9AT: LEGALIST - Summary

other names

LEGALIST
LEGALIST, INC.
LIST CAPITAL MANAGEMENT

Adviser Profile

As of Date	06/27/2025
ADV Location	SAN FRANCISCO, CA, United States
Adviser Type - Large advisory firm
Number of Employees	36 6%
of those in investment advisory functions	16 23%
Registration	SEC, Approved, 12/20/2019
Other registrations (2)	SEC, ERA - Withdrawn, 11/19/2019 California, ERA - Withdrawn, 11/19/2019
Former registrations	LEGALIST, INC.

AUM^*	1,029,016,366 26%
of that, discretionary	999,016,366 22%
Private Fund GAV^*	2,249,016,367 131%
Avg Account Size	68,601,091 -8%
SMA’s	No
Private Funds	18 7
Contact Info	415 xxxxxxx
Websites

Client Types

- Pooled investment vehicles
- Other

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 TypePrivate Equity Fund	Count14	GAV$999,016,367
Fund TypeOther Private Fund	Count4	GAV$1,250,000,000

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 DIRECT LENDING INVESTMENTS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM866.3m	#Funds-
Adviser DISRUPTIVE TECHNOLOGY ADVISERS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund890.7m	Total Private Fund GAV890.7m	AUM890.7m	#Funds28
Adviser STRUCTURAL CAPITAL MANAGEMENT COMPANY II, LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund483.9m	Total Private Fund GAV483.9m	AUM620.8m	#Funds27
Adviser ASTATINE INVESTMENT PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund937.5m	Total Private Fund GAV937.5m	AUM1.0b	#Funds6
Adviser BRIGHAM MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.1b	Total Private Fund GAV1.1b	AUM972.3m	#Funds13
Adviser TANGENCY CAPITAL INVESTMENT ADVISORY LTD.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.4b	Total Private Fund GAV1.4b	AUM2.1b	#Funds5
Adviser Z2 INVESTMENT MANAGEMENT, LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM859.6m	#Funds-
Adviser MARTIN INVESTMENT MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund3.6m	Total Private Fund GAV3.6m	AUM888.1m	#Funds1
Adviser BALLEW ADVISORS INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.3b	#Funds-
Adviser LYNX INVESTMENT ADVISORY, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.3b	#Funds-

Brochure Summary

Overview

Legalist, Inc., a Delaware corporation, was founded in March 2016. Eva Shang and Christian Haigh are its principal owners. Ms. Shang serves as Legalist’s Chief Executive Officer and Mr. Haigh is its Chief Investment Officer. Legalist provides investment advisory services to private investment funds that are offered to investors on a private placement basis, referred to collectively as the “Funds.” Legalist may form additional Funds and may manage separate accounts in the future. Certain Legalist-affiliated entities serve as the Funds’ general partners (the “GPs”). Legalist registered as an investment adviser with the SEC in December 2019. Legalist invests the Funds’ assets in three principal strategies: Litigation Finance, Bankruptcy/Debtor-in-Possession (or “DIP”) Finance, and Government Receivables Finance. For its Litigation Finance strategy, Legalist advances funds on a nonrecourse basis to pay legal fees, costs, and working capital for plaintiffs and/or counsel in commercial litigations and other proceedings (“Litigations”) in exchange for a portion of any recovery if the Litigations are successful. Advanced funds are used for (among other things) attorneys’ fees, discovery costs, and advances on judgment/settlement payments. For its DIP Finance strategy, Legalist provides capital to companies that have filed for relief under chapter 11 of title 11 of the U.S. Code (the “Bankruptcy Code”). This capital is used to fund administrative

expenses (including retaining legal, financial, and other advisors) and other costs of reorganizing or liquidating under the Bankruptcy Code. DIP Finance investments are typically secured by all-asset liens and repayable upon confirmation of a debtor’s bankruptcy plan. For its Government Receivables Finance strategy, Legalist advances funds to local, state, and federal government contractors, with repayments secured by the contractors’ right to payment (“Government Receivables”) from various government agencies, among other collateral. Advanced funds are used for (among other things) working capital and other costs of performance, which in turn generate Government Receivables that fund repayments. Government Receivables Finance investments are generally structured as revolving facilities with terms of one year or less, subject to renewal. The investment objectives, strategies, terms, conditions and restrictions applicable to the Funds are described in their respective Limited Partnership Agreement or other relevant governing documents (collectively, “Governing Documents”). This Brochure provides only summaries of the subjects of the Items below. Investors should refer to the relevant Governing Documents for more detailed information regarding matters described in this Brochure. Legalist does not participate in any wrap-fee program. As of March 31, 2023, Legalist had approximately $766.5 million in assets managed on a discretionary basis.

LEGALIST

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