A. DESCRIPTION OF THE ADVISORY FIRM
10th Lane Partners, LP is a limited partnership organized in the state of Delaware. This firm was formed
in June 2008, and the principal owners are Upacala Theresa Mapatuna and Quinn Dangerfield Morgan.
B. TYPES OF ADVISORY SERVICES
10th Lane Partners, LP and its wholly-owned subsidiary, Centre Lane Partners, LLC, (hereinafter “10th Lane
Partners,” “the Registrant,” “the Firm,” “we,” “us,” “our,”) offers the following services to advisory clients:
1. INVESTMENT SUPERVISORY SERVICES
10th Lane Partners is the investment manager to select Private Limited Partnerships (the
“Funds”). The Funds are “pooled investment vehicles” and are the clients of the Firm. The Firm
offers ongoing portfolio management services based on the goals, objectives, time horizon, and
risk tolerance of each Fund. Investment Supervisory Services include, but are not limited to, the
following:
• Investment strategy;
• Asset allocation;
• Asset selection;
• Risk tolerance; and
• Regular portfolio monitoring
10th Lane Partners aims to create and increase the value of the Funds’ portfolios. 10th Lane
Partners will request discretionary authority from clients in order to select securities and execute
transactions without permission from the client prior to each transaction.
2. PERFORMANCE BASED FEES
Qualified investors may be charged performance fees based on net profits above a mutually
agreed upon preferred return.
3. SERVICES LIMITED TO SPECIFIC TYPES OF INVESTMENTS
10th Lane Partners generally focuses its investment advice and management to private equity and
private credit investments. 10th Lane Partners may use other instruments as well to help diversify
a Fund’s portfolio or facilitate its investment strategy when applicable.
4. CO-INVESTMENT AND SPECIAL PURPOSE VEHICLES
10th Lane Partners has formed (and continues to form) and manage co-investment vehicles (“Co-
Investment Vehicles”) that pool funds of related persons, affiliates and/or third parties to co-
invest directly or indirectly as limited partners or equities owners in entities sponsored, operated
and/or managed by 10th Lane Partners. To implement its investment strategy, a Co-Investment
Vehicle typically acquires minority ownership interests in one or more 10th Lane Partners
Affiliated Entities and participates as an owner in all investments made by such 10th Lane Partners
Affiliated Entity. In addition, 10th Lane Partners may provide participations to or form special
purpose vehicles (“SPV”)
with certain third party investors.
The Funds, the SPVs and the Co-Investment Vehicles are sometimes collectively referred to herein
as the “Funds.”
C. CLIENT TAILORED SERVICES AND CLIENT IMPOSED RESTRICTIONS
Generally, an affiliate of 10th Lane Partners serves as the general partner of each Fund (each, a “General
Partner”), and 10th Lane Partners or an affiliate offers a suite of services to each of the Funds based on
the investment objectives of each individual fund. However, specific investment process decisions are
dependent upon each of the Fund’s offering documents, investment management agreements, and
operating agreements (“Governing Documents”) in place.
In conjunction with each Fund’s Governing Documents, a Fund can impose restrictions in investing in
certain securities or types of securities to facilitate its investments objectives.
In addition, subject to the terms of the Governing Documents, as described below, 10th Lane Partners has
entered into agreements, (such as side letters), with, (and/or offered co-investment opportunities to),
certain limited partners of the Funds managed by 10th Lane Partners, and may enter into these
agreements and/or offer co-investment opportunities to certain of its limited partners in the future, in
each case without the approval of any other limited partners. Side letters and co-investment opportunities
may be granted to, among other reasons, to incentivize or permit limited partners to invest with Funds
managed by 10th Lane Partners, invest certain amounts or invest with Funds managed by 10th Lane
Partners in the future.
Side letters or other similar agreements have the effect of establishing rights under, altering or
supplementing the terms of the relevant Funds’ Governing Documents with respect to one or more such
limited partners in a manner that could be more favorable to such limited partners than those applicable
to other limited partners. For example, the side letters or other similar agreements may reduce or waive
certain of the fees applicable to limited partners.
D. AMOUNTS UNDER MANAGEMENT
10th Lane Partners has the following regulatory assets under management:
Discretionary Amounts: Non-discretionary Amounts: Date Calculated:
$3.6 Billion $ - 12/31/2023
For purposes of calculating our regulatory assets under management, we have excluded the assets and
commitments of certain Co-Investment Vehicles and SPVs which are attributable to other private funds
managed by 10th Lane Partners and are included elsewhere.