9AT: RINGS CAPITAL MANAGEMENT LLC

other names

RINGS CAPITAL MANAGEMENT LLC

Adviser Profile

As of Date	05/01/2026
Registration	SEC, Approved, 04/27/2018
Other registrations (1)	SEC, ERA - Withdrawn, 03/29/2018
ADV Location	CHICAGO, IL, United States
Contact Info	773 xxxxxxx
Websites

AUM^*	652,998,453 21%
of that, discretionary	652,998,453 21%
Private Fund GAV^*	652,998,453 21%
Avg Account Size	217,666,151 21%
SMA’s	No
Private Funds	3

Adviser Type

- Large advisory firm

Number of Employees 2

of those in investment advisory functions 2

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

SEC Fund Type	Count	GAV
Fund TypeHedge Fund	Count3	GAV$652,998,453

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 SICART ASSOCIATES, LLC	Hedge Fund23.3m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV23.3m	AUM455.4m	#Funds1
Adviser COWBIRD CAPITAL LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM355.5m	#Funds-
Adviser THAMES CAPITAL MANAGEMENT, LLC	Hedge Fund830.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV830.5m	AUM830.5m	#Funds3
Adviser OCO CAPITAL PARTNERS LP	Hedge Fund651.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV651.8m	AUM651.8m	#Funds4
Adviser OLYMPIAD RESEARCH LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM639.6m	#Funds-
Adviser HYPERION CAPITAL ADVISORS LP	Hedge Fund367.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV367.5m	AUM581.3m	#Funds11
Adviser TRI LOCUM PARTNERS LP	Hedge Fund127.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV127.8m	AUM1.1b	#Funds3
Adviser STONY POINT CAPITAL	Hedge Fund46.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV46.8m	AUM1.5b	#Funds3
Adviser SW INVESTMENT MANAGEMENT LLC	Hedge Fund698.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV698.5m	AUM698.5m	#Funds1
Adviser KENT LAKE PR LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM470.8m	#Funds-

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker615369105	Stock NameMOODYS CORP	$ Position$52,350,000	% Position28.00%	$ Change-15.00%	# Change0.00%
Stck Ticker143130102	Stock NameCARMAX INC	$ Position$39,459,420	% Position21.00%	$ Change8.00%	# Change0.00%
Stck Ticker594918104	Stock NameMICROSOFT CORP	$ Position$30,724,110	% Position17.00%	$ Change-23.00%	# Change0.00%
Stck Ticker75513E101	Stock NameRTX CORPORATION	$ Position$31,828,500	% Position17.00%	$ Change5.00%	# Change0.00%
Stck TickerM22465104	Stock NameCHECK POINT SOFTWARE TECHNOLOGY LT	$ Position$22,856,000	% Position12.00%	$ Change-23.00%	# Change0.00%
Stck Ticker21036P108	Stock NameCONSTELLATION BRANDS INC	$ Position$7,200,000	% Position4.00%	$ Change770.00%	# Change700.00%
Stck Ticker093671105	Stock NameBLOCK H & R INC	$ Position$1,682,220	% Position1.00%	$ Change-27.00%	# Change0.00%

Brochure Summary

Overview

Rings Capital Management LLC (the “Registrant”) is a Delaware limited liability company formed December 17, 2012. Dan Juran is the managing member and sole owner of the Registrant. Framtiden Management Company, LLC (the “Relying Adviser”), a Delaware limited liability company formed August 29, 2018, is an affiliated relying adviser of the Registrant. Dan Juran is the managing member of the Relying Adviser which is co-owned by K. Chris Anderson who is a member. The Registrant serves as the general partner and investment adviser to Framtiden LP (“Framtiden” or “FLP”) and First Framtiden LP (“First Framtiden” or “FFLP”), two Delaware private investment limited partnerships, since March 1, 2016. FLP and FFLP were formed in October 1998 and capitalized in January 1999. Dan Juran served as the general partner of FLP and FFLP from their formation until the Registrant became the general partner on March 1, 2016. The Relying Adviser serves as the investment adviser to Framtiden Holdings LP (“Framtiden Holdings” or “FHLP”), a Delaware private investment limited partnership formed in August 2018 and capitalized in July 2019. Framtiden Capital Company, LLC, a Delaware limited liability company formed August 29, 2018, serves as the general partner of FHLP. Dan Juran is the managing member of the general partner which is co-owned by K. Chris Anderson who is a member. FLP, FFLP, and FHLP (each, a “Partnership,”

collectively, the “Partnerships”) share the same investment approach. Dan Juran has ultimate investment authority for all three vehicles. The Partnerships are offering limited partnership interests to certain qualified investors as described in the response to Item 7 (such investors or prospective investors are referred herein as the “Investors”). The Registrant supervises all aspects of the Partnerships’ operations. The Registrant (or the Relying Adviser in the case of FHLP) manages each Partnership pursuant to the investment strategy set forth in such Partnership’s limited partnership agreement and private placement memorandum. The Registrant and Relying Adviser have the authority to select which and how many securities and other instruments to buy or sell without consultation with Limited Partners in the Partnerships. The Registrant and the Relying Adviser do not currently act in an investment advisory capacity outside of such capacities related to the Partnerships. The Registrant and the Relying Adviser may in the future act as the general partner or investment manager of other investment funds and managed accounts (collectively with the Partnerships, the “Clients”). As of December 31, 2023, the Registrant and the Relying Adviser together manage $422.4 million on a discretionary basis. The Registrant and the Relying Adviser do not manage any assets on a non-discretionary basis.

RINGS CAPITAL MANAGEMENT LLC

Adviser Profile

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