9AT: ROCK SPRINGS CAPITAL

other names

ROCK SPRINGS CAPITAL
ROCK SPRINGS CAPITAL MANAGEMENT LP
ROCK SPRINGS CAPITAL LP

Adviser Profile

As of Date	03/14/2025
ADV Location	BALTIMORE, MD, United States
Adviser Type - Large advisory firm
Number of Employees	20
of those in investment advisory functions	9
Registration	SEC, Approved, 09/27/2013

AUM^*	3,324,419,780 -42%
of that, discretionary	3,324,419,780 -42%
Private Fund GAV^*	3,324,419,780
Avg Account Size	554,069,963 -42%
SMA’s	No
Private Funds	6
Contact Info	410 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 TypeHedge Fund	Count6	GAV$3,324,419,780

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 SKYVIEW INVESTMENT ADVISORS, LLC	Hedge Fund139.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund425.0k	Other Fund-	Total Private Fund GAV140.0m	AUM6.9b	#Funds9
Adviser KIRKOSWALD CAPITAL MANAGEMENT LIMITED	Hedge Fund437.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund159.9m	Total Private Fund GAV597.6m	AUM4.4b	#Funds9
Adviser EXCHANGE TRADED CONCEPTS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM23.0b	#Funds-
Adviser GLAZER CAPITAL, LLC.	Hedge Fund3.8b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.8b	AUM4.1b	#Funds4
Adviser WEISS ASSET MANAGEMENT	Hedge Fund10.7b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV10.7b	AUM10.7b	#Funds3
Adviser TWIN TREE MANAGEMENT, LP	Hedge Fund7.4b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV7.4b	AUM7.4b	#Funds4
Adviser ALPHASIMPLEX GROUP, LLC	Hedge Fund973.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV973.8m	AUM4.3b	#Funds2
Adviser VR ADVISORY SERVICES LTD.	Hedge Fund8.5b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV8.5b	AUM8.7b	#Funds6
Adviser SPX CAPITAL MANAGEMENT LLC	Hedge Fund3.4b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.4b	AUM500.0m	#Funds12
Adviser PENTWATER CAPITAL MANAGEMENT LP	Hedge Fund8.4b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV8.4b	AUM9.3b	#Funds20

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker532457108	Stock NameELI LILLY & CO	$ Position$113,271,272	% Position6.00%	$ Change41.00%	# Change0.00%
Stck Ticker76155X100	Stock NameREVOLUTION MEDICINES INC	$ Position$106,354,256	% Position5.00%	$ Change71.00%	# Change0.00%
Stck Ticker76243J105	Stock NameRHYTHM PHARMACEUTICALS INC	$ Position$74,393,870	% Position4.00%	$ Change3.00%	# Change-3.00%
Stck Ticker558868105	Stock NameMADRIGAL PHARMACEUTICALS INC	$ Position$81,305,146	% Position4.00%	$ Change29.00%	# Change1.00%
Stck Ticker04016X101	Stock NameARGENX SE	$ Position$86,828,088	% Position4.00%	$ Change-18.00%	# Change-28.00%
Stck Ticker89422G107	Stock NameTRAVERE THERAPEUTICS INC	$ Position$84,456,404	% Position4.00%	$ Change63.00%	# Change2.00%
Stck Ticker86366E106	Stock NameSTRUCTURE THERAPEUTICS INC	$ Position$52,039,814	% Position3.00%	$ Change95.00%	# Change-21.00%
Stck Ticker30063P105	Stock NameEXACT SCIENCES CORP	$ Position$61,118,808	% Position3.00%	$ Change88.00%	# Change1.00%
Stck Ticker457669307	Stock NameINSMED INC	$ Position$55,562,270	% Position3.00%	$ Change0.00%	# Change-17.00%
Stck Ticker604749101	Stock NameMIRUM PHARMACEUTICALS INC	$ Position$60,213,603	% Position3.00%	$ Change8.00%	# Change0.00%

Brochure Summary

Overview

Rock Springs is organized as a limited partnership under the laws of the State of Delaware. Rock Springs is owned and controlled by Graham McPhail, Kris Jenner, and Gordon Margraf (“Mark”) Bussard (collectively, the “Principals”). The Principals own and control the general partners of the Funds (defined below) (collectively and as applicable in each case, the “General Partner”); unless and only to the extent that the context otherwise requires, references to “Rock Springs” include the General Partner. The investment activities of Rock Springs are led by the Principals along with a number of other investment professionals who work with the Principals to execute Rock Springs’ investment strategies. The Funds and the General Partner Rock Springs provides discretionary investment advice to private investment funds organized as domestic or foreign private pooled investment vehicles (the “Funds”). The Funds are organized as master-feeder structures whereby each domestic fund (“Domestic Fund”) and offshore fund (“Offshore Fund” and together with the applicable Domestic Fund, the “Feeder Funds”) invests substantially all of its assets in a master fund (“Master Fund”). All trading occurs at the Master Fund level. Rock Springs began providing investment advisory services in October 2013. The Funds have been established to pursue

investment strategies that focus primarily on investing in companies in healthcare and healthcare-related industries, with an emphasis on companies and/or products that Rock Springs believes serve critical unmet needs. The Funds’ investment objective is to generate capital appreciation, primarily through investments in publicly traded and privately placed securities of companies in these industries. Rock Springs manages the Funds in accordance with the investment strategies, objectives, restrictions and guidelines set forth in their respective confidential offering documents, limited partnership agreements and/or investment management agreements (the “Governing Fund Documents”), as applicable, and does not provide investment advice individually to the limited partners of the Funds (each, an “Investor” and together, “Investors”). Rock Springs does not require, and does not seek, approval from the Funds or the Investors in the Funds with respect to its trading. Rock Springs generally does not permit Investors to impose restrictions on investments made by the Funds. Client Assets Under Management As of the close of business on December 31, 2023, Rock Springs managed approximately $3.7103 billion of client assets on a discretionary basis. Rock Springs does not currently manage any assets on a non-discretionary basis.

ROCK SPRINGS CAPITAL

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Overview