Light Street is a Delaware limited liability company that was formed in 2010. Its Chief Investment
Officer, founder, and controlling owner is Glen T. Kacher. Mr. Kacher’s ownership is through
family trusts for which he serves as trustee.
Light Street is the general partner and/or investment adviser to private investment funds (the
“Funds”). It manages hedge funds (the “Hedge Funds”) and long-only funds (the “Long-Only
Funds”) that invest principally in equity and equity-related securities that are traded publicly in
U.S. and non-U.S. markets, venture funds (the “VC Funds”) that invest globally in private
companies in the technology sector, and closed-end funds (the “Closed-End Funds”) each with
a single investment that may fit within the investment mandate of the Hedge Funds, Long-Only
Funds or VC Funds. Light Street only manages assets on a discretionary basis.
As of December 31, 2023, Light Street had total discretionary assets under management of
approximately $589,816,329. This number differs from Light Street’s “regulatory assets under
management” reported on Form ADV Part 1 because it reflects the net value of the assets under
management. “Regulatory assets under management” is a gross assets measurement adopted by
the SEC that does not allow for deducting liabilities associated with borrowing securities to effect
a short sale and other accrued but unpaid liabilities. Light Street believes that net assets better
reflect the amount of assets it actually manages.
Fund investors have no opportunity to select or evaluate any Fund investments or strategies.
Light Street selects all Fund investments and strategies.
Hedge Funds
Certain Hedge Funds offer investors Series A, Series B, and Series C Units. The Hedge Funds no
longer offer Series D Units, but certain investors continue to hold pre-existing Series D interests.
As of April 1, 2024, Light Street offers a new Hedge Fund product that invests in the applied
technology sector, as that term is defined by Light Street (the “Photon Funds”). The Photon
Funds offer investors Founders Units and standard Units. Investors in each Hedge Fund may
withdraw as provided in each Hedge Fund’s offering documents, in each case on at least 45 days’
prior written notice of any permitted withdrawal date, subject to any early withdrawal fees.
Long-Only Funds
The Long-Only Funds offer investors Founders, Series A, Series B, and Series D Units. Investors
in each Long-Only Fund may withdraw as provided in each Long-Only Fund’s offering
documents, in each case on at least 45 days’ prior written notice of any permitted withdrawal
date, subject to any applicable exit fees and investor-level gates.
VC Funds
The VC Funds have a fixed term with the ability to extend the term with the approval of each VC
Fund’s general partner and the approval of a majority in interest of the limited partners or the VC
Fund’s advisory committee. An investor in a VC Fund generally may not withdraw any of its
capital account. Distributions are made at the general partner’s discretion, as provided in the VC
Funds’ offering documents.
Part 2A of Form ADV - Page 2
Some of the VC Funds are available only to Light Street, its members and employees, and certain
friends of Light Street. These VC Funds pay Light Street no compensation. The descriptions
above and elsewhere in this brochure refer to the VC Funds available broadly to outside investors.
Closed-End Funds
Investors in a Closed-End Fund generally may not withdraw any of their capital account.
Distributions are made at the general partner’s discretion, as provided in the Closed-End Funds’
offering documents. The Closed-End Funds are closed to new investors.