9AT: EVOLUTION CAPITAL MANAGEMENT LLC

EVOLUTION CAPITAL MANAGEMENT LLC

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EVOLUTION CAPITAL MANAGEMENT LLC
ENDEAVOR OFFSHORE MANAGEMENT (CAYMAN) LTD. (RELYING ADVISER)

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Adviser Profile

Registration status

Terminated

As of Date	12/22/2023
Adviser Type - Large advisory firm
Number of Employees	13
of those in investment advisory functions	2

AUM^*	645,926,042
of that, discretionary	645,926,042
Private Fund GAV^*	0
Avg Account Size	107,654,340 0.00%
SMA’s	No
Private Funds	0 3
Contact Info	775 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- Performance-based fees

Reported AUM

646M 554M 461M 369M 277M 185M 92M

2015 2016 2017 2018 2019 2020 2021 2022 2023

Discretionary

Non-discretionary

Private Funds

GAV Count

Employees

Brochure Summary

Overview

A. Advisory Business Evolution is an investment adviser with its principal place of business in Crystal Bay, Nevada. Evolution was formed in May 2002 and is a limited liability company organized in the State of Delaware. Michael Lerch is the founder and sole owner of Evolution. B. Advisory Services Evolution provides investment advisory services on a discretionary basis to pooled investment vehicles that are structured as Delaware limited liability companies, Cayman Islands limited partnerships, or Cayman Islands exempted companies (also referred to herein as “Client”, “Clients”, “Fund”, or “Funds”) for which Evolution acts as investment manager. References to an “investor” or “investors” in this Brochure refer to investors in Funds. C. Tailored Advisory Services Evolution is granted broad investment authority with respect to the management of its Funds, subject to such investment restrictions as may be set forth in the confidential private offering memorandum, investment management agreement, operating agreement (with respect to Funds formed as limited liability companies), limited

partnership agreement (with respect to Funds formed as Cayman Islands limited partnerships), memorandum and articles of association (with respect to Funds formed as Cayman Islands exempted companies), and other governing documents of each Fund (collectively, the “Governing Documents”). There is no assurance that any Fund’s investment objectives will be achieved. Evolution has entered into “side letters” or similar agreements with certain investors in the Funds granting the investor specific rights, economic terms, benefits, or privileges that are not made available to other investors. Investors may not impose restrictions on investing in certain securities and/or investments and/or certain types of securities and/or investments except as agreed to in the Governing Documents or in a side letter. D. Wrap Fee Programs Evolution does not participate in wrap fee programs. E. Client Assets Managed on a Discretionary Basis As of December 31, 2022, Evolution managed approximately $645,926,043 in regulatory assets under management, all of which was managed on a discretionary basis.