and experience, along with advice from third-party consultants, to attempt to achieve the investment objectives. The Adviser does not participate in wrap fee programs. The Adviser has been providing discretionary portfolio management services since 2004. As of December 31, 2023, the Adviser has $204,377,523 in regulatory assets under management (“RAUM”), all of which are managed on a discretionary basis. Investors may request more current information at any time by contacting the Adviser. The Adviser does not manage any Client assets on a non-discretionary basis.

NORCAP INVESTMENT MANAGEMENT, L.P.

NORCAP INVESTMENT MANAGEMENT, L.P.

NORCOM INVESTMENT MANAGEMENT, L.P.

NORCOM CAPITAL, LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Brochure Summary

Overview

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NORCAP INVESTMENT MANAGEMENT, L.P. NORCAP INVESTMENT MANAGEMENT, L.P. NORCOM INVESTMENT MANAGEMENT, L.P. NORCOM CAPITAL, LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Brochure Summary

Overview

NORCAP INVESTMENT MANAGEMENT, L.P.

NORCAP INVESTMENT MANAGEMENT, L.P.

NORCOM INVESTMENT MANAGEMENT, L.P.

NORCOM CAPITAL, LLC