9AT: LFL ADVISERS, LLC

other names

LFL ADVISERS, LLC

Adviser Profile

As of Date	03/17/2026
Registration	SEC, Approved, 06/10/2016
Other registrations (1)	SEC, ERA - Withdrawn, 05/31/2016
ADV Location	EVANSTON, IL, United States
Contact Info	847 xxxxxxx

AUM^*	506,809,000 37%
of that, discretionary	506,809,000 37%
Private Fund GAV^*	278,196,000 -11%
Avg Account Size	126,702,250 -31%
SMA’s	Yes
Private Funds	1

Adviser Type

- Large advisory firm

Number of Employees 3

of those in investment advisory functions 2

Client Types

- Pooled investment vehicles
- State or municipal government entities
- Corporations or other businesses not listed above

Advisory Activities

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

Compensation Arrangments

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

SEC Fund Type	Count	GAV
Fund TypeHedge Fund	Count1	GAV$278,196,000

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 L2 ASSET MANAGEMENT, LLC	Hedge Fund141.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV141.0m	AUM1.3b	#Funds2
Adviser POTRERO CAPITAL RESEARCH, LLC	Hedge Fund397.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV397.4m	AUM419.6m	#Funds3
Adviser TRINITY LEGACY PARTNERS, LLC	Hedge Fund14.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV14.1m	AUM521.2m	#Funds1
Adviser MONTERONE PARTNERS LLP	Hedge Fund19.9m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV19.9m	AUM229.1m	#Funds3
Adviser NW1 PARTNERS	Hedge Fund686.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV686.0m	AUM686.0m	#Funds4
Adviser ONE OAK CAPITAL MANAGEMENT, LLC	Hedge Fund261.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV261.2m	AUM418.5m	#Funds6
Adviser JOHKIM CAPITAL PARTNERS MANAGEMENT LLC	Hedge Fund277.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV277.0m	AUM277.0m	#Funds3
Adviser TENCORE PARTNERS, LP	Hedge Fund354.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV354.7m	AUM354.0m	#Funds5
Adviser ONE01 CAPITAL, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM165.8m	#Funds-
Adviser FLIGHT DECK CAPITAL, LP	Hedge Fund358.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV358.7m	AUM358.7m	#Funds5

Brochure Summary

Overview

LFL Advisers, LLC (“LFL Advisers” or “the firm”) is a Delaware limited liability company that was formed in 2005. Its principal place of business is Evanston, Illinois. It serves as the general partner of LFL Partners, L.P., a U.S. investment limited partnership (“LFL Partners”, the “investment fund”, or the “fund”). LFL Advisers also manages a separate account for a US-based institutional investor. Peter C. Lewis is the owner and manager of LFL Advisers and the portfolio manager. As of December 31, 2023, LFL Advisers had total discretionary gross assets under management of approximately $369,879,000. LFL Advisers only manages assets on a discretionary basis. LFL Advisers invests on behalf of its clients primarily in long positions in publicly traded U.S. and non-U.S. common stocks but is authorized to enter into any type of investment transaction that it deems appropriate, provided that it is consistent with the terms of the client’s partnership or separate account agreements. Accordingly, client accounts may also be invested in private securities,

preferred stocks, warrants and rights, corporate debt, bonds, notes or other debentures, convertible securities, “short” equity positions, options, futures, commodities, forward and other derivative instruments, partnership interests and other securities or financial instruments including mutual funds. The investors in the fund and the separate accounts that LFL Advisers manages have no opportunity to select or evaluate any fund investments or strategies. LFL Advisers selects all investments. For any client or prospective client of LFL Advisers or any investor or prospective investor in the fund, it is important that they closely review the applicable offering document or investment management agreement with respect to, among other things, the terms, conditions and risks of investing. LFL Advisers typically does not tailor its services to the needs of any separate account but may agree to comply with certain restrictions on investing as set forth by the account. LFL Advisers’ discretionary authority is limited, however, as described in Item 16.

LFL ADVISERS, LLC

Adviser Profile

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

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Brochure Summary

Overview