9AT: HEADLANDS CAPITAL

other names

HEADLANDS CAPITAL
HCSF MANAGEMENT, LLC
HEADLANDS CAPITAL SECONDARY MANAGEMENT, LLC (RELYING ADVISER)
HEADLANDS CAPITAL SECONDARY MANAGEMENT III, LLC (RELYING ADVISER)
HEADLANDS CAPITAL SECONDARY MANAGEMENT II, LLC (RELYING ADVISER)
HEADLANDS CAPITAL MANAGEMENT, LLC (RELYING ADVISER)
HEADLANDS CAPITAL SECONDARY MANAGEMENT IV, LLC (RELYING ADVISER)

Adviser Profile

As of Date	09/30/2025
Registration	SEC, Approved, 04/09/2014
Other registrations (1)	SEC, ERA - Withdrawn, 03/28/2014
ADV Location	NEW YORK, NY, United States
Contact Info	415 xxxxxxx
Websites

AUM^*	896,284,370 2%
of that, discretionary	896,284,370 2%
Private Fund GAV^*	896,284,369
Avg Account Size	89,628,437 2%
SMA’s	No
Private Funds	13 2

Adviser Type

- Large advisory firm

Number of Employees 11 38%

of those in investment advisory functions 7 40%

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 TypeHedge Fund	Count1	GAV$121,507,136
Fund TypePrivate Equity Fund	Count12	GAV$774,777,233

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 VELT PARTNERS INVESTIMENTOS LTDA.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.2b	#Funds-
Adviser IBEX INVESTORS LLC	Hedge Fund479.2m	Liquidity Fund-	Private Equity Fund317.6m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund10.4m	Total Private Fund GAV807.1m	AUM926.8m	#Funds41
Adviser ALTA PARK CAPITAL, LP	Hedge Fund972.0m	Liquidity Fund-	Private Equity Fund413.9m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.4b	AUM1.4b	#Funds15
Adviser PARADIGM OPERATIONS LP	Hedge Fund8.4b	Liquidity Fund-	Private Equity Fund6.9b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV15.3b	AUM12.7b	#Funds11
Adviser JUNIPER INVESTMENT COMPANY	Hedge Fund226.4m	Liquidity Fund-	Private Equity Fund153.8m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV380.2m	AUM382.3m	#Funds7
Adviser KKR CREDIT ADVISORS (SINGAPORE) PTE. LTD.	Hedge Fund320.1m	Liquidity Fund-	Private Equity Fund3.3b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.7b	AUM4.1b	#Funds12
Adviser SAGARD HOLDINGS MANAGER LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund1.7b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.7b	AUM6.8b	#Funds20
Adviser SCIENS DIVERSIFIED MANAGERS LLC	Hedge Fund3.6m	Liquidity Fund-	Private Equity Fund1.1b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.1b	AUM1.1b	#Funds38
Adviser OCTAHEDRON CAPITAL MANAGEMENT, L.P.	Hedge Fund196.5m	Liquidity Fund-	Private Equity Fund162.4m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV358.8m	AUM358.8m	#Funds16
Adviser SB CAPITAL MANAGEMENT, INC.	Hedge Fund46.4m	Liquidity Fund-	Private Equity Fund34.9m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV81.2m	AUM1.2b	#Funds5

Brochure Summary

Overview

HCSF Management, LLC (“Headlands Capital”) is a Delaware limited liability company organized in March, 2012. Prior to March, 2012, HCSF Management, LLC conducted business as Headlands Capital Advisors, LP (“Headlands Capital Advisors”) since 2006. Headlands Capital provides advisory and portfolio management services to pooled investment vehicles, including Headlands Strategic Opportunities Fund, LP (“Headlands Strategic Opportunities Fund”), Headlands Capital Secondary Fund, LP (“Headlands I”), Headlands Capital Secondary Fund II, LP (“Headlands II”), Headlands Capital Offshore, LP (“Headlands Offshore”), Headlands Capital Secondary Fund III, LP (“Headlands III”), Headlands Capital Offshore III, LP (“Headlands Offshore III”), Headlands Capital Secondary Fund IV, LP (“Headlands IV”), and Headlands Capital Offshore IV, LP (“Headlands Offshore IV”, together with Headlands Strategic Opportunities Fund, Headlands I, Headlands II, Headland Offshore, Headlands III, Headlands Offshore III and Headlands IV, the “Fund Clients”) and certain other pooled investment vehicles which co-invest in certain portfolio investments made by the Fund Clients (each, a “Co-Invest Fund”). Throughout this brochure,

“Clients” shall be used to refer to the pooled investment vehicles managed by Headlands Capital, including the Fund Clients, and “investors” shall be used to refer to those vehicles’ underlying investors. Headlands Capital is indirectly principally owned by David E. Park, III. Advisory Services Headlands Capital provides discretionary advisory and portfolio management services to its Fund Clients according to the investment objectives and strategies described in the offering documents of each Fund Client. These objectives and strategies may limit the concentration and geography of the Clients’ investments or limit Headlands Capital’s investments in certain asset classes. Headlands Capital may further tailor its advisory services to the specific needs of a Fund Client as may be necessary, appropriate or negotiated from time to time. Headlands Capital does not participate in any wrap fee programs. As of December 31, 2023, Headlands Capital had discretionary Client assets under management of approximately $877,677,812. Advisory Services Tailoring Client accounts are managed according to the strategies and objectives set out in each Client’s constituent documents.

HEADLANDS CAPITAL

Adviser Profile

Details

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Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

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Brochure Summary

Overview