9AT: KEENAN CAPITAL, LLC

Adviser Profile

As of Date	03/25/2026
Registration	SEC, Approved, 04/06/2018
Other registrations (1)	California, ERA - Withdrawn, 03/07/2018
ADV Location	BURLINGAME, CA, United States
Contact Info	650 xxxxxxx

AUM^*	687,596,707 4%
of that, discretionary	687,596,707 4%
Number of Employees	6 20%
of those in investment advisory functions	5 25%
Private Fund GAV^*	687,596,707 -1%
Avg Account Size	687,596,707 4%
SMA’s	No
Private Funds	1

Adviser Type

- Large advisory firm

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

	Count	GAV
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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 INCOME PARTNERS ASSET MANAGEMENT (HK) LIMITED	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM368.3m	#Funds-
Adviser ENGLE CAPITAL MANAGEMENT, L.P.	Hedge Fund398.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV398.5m	AUM492.4m	#Funds3
Adviser ORIBEL CAPITAL MANAGEMENT, LP	Hedge Fund101.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV101.1m	AUM1.4b	#Funds3
Adviser CORRIGO INVESTMENT PARTNERS, LLC	Hedge Fund707.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV707.2m	AUM707.2m	#Funds3
Adviser APPIAN WAY ASSET MANAGEMENT LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM795.2m	#Funds-
Adviser ECOFIN ADVISORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM94.5m	#Funds-
Adviser LOGAN STONE	Hedge Fund526.9m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV526.9m	AUM664.3m	#Funds2
Adviser SNOW LAKE MANAGEMENT LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM562.9m	#Funds-
Adviser AR ASSET MANAGEMENT, INC.	Hedge Fund170.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV170.2m	AUM602.6m	#Funds3
Adviser LUCERNE CAPITAL MANAGEMENT, LP	Hedge Fund364.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV364.6m	AUM364.6m	#Funds9

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker03831W108	Stock NameAPPLOVIN CORP	$ Position$98,524,857	% Position19.00%	$ Change29.00%	# Change0.00%
Stck TickerM5216V106	Stock NameGLOBAL E ONLINE LTD	$ Position$67,906,249	% Position13.00%	$ Change18.00%	# Change5.00%
Stck Ticker03783C100	Stock NameAPPFOLIO INC	$ Position$53,646,215	% Position11.00%	$ Change2.00%	# Change0.00%
Stck Ticker268150109	Stock NameDYNATRACE INC	$ Position$49,454,955	% Position10.00%	$ Change-19.00%	# Change-32.00%
Stck TickerG00894108	Stock NameACCELERANT HOLDINGS	$ Position$46,797,058	% Position9.00%	$ Change-12.00%	# Change0.00%
Stck Ticker380237107	Stock NameGODADDY INC	$ Position$39,693,283	% Position8.00%	$ Change-21.00%	# Change-23.00%
Stck Ticker78781J109	Stock NameSAILPOINT INC	$ Position$41,901,422	% Position8.00%	$ Change-26.00%	# Change-33.00%
Stck Ticker888787108	Stock NameTOAST INC	$ Position$31,046,536	% Position6.00%	$ Change	# Change
Stck Ticker98138H101	Stock NameWORKDAY INC	$ Position$25,860,123	% Position5.00%	$ Change-41.00%	# Change-37.00%
Stck Ticker02079K107	Stock NameALPHABET INC	$ Position$26,853,080	% Position5.00%	$ Change	# Change

Brochure Summary

Overview

Keenan Capital, LLC (“Keenan” or the “Firm”), a California limited liability company, was founded in March 2012 and became a registered investment adviser with the United States Securities and Exchange Commission (the “SEC”) on April 6, 2018. Charles J. Keenan IV is the principal owner of the Firm. Keenan provides investment advisory services on a discretionary basis to a privately offered pooled investment vehicle, which is intended for investment by certain investors that meet the definition of “accredited investor” as defined under Regulation D of the Securities Act of 1933, as amended, (the “1933 Act”) and “qualified purchasers” under Section 2(a)(51) of the Investment Company Act of 1940, as amended (the “Company Act”) so as to comply with the exemptions under Section 3(c)(7) of the Company Act. Currently, Keenan’s sole client is Keenan Capital Fund, LP (the “Fund”), a Delaware limited liability company. Keenan Capital GP, LLC, a Delaware

limited liability company, is the general partner of the Fund (“General Partner”). The General Partner has delegated full responsibility for the investment decisions of the Fund to the Firm. The Firm’s advisory services are provided to its client, the Fund, pursuant to the terms of the Fund’s relevant offering documents and based on the specific investment objectives and strategies as disclosed in the offering documents. The advisory services the Fund receives are tailored to meet the specified investment objectives and strategies as set forth in the Fund’s offering documents. The Fund may impose restrictions on investing in certain types of securities in accordance with achieving its investment objectives and strategies. Not applicable. Keenan does not participate in, nor does it sponsor, a wrap fee program. Keenan has $662,066,251 in regulatory assets under management on a discretionary basis as of December 31, 2023. Keenan does not manage client assets on a non-discretionary basis.

KEENAN CAPITAL, LLC

KEENAN CAPITAL, LLC

KEENAN CAPITAL LLC

Adviser Profile

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

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KEENAN CAPITAL, LLC KEENAN CAPITAL, LLC KEENAN CAPITAL LLC

Adviser Profile

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

KEENAN CAPITAL, LLC

KEENAN CAPITAL, LLC

KEENAN CAPITAL LLC