9AT: PHASE 3 CAPITAL MANAGEMENT LLC

other names

PHASE 3 CAPITAL MANAGEMENT LLC

Adviser Profile

As of Date	04/29/2025
ADV Location	BOCA RATON, FL, United States
Adviser Type - Large advisory firm
Number of Employees	9 13%
of those in investment advisory functions	4
Registration	SEC, Approved, 05/04/2018

AUM^*	2,802,720,000 120%
of that, discretionary	2,802,720,000 120%
Private Fund GAV^*	267,768,000
Avg Account Size	400,388,571 120%
SMA’s	No
Private Funds	4 1
Contact Info	312 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	Count4	GAV$267,768,000

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 ATIKA CAPITAL MANAGEMENT, LLC	Hedge Fund933.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV933.8m	AUM933.8m	#Funds6
Adviser WISHBONE MANAGEMENT, LP	Hedge Fund911.9m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV911.9m	AUM911.9m	#Funds4
Adviser THE COURY FIRM	Hedge Fund72.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV72.7m	AUM1.2b	#Funds2
Adviser NEWGEN ASSET MANAGEMENT LIMITED	Hedge Fund217.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV217.2m	AUM774.8m	#Funds1
Adviser NORTH OF SOUTH CAPITAL LLP	Hedge Fund14.9m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV14.9m	AUM6.1b	#Funds4
Adviser SHAWSPRING PARTNERS, LLC	Hedge Fund701.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV701.2m	AUM939.8m	#Funds1
Adviser BROWNING WEST LP	Hedge Fund1.9b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.9b	AUM1.6b	#Funds10
Adviser HEARD CAPITAL LLC	Hedge Fund1.2b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.2b	AUM1.9b	#Funds5
Adviser STYRAX CAPITAL LP	Hedge Fund1.2b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.2b	AUM1.8b	#Funds4
Adviser AVALA GLOBAL LP	Hedge Fund2.7b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.7b	AUM2.7b	#Funds4

Brochure Summary

Overview

A. Phase 3 is a Delaware limited liability company formed in March 2018 for the purpose of providing investment advisory services to institutional clients, pooled investment vehicles, and private funds (hereinafter referred to collectively as “Clients” or “Client”). Phase 3 is wholly owned by Phase 3 Holdings LP, which is majority owned by Ethan Youderian. B. Phase 3 is typically granted broad and flexible investment discretion with respect to its advisory Clients. Phase 3’s principal investment objective is to achieve attractive risk adjusted returns, primarily by employing relative value, directional, fundamental, volatility and event-driven strategies in pursuit of investment opportunities. C. Phase 3 manages investments for Clients in accordance with the investment objectives, strategies, guidelines, and terms and conditions, outlined in each Client’s applicable investment management agreement, confidential private placement memorandum or equivalent governing document (“Offering Document”). Phase 3 does not, however, provide individualized investment advice or tailor its advisory services to the individual needs of investors in the private funds to which it provides investment advisory services. Nonetheless, Phase 3 may enter into side letters and other agreements and arrangements

with certain investors that may provide terms and conditions that are more advantageous than or alter or supplement those set forth in a fund’s Offering Document. Such terms and conditions can include, without limitation, special rights to make future investments in a fund or other investment vehicles or accounts managed by Phase 3, different transparency and/or reporting rights, different withdrawal/redemptions rights and/or different fee terms. Phase 3 also performs advisory services for Clients that are pooled investment vehicles treated as separately managed accounts and such services are individually tailored to such Clients. D. Phase 3 does not participate in wrap-fee programs. E. Phase 3 manages approximately $1,276,718,000 of regulatory assets on a discretionary basis as of December 31, 2023. Investors in private funds managed by Phase 3 (a “Fund” or collectively, the “Funds”) should review not only this Brochure but also the full contents of the Offering Document or similar document for any Fund in which they are considering investing. This Brochure is intended to be a general summary of advisory services provided by Phase 3 to its general Client base. This Brochure may be both supplemented and superseded by the Offering Documents for any Fund.

PHASE 3 CAPITAL MANAGEMENT LLC

Adviser Profile

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Compensation Arrangments

Reported AUM

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Brochure Summary

Overview