9AT: PARALLAXES CAPITAL

other names

PARALLAXES CAPITAL
PARALLAXES CAPITAL MANAGEMENT, LLC

Adviser Profile

As of Date	03/31/2025
ADV Location	LOS ANGELES, CA, United States
Adviser Type - Large advisory firm
Number of Employees	2 -60%
of those in investment advisory functions	1 -75%
Registration	SEC, Approved, 04/19/2021
Other registrations (1)	SEC, ERA - Withdrawn, 03/17/2021
Former registrations	PARALLAXES CAPITAL MANAGEMENT, LLC

AUM^*	499,504,425
of that, discretionary	372,793,784 43%
Private Fund GAV^*	198,633,882 -5%
Avg Account Size	41,625,369 13%
SMA’s	No
Private Funds	16
Contact Info	217 xxxxxxx
Websites

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

Fund Type	Count	GAV
Fund TypePrivate Equity Fund	Count10	GAV$198,633,882
Fund TypeOther Private Fund	Count6	GAV$

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 ORCHARD CAPITAL MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM321.9m	#Funds-
Adviser TRP CAPITAL ADVISORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund118.7m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV118.7m	AUM94.2m	#Funds12
Adviser SHOREHILL CAPITAL LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund480.0m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV480.0m	AUM480.0m	#Funds2
Adviser HEALTHEDGE INVESTMENT PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund678.8m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV678.8m	AUM328.8m	#Funds7
Adviser ZARVONA ENERGY LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund410.3m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV410.3m	AUM410.3m	#Funds5
Adviser TILIA HOLDINGS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund292.3m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV292.3m	AUM292.3m	#Funds3
Adviser HPE CAPITAL MANAGEMENT II, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund885.3m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund400.0m	Total Private Fund GAV1.3b	AUM600.3m	#Funds7
Adviser EDGEWATER CAPITAL PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund480.4m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV480.4m	AUM480.4m	#Funds4
Adviser WAVE EQUITY PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund380.6m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund576.1m	Other Fund-	Total Private Fund GAV1.5b	AUM516.8m	#Funds22
Adviser BASIN OIL AND GAS MANAGEMENT, LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund482.4m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV482.4m	AUM482.4m	#Funds5

Brochure Summary

Overview

A. The Adviser is a Delaware limited liability company and has its principal place of business located in New York City, New York. The Adviser provides discretionary investment advisory services to private pooled investment vehicles, (each a “Fund”, “Client” or collectively, the “Funds” or “Clients”) for sophisticated, qualified investors.1Additionally from time to time and as permitted by the relevant Offering Documents, the Adviser provides co-investment opportunities (including the opportunity to participate in co-invest vehicles) to certain investors or other persons, including other sponsors, market participants, finders, consultants and other service providers, Parallaxes personnel and/or certain other persons associated with Parallaxes. B. The Adviser was formed in 2017. The principal owner is Andrew Lee (the “Principal”). C. The Adviser’s investment strategy, which will consist of primarily acquiring tax receivable agreements (“TRAs”) using a variety of sourcing strategies. The Adviser may purchase TRAs from financial sponsors taking portfolio companies public or seeking liquidity for existing TRAs entered into with former portfolio companies. The Adviser may work to originate private TRAs in M&A transactions where buyers may not appropriately value tax assets, and may partner with sell side M&A advisors to locate such opportunities with private sellers. The Adviser may seek to partner with third-party debt platforms

that may provide leverage for the Funds’ TRA investments. D. While each of its Clients will follow the general strategy stated above, the Adviser may tailor the specific advisory services with respect to each Client based on the particular investment objectives and strategies described in the applicable Client’s (i) confidential offering memorandum or (ii) governing documents (referred to collectively as “Offering Documents”). All discussion of the Clients in this Brochure, including but not limited to their investments, the strategies used in managing the Clients, and conflicts of interest faced by the Adviser in connection with the management of the Clients are qualified in their entirety by reference to each Client’s respective Offering or Governing Documents. E. The Adviser does not participate in wrap fee programs. F. As of December 31, 2023, the Adviser manages approximately $295 million in discretionary assets and $93 million in non-discretionary assets. 1 As a registered investment adviser, the Adviser owes a fiduciary duty to all of its clients. In 2006, the decision by the Court of Appeals for the D.C. Circuit in Goldstein v. SEC, 451 F.3d 873 (D.C. Cir. June 23, 2006), with respect to private funds, clarified that the “client” of an investment adviser to a private fund is the fund itself and not an investor in the fund.

PARALLAXES CAPITAL

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