9AT: PFM HEALTH SCIENCES, LP

other names

PFM HEALTH SCIENCES, LP
PARTNER ADVISORY SERVICES, L.P. ("RELYING ADVISER")
PFM NEWCO, L.P.
PARTNER INVESTMENT MANAGEMENT, L.P. ("RELYING ADVISER")
PARTNER FUND MANAGEMENT, LLC ("RELYING ADVISER")
PARTNER FUND MANAGEMENT, L.P.

Adviser Profile

As of Date	08/27/2025
ADV Location	SAN FRANCISCO, CA, United States
Adviser Type - Large advisory firm
Number of Employees	18 -22%
of those in investment advisory functions	8 -11%
Registration	SEC, Approved, 04/10/2008

AUM^*	2,048,992,081 -37%
of that, discretionary	2,048,992,081 -37%
Private Fund GAV^*	2,054,304,977 -15%
Avg Account Size	256,124,010 -37%
SMA’s	No
Private Funds	10 4
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
- Performance-based fees

Fund Type	Count	GAV
Fund TypeHedge Fund	Count4	GAV$1,908,041,350
Fund TypePrivate Equity Fund	Count6	GAV$146,263,627

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 ARENA INVESTORS, LP	Hedge Fund1.9b	Liquidity Fund-	Private Equity Fund841.2m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund878.3m	Total Private Fund GAV3.6b	AUM2.7b	#Funds32
Adviser EOS MANAGEMENT, L.P.	Hedge Fund769.6m	Liquidity Fund-	Private Equity Fund199.9m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV969.5m	AUM969.5m	#Funds8
Adviser LIGHT STREET CAPITAL MANAGEMENT, LLC	Hedge Fund1.2b	Liquidity Fund-	Private Equity Fund403.3m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.6b	AUM1.1b	#Funds28
Adviser ENDICOTT GROUP	Hedge Fund36.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV36.2m	AUM48.7m	#Funds2
Adviser SUMMIT ROCK ADVISORS, LP	Hedge Fund8.3b	Liquidity Fund-	Private Equity Fund4.9b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV13.2b	AUM23.5b	#Funds21
Adviser HILL PATH CAPITAL LP	Hedge Fund3.0b	Liquidity Fund-	Private Equity Fund1.1b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV4.2b	AUM4.2b	#Funds28
Adviser BLUE ROAD MANAGEMENT, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund1.9b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.9b	AUM2.1b	#Funds10
Adviser CYPRESS CREEK PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund91.3m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund143.8m	Total Private Fund GAV235.1m	AUM409.9m	#Funds13
Adviser DISCOVERY CAPITAL MANAGEMENT, LLC	Hedge Fund5.8b	Liquidity Fund-	Private Equity Fund433.7m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV6.2b	AUM4.3b	#Funds18
Adviser FAIRMOUNT FUNDS MANAGEMENT LLC	Hedge Fund3.1b	Liquidity Fund-	Private Equity Fund75.8m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.2b	AUM3.2b	#Funds4

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker532457108	Stock NameELI LILLY & CO	$ Position$208,931,969	% Position18.00%	$ Change-8.00%	# Change-2.00%
Stck Ticker88033G407	Stock NameTENET HEALTHCARE CORP	$ Position$87,866,768	% Position7.00%	$ Change33.00%	# Change2.00%
Stck Ticker58155Q103	Stock NameMCKESSON CORP	$ Position$52,989,520	% Position5.00%	$ Change-19.00%	# Change-26.00%
Stck Ticker70975L107	Stock NamePENUMBRA INC	$ Position$42,667,560	% Position4.00%	$ Change-4.00%	# Change0.00%
Stck Ticker46120E602	Stock NameINTUITIVE SURGICAL INC	$ Position$48,345,557	% Position4.00%	$ Change5.00%	# Change-4.00%
Stck Ticker05464T104	Stock NameAXSOME THERAPEUTICS INC	$ Position$50,431,331	% Position4.00%	$ Change-22.00%	# Change-13.00%
Stck Ticker126650100	Stock NameCVS HEALTH CORP	$ Position$33,041,765	% Position3.00%	$ Change56.00%	# Change53.00%
Stck Ticker235851102	Stock NameDANAHER CORPORATION	$ Position$31,885,524	% Position3.00%	$ Change38.00%	# Change44.00%
Stck Ticker04351P101	Stock NameASCENDIS PHARMA A/S	$ Position$38,274,740	% Position3.00%	$ Change31.00%	# Change19.00%
Stck Ticker28176E108	Stock NameEDWARDS LIFESCIENCES CORP	$ Position$30,697,660	% Position3.00%	$ Change11.00%	# Change3.00%

Brochure Summary

Overview

PFM is a Delaware limited partnership with its principal place of business in San Francisco, California. The Adviser serves as an investment adviser to private investment funds in which qualified investors invest directly (the “Offered Funds”). Certain Offered Funds (the “Feeder Funds”), in turn, invest substantially all of their assets in Cayman Islands’ exempted limited partnerships for which PFM serves as investment adviser (the “Master Funds,” and together with the Offered Funds, the “Funds” or “Clients”), which invest directly in investment instruments. The Adviser receives certain assistance in providing investment advice from its affiliates, Partner Advisory Services, L.P. (“PAS”), a Delaware limited partnership, and Partner Fund Management, Inc. (“PFMI”), a Delaware corporation. PFMI and PAS are referred to herein as the “Affiliated Advisers.” PFM has been in the investment advisory business since its inception in September 2004. Brian D. Grossman is the principal owner of and controls, directly and indirectly, the Adviser and Affiliated Advisers. As of January 1, 2024, the Adviser has approximately $2.4 billion of regulatory assets under management, all of which is managed on a discretionary basis. The Adviser has

broad discretion with respect to the Funds’ investment decisions, selection of brokers, dealers and other counterparties, and the amount of commissions or other compensation to be paid by the Funds. The Adviser provides investment advisory services to the Funds based on the particular investment objectives and strategies described in the relevant Offered Fund’s Offering Documents (defined below). Unless otherwise specified herein, all discussions relating to the Adviser relates equally to each of PFM and the Affiliated Advisers, as applicable. PFMI and PAS provide research services to the Adviser. PAS acts as a sub-advisor to PFM. All discussions of the Funds in this brochure, including but not limited to their investments, the strategies used in managing the Funds, the fees, allocations and other costs associated with an investment in the Funds, and conflicts of interest faced by the Adviser and its Affiliated Advisers in connection with management of the Funds are qualified in their entirety by reference to each Fund’s respective confidential private offering memorandum (if any) and the governing documents of that Fund (referred to collectively as “Offering Documents”).

PFM HEALTH SCIENCES, LP

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