9AT: LCN CAPITAL MANAGEMENT, L.P.

other names

LCN CAPITAL MANAGEMENT, L.P.
LCN MANAGEMENT COMPANY S.A.R.L
LCN CAPITAL PARTNERS, L.P.
LCN CAPITAL PARTNERS (UK) LLP

Adviser Profile

As of Date	03/31/2025
Registration	SEC, Approved, 05/16/2013
ADV Location	NEW YORK, NY, United States
Contact Info	212 xxxxxxx
Websites

AUM^*	5,445,623,686 5%
of that, discretionary	5,445,623,686 14%
Private Fund GAV^*	5,036,744,949
Avg Account Size	151,267,325 -9%
SMA’s	No
Private Funds	31 7

Adviser Type

- Large advisory firm

Number of Employees 40 33%

of those in investment advisory functions 23 53%

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

SEC Fund Type	Count	GAV
Fund TypePrivate Equity Fund	Count28	GAV$4,247,376,568
Fund TypeReal Estate Fund	Count3	GAV$789,368,381

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 CLSA CAPITAL PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund484.7m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV484.7m	AUM-	#Funds13
Adviser LANTERN CAPITAL PARTNERS, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM76.1m	#Funds-
Adviser THE WATERMILL GROUP	Hedge Fund-	Liquidity Fund-	Private Equity Fund163.6m	Real Estate Fund5.5m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund13.8m	Total Private Fund GAV182.8m	AUM162.9m	#Funds26
Adviser ROUNDSHIELD PARTNERS LLP	Hedge Fund-	Liquidity Fund-	Private Equity Fund3.2b	Real Estate Fund462.8m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.6b	AUM-	#Funds29
Adviser GCM CUSTOMIZED FUND INVESTMENT GROUP, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM47.9b	#Funds-
Adviser WP GLOBAL PARTNERS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund3.1b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund14.9m	Total Private Fund GAV3.1b	AUM3.1b	#Funds64
Adviser HSBC SECURITIES (USA) INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund88.1m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV88.1m	AUM3.2b	#Funds9
Adviser HGGC, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund7.0b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV7.0b	AUM7.0b	#Funds34
Adviser WAFRA INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund8.4b	Real Estate Fund1.3b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV9.7b	AUM27.6b	#Funds48
Adviser PORTFOLIO ADVISORS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund21.0b	Real Estate Fund782.9m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund492.4m	Total Private Fund GAV22.3b	AUM44.7b	#Funds126

Brochure Summary

Overview

A. The Adviser is a Delaware limited partnership that was formed in January 2013. We have offices located in New York, Luxembourg, London, Amsterdam and Cologne. The Adviser is owned by its partners, Edward V. LaPuma, Bryan York Colwell, Thomas R. Wall and Joshua Leventhal. Mr. LaPuma has a controlling interest in the Adviser. B. The Adviser provides discretionary investment advice to: LCN European Fund II, SLP, LCN European Fund III (GRI) SLP, LCN European Fund III (GRI-INSCO) SLP, LCN European Fund III SLP, LCN European Fund FCP-SIF, LCN North American Fund, L.P., LCN North American Fund II, L.P., LCN North American Fund III, L.P., LCN Sterling Fund L.P., LCN European Fund IV SLP, and LCN Core Income Fund, L.P., (collectively with all feeder funds, the “Funds”). The Funds invest in sale-leaseback transactions (See Item 8 "Methods of Analysis, Investment Strategies and Risk of Loss") C. Our investment decisions and advice with respect to each Fund are subject to each Fund's investment objectives and guidelines, as set forth in its respective offering documents. The descriptions set forth in this Brochure of specific advisory services that we offer to our clients, and investment strategies pursued and investments made by us on behalf of our clients, should not be understood to limit in any way our investment activities. We may offer any advisory services, engage in any investment strategy and make any investment, including any not

described in this Brochure, that we consider appropriate, subject to each client's investment objectives and guidelines. The investment strategies we pursue are speculative and entail substantial risks. Clients should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any client will be achieved. This Brochure does not constitute an offer to sell or solicitation of an offer to buy any securities. The securities of the Funds are offered and sold on a private placement basis under exemptions promulgated under the Securities Act of 1933 and other applicable state, federal or non-U.S. laws. Significant suitability requirements apply to prospective investors in the Funds, including requirements that they be "accredited investors" as defined in Regulation D, "qualified purchasers" as defined in the Investment Company Act, or non-“U.S. Persons” as defined in Regulation S. Persons reviewing this Brochure should not construe this as an offer to sell or a solicitation of an offer to buy the securities of any of the Funds described herein. Any such offer or solicitation will be made only by means of a confidential private placement memorandum. D. The Adviser or its affiliates does not currently participate in wrap fee programs. E. As of December 31, 2023, the Adviser managed $5,202,946,082 in regulatory assets under management in the Funds, each of which are managed on a discretionary basis.

LCN CAPITAL MANAGEMENT, L.P.

Adviser Profile

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