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. and LCN Sterling 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.
D. 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.
E. The Adviser or its affiliates does not currently participate in wrap fee programs.
F. As of December 31, 2022, the Adviser managed $4,795,645,203 in regulatory assets under
management in the Funds, each of which are managed on a discretionary basis.