Overview
                                    
                                    
                                        
                                            A.  VR  Adviser,  LLC  (“VRA”  or  the  “Registrant”),  a  Delaware  limited  liability  company,  is  a  registered 
investment  adviser  with  the  U.S.  Securities  and  Exchange  Commission  (“SEC”)  pursuant  to  the 
Investment Advisers Act of 1940 (the “Adviser Act”).  It was established in 2013 and is located in New 
York  and  California.    VRA  serves  as  an  investment  adviser  to  pooled  investment  vehicles  (each,  a 
“Fund” or a “Client”)1, and an affiliate of VRA serves as the general partner (or similar managing body) 
of each Fund.   
 
VR Management, LLC (“VRM”), a Delaware limited liability company, is the sole owner of VRA.  Bong 
Y. Koh and Bryan E. Roberts own VRM.  VRM has established a committee to govern the affairs of VRA.  
That committee is overseen by Dr. Koh, Dr. Roberts, and Nimish P. Shah.  Mr. Shah is an employee of 
VRA and is a Member and Director of the General Partners of the Funds.   
B.  VRA  provides  discretionary  investment  advisory  services  solely  to  Funds.    The  Venrock  Healthcare 
Capital  Partners  line  of  funds  (the  “VHCP  Funds”)  focus  on  long‐term  investment  opportunities  in 
small  capitalization  public  companies  and  late‐stage  private  companies  across  all  sectors  in  the 
healthcare  and  life  sciences  industry,  with  a  current  emphasis  on  biopharmaceuticals.    Venrock 
Opportunities  Fund,  L.P.  (the  “Opportunities  Fund”)  focuses  on  later‐stage  follow‐on  investment 
opportunities  in  a  subset  of  the  public  and  private  portfolio  companies,  and  former  portfolio 
companies,  of  other  VRA‐affiliated  or  VRM‐affiliated  investment  funds.    The  Firm  seeks  to  apply  a 
value‐driven approach to identify investment opportunities and to apply a primary‐sourced, bottom‐
up, venture capital‐like approach in analyzing company specific opportunities for the Funds.     
VRA
                                        
                                        
                                             is affiliated with and serves as manager of entities that serve as the general partners to each of 
the Funds (each, a “General Partner” and, collectively, the “General Partners”, and together with VRA, 
the “Firm”), and each of the Funds is controlled by its respective General Partner. The following is a 
list of each of the General Partners, each of which is an affiliated investment adviser of VRA: 
General Partners: 
  VHCP Management, LLC 
  VHCP Management II, LLC 
  VHCP Management III, LLC 
  VHCP Management EG, LLC  
  Venrock Opportunities Management, LLC 
C.  The investment focus and risks of the Funds are more particularly described in each Fund’s offering 
and  governing  documents.  The  governing  documents  of  the  applicable  Fund  and  its  offering 
documents set forth the Fund’s specific guidelines.  These guidelines may provide for limits on the 
1 “Fund” or “Client” means a private investment fund to which VRA provides investment advice and/or invests on a 
discretionary or nondiscretionary basis. The individuals and other persons that invest in the VRA private investment 
funds are generally referred to herein as “investors.”  Unless otherwise expressly stated herein, the terms “Fund” 
and “Client” do not include “investors.” 
size, concentration, geography, type of security and/or terms of the Fund’s investments.   The Firm 
does not tailor its advisory services to individual investors in its Funds.  
D.  The Registrant does not participate in wrap fee programs. 
E.  As  of  December  31,  2023,  the  Registrant  (together  with  the  General  Partners)  manages 
$2,891,501,332 in Client regulatory assets on a discretionary basis (including the net asset value of 
portfolio  securities  valued  as  of  December  31,  2023  plus  uncalled  capital  commitments  as  of 
December 31, 2023) and no Client assets on a non‐discretionary basis.