9AT: MERITAGE GROUP LP

other names

MERITAGE GROUP LP
MENDOCINO GP LLC (RELYING ADVISER)

Adviser Profile

As of Date	03/26/2026
ADV Location	SAN FRANCISCO, CA, United States
Adviser Type - Large advisory firm
Number of Employees	55 12%
of those in investment advisory functions	27 23%
Registration	SEC, Approved, 01/03/2007

AUM^*	14,093,814,844 2%
of that, discretionary	14,093,814,844 2%
Private Fund GAV^*	20,426,793,065 -3%
Avg Account Size	1,174,484,570 2%
SMA’s	No
Private Funds	12
Contact Info	415 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles
- Selection of other advisers

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Fund Type	Count	GAV
Fund TypeHedge Fund	Count12	GAV$20,426,793,065

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 APPALOOSA LP	Hedge Fund20.4b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV20.4b	AUM20.4b	#Funds3
Adviser T. ROWE PRICE AUSTRALIA LIMITED	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM16.7b	#Funds-
Adviser WALLEYE CAPITAL LLC	Hedge Fund53.3b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV53.3b	AUM52.1b	#Funds15
Adviser DURABLE CAPITAL PARTNERS LP	Hedge Fund17.6b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV17.6b	AUM17.6b	#Funds5
Adviser AKRE CAPITAL MANAGEMENT, LLC	Hedge Fund2.5b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.5b	AUM11.8b	#Funds3
Adviser UBS OCONNOR LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM13.8b	#Funds-
Adviser ALLEN INVESTMENT MANAGEMENT, LLC	Hedge Fund570.1k	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV570.1k	AUM16.9b	#Funds1
Adviser GENERATION INVESTMENT MANAGEMENT US LLP	Hedge Fund7.9b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV7.9b	AUM10.5b	#Funds3
Adviser CEVIAN CAPITAL II GP LIMITED	Hedge Fund17.7b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV17.7b	AUM17.8b	#Funds4
Adviser VALUEACT CAPITAL MANAGEMENT, L.P.	Hedge Fund11.3b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV11.3b	AUM11.3b	#Funds23

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker594918104	Stock NameMICROSOFT CORP	$ Position$610,478,846	% Position19.00%	$ Change5.00%	# Change12.00%
Stck Ticker14040H105	Stock NameCAPITAL ONE FINL CORP	$ Position$445,219,198	% Position14.00%	$ Change-10.00%	# Change-21.00%
Stck Ticker89400J107	Stock NameTRANSUNION	$ Position$457,432,346	% Position14.00%	$ Change0.00%	# Change-2.00%
Stck Ticker023135106	Stock NameAMAZON COM INC	$ Position$425,402,645	% Position13.00%	$ Change-14.00%	# Change-18.00%
Stck Ticker98138H101	Stock NameWORKDAY INC	$ Position$346,337,690	% Position11.00%	$ Change-3.00%	# Change8.00%
Stck Ticker55354G100	Stock NameMSCI INC	$ Position$267,712,171	% Position8.00%	$ Change14.00%	# Change12.00%
Stck Ticker76131D103	Stock NameRESTAURANT BRANDS INTL INC	$ Position$218,385,876	% Position7.00%	$ Change4.00%	# Change-2.00%
Stck Ticker88023U101	Stock NameSOMNIGROUP INTERNATIONAL INC	$ Position$214,597,961	% Position7.00%	$ Change-16.00%	# Change-21.00%
Stck Ticker74275K108	Stock NamePROCORE TECHNOLOGIES INC	$ Position$194,186,195	% Position6.00%	$ Change-2.00%	# Change-2.00%
Stck Ticker294429105	Stock NameEQUIFAX INC	$ Position$35,907,586	% Position1.00%	$ Change-17.00%	# Change-2.00%

Brochure Summary

Overview

Our Firm Meritage Group LP (“Meritage”) is a Delaware limited partnership that was formed in November 2006. It began managing the Private Investment Funds’ (as defined below) investment program effective January 1, 2007. Meritage’s general partner is MWG GP LLC, which is controlled by Nathaniel Simons, Laura Baxter- Simons, Alexander Magaro and Arif Mawji. The 1998 Simons Family Revocable Trust is the principal owner of Meritage and MWG GP LLC. Nathaniel Simons and Laura Baxter-Simons are the trustees of The 1998 Simons Family Revocable Trust. As of December 31, 2023, Meritage had approximately U.S. $13.846 billion of regulatory assets under management, managed on a discretionary basis. Private Investment Funds Meritage provides discretionary investment management services to private investment funds for which Meritage serves as investment manager and/or investment general partner (each, a “Private Investment Fund” or a “Client” and collectively, the “Private Investment Funds” or the “Clients”). The Private Investment Funds are exempt from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Meritage pursues investment strategies on behalf of the Private Investment Funds that are generally fundamentally-oriented and longer-term in their investment horizon. Such investments are generally in the

form of public and private equity, credit, and real estate. As appropriate, positions may be both long and short, and investments may be made both directly and/or indirectly with external managers (“External Managers”). Meritage has broad discretion to invest in other investment instruments and employ other strategies in pursuing the objectives of the Private Investment Funds. Meritage manages the Private Investment Funds pursuant to the investment objectives and restrictions of each such Private Investment Fund. The investment objective and strategy for each Private Investment Fund is described in its respective offering materials. Please see Item 8 for a more detailed description of the strategies pursued by the Private Investment Funds. Ability to Tailor Services and Impose Restrictions Meritage provides investment management services directly to the Private Investment Funds as pooled investment vehicles based on the specific investment objectives and strategies of the Private Investment Funds themselves and not individually to investors in the Private Investment Funds (the “Investors”). Therefore, Meritage does not tailor its advisory services to the individual needs of any of the Investors. The Investors generally may not impose restrictions on investing in certain securities or types of securities. Form ADV: Part 2A Page 5

MERITAGE GROUP LP

Adviser Profile

Details

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview