9AT: LOCUST WOOD CAPITAL ADVISERS, LLC

other names

LOCUST WOOD CAPITAL ADVISERS, LLC
LOCUST WOOD SELECT GP, LLC (RELYING ADVISER)
LOCUST WOOD CAPITAL MANAGEMENT, LLC (RELYING ADVISER)

Adviser Profile

As of Date	03/27/2026
ADV Location	NEW YORK, NY, United States
Adviser Type - Large advisory firm
Number of Employees	12 9%
of those in investment advisory functions	5
Registration	SEC, Approved, 01/21/2011

AUM^*	4,395,858,889 59%
of that, discretionary	4,395,858,889 59%
Private Fund GAV^*	1,300,643,855 -2%
Avg Account Size	258,579,935 40%
% High Net Worth	16.67% -11%
SMA’s	Yes
Private Funds	5 2
Contact Info	212 xxxxxxx
Websites

Client Types

- High net worth individuals
- Pooled investment vehicles
- Pension and profit sharing plans
- Charitable organizations
- State or municipal government entities
- Other investment advisers
- Insurance companies
- Sovereign wealth funds and foreign official institutions

Advisory Activities

- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

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

Fund Type	Count	GAV
Fund TypeHedge Fund	Count5	GAV$1,300,643,855

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 FCO ADVISORS LP	Hedge Fund268.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV268.2m	AUM1.3b	#Funds3
Adviser GREENSLEDGE ADVISORS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM2.3b	#Funds-
Adviser PATIENT CAPITAL MANAGEMENT, LLC	Hedge Fund207.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV207.2m	AUM2.5b	#Funds1
Adviser AQUATIC CAPITAL MANAGEMENT LLC	Hedge Fund7.2b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV7.2b	AUM5.4b	#Funds4
Adviser DARK FOREST CAPITAL MANAGEMENT LP	Hedge Fund2.4b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.4b	AUM2.4b	#Funds3
Adviser POLITAN CAPITAL MANAGEMENT	Hedge Fund855.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV855.7m	AUM855.7m	#Funds3
Adviser PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.	Hedge Fund386.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV386.5m	AUM2.0b	#Funds2
Adviser CHILTON INVESTMENT COMPANY, INC.	Hedge Fund275.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV275.5m	AUM1.3b	#Funds5
Adviser CONTEXT CAPITAL MANAGEMENT LLC	Hedge Fund4.0b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV4.0b	AUM8.0b	#Funds3
Adviser GABELLI & COMPANY INVESTMENT ADVISERS, INC.	Hedge Fund770.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV770.5m	AUM1.5b	#Funds10

Brochure Summary

Overview

Locust Wood Capital Advisers, LLC (“Locust Wood”) is a Delaware limited liability company that was formed in May 2002. Locust Wood is principally controlled by Stephen J. Errico. Locust Capital Management, LLC (“Locust Wood Management”) and LW Long Opportunity GP, LLC (f/ka Locust Wood Select GP, LC) (“LW Long Opportunity GP”), affiliates of Locust Wood, are “Relying Advisers,” as that term is defined in the Glossary of Terms to Form ADV. Locust Wood Management and LW Long Opportunity GP are also principally controlled by Stephen J. Errico. The description of Locust Wood’s business and activities throughout this brochure includes the business and activities of Locust Wood Management and LW Long Opportunity GP. Locust Wood currently provides discretionary investment advice to four private investment funds, Locust Wood Capital, LP (the “Capital Domestic Fund”), Locust Wood Capital Offshore, Ltd. (the “Capital Offshore Fund,” and together with the Capital Domestic Fund, the “Capital Funds”), LW Long Opportunity Fund, LP (f/k/a Locust Wood Select Fund, LP) (the “Long Opportunity Domestic Fund”), LW Long Opportunity Offshore Fund Ltd. (f/k/a Locust Wood Select Offshore Fund Ltd.) (the “Long Opportunity Offshore Fund”, together with the Long Opportunity Domestic Fund, the “Long Opportunity Funds,”

and the Long Opportunity Funds together with the Capital Funds, the “Funds”) and certain separately managed accounts (the “Separate Accounts,” and together with the Funds, the “Client Accounts”). Locust Wood generally seeks to invest in equity of undervalued businesses in the public markets, however Locust Wood also seeks to be opportunistic, recognizing that investment environments change and opportunities in different asset classes may arise, and may invest in a wide variety of securities and financial instruments, domestic and foreign, of all kinds and descriptions, whether publicly traded or privately placed. Locust Wood generally does not permit investors in the Funds to impose limitations on the investment activities described in the Funds’ offering documents. Under certain circumstances, Locust Wood will contract with a Separate Account client to adhere to limited risk and/or operating guidelines imposed by the client. However, the Separate Accounts generally follow the same investment mandate as the Long Opportunity Funds or the Capital Funds. Locust Wood negotiates such arrangements on a case by case basis. (See Item 16 “Investment Discretion.”). As of December 31, 2023 Locust Wood managed approximately $2,761,235,921 on a discretionary basis and additional assets on a non-discretionary basis.

LOCUST WOOD CAPITAL ADVISERS, LLC

Adviser Profile

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Compensation Arrangments

Reported AUM

Private Funds

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Overview