4. A. Advisory Firm Description
Acansa is an SEC-registered investment adviser founded in 2020 by a group of investment
professionals led by Mary Cahill, CFA, the former Chief Investment Officer of Emory
University in Atlanta. Acansa’s principal place of business is in Tysons Corner, Virginia.
Acansa provides professional investment management services targeted primarily
to foundations, endowments, and other non-profit institutions, as well as select mission-
oriented private organizations. AIMG Holdings, LLC, a Virginia limited liability company,
(“AIMG”) holds ninety-nine percent (99%) of the membership interests in Acansa, which
includes the voting rights attendant thereto. The members of AIMG and holders of its equity
interests include all the individuals who are identified as: (a) C-Level employees/officers
of Acansa, or (b) its Senior Managing Directors. Holders of non-controlling equity interests
in AIMG and its members may also include one or more affiliated individuals who are not
employees or officers of Acansa, such as those individuals that may be members of the Board of
Advisors or Board of Directors (Board of Managers) of Acansa. Notwithstanding the foregoing,
Acansa and AIMG are both member managed LLC’s and not all members of the aforementioned
boards, if and how constituted, may hold an equity interest in AIMG.
4. B. Types of Advisory Services
Acansa provides investment advisory and portfolio management services, on a non‐discretionary
basis, to separately managed and commingled accounts (“Accounts”) for select
sophisticated investors (the “Client”) as described above. Accounts are
generally foundations, endowments, and other non-profit institutions, as well as select mission-
oriented private organizations. As part of its services, Acansa recommends to its
Clients investment managers (“Managers” or “Third-Party Managers”) that Acansa
believes will collectively provide a diversified portfolio for the Client, meet each Client’s
investment objectives, and comply with each Client’s investment guidelines, including, but not
limited to, a Client’s non-financial objectives. The business objective of Acansa is to function as
the Client’s Outsourced Chief Investment Officer, providing all investment management and
investment operations services required in connection therewith.
Acansa may also provide Clients with customized investment consulting and analysis as a
component of its investment advisory and portfolio management services. Generally, such
consulting services involve preparing a specific
investment plan or rendering a specific
investment consultation based on the Client’s investment goals and objectives. This consulting
may encompass one or more areas of need, which may general investment planning, portfolio
review and evaluation, ongoing investment consulting and/or due diligence of underlying
investments.
In addition to Client capital or investable funds that are allocated to Third Party Managers
through Acansa’s investment selection process, Acansa may also on behalf of a Client,
directly acquire, transact in, and/or manage certain investments (“Direct Investments”) which
may include, but are not limited to, foreign and domestic equities; bonds; exchange traded,
mutual, or index funds; fixed income instruments; currencies; commodities; interests in public or
private partnerships; joint ventures, venture capital investments, or limited liability companies;
real estate assets; short sales; futures; derivatives; and other public or private securities, as set
forth in the Securities Act of 1933, as amended. Acansa defines Direct Investments as any of the
foregoing that are managed principally by Acansa and its investment professionals, without
allocation to a Third-Party Manager. Other than exchange traded or index funds (and related
securities and derivatives) which may, from time to time, constitute a significant portion
of Acansa’s overall assets under management, and be held directly on behalf of a Client, no
single Direct Investment is expected to be a significant percentage of Acansa’s overall assets
under management (though such components of Direct Investments, when aggregated, may
constitute a significant percentage of Acansa’s overall assets under management).
4. C. Client Investment Objectives/Restrictions
Investments for Accounts are managed, pursuant to a discretionary and/or non‐discretionary
investment management agreement (each, an “IMA”), in the agreed upon form and in
accordance with the Client’s stated investment objectives, strategies, and guidelines. Any
restrictions placed on Accounts are mutually agreed upon by both Client and Acansa.
4.D. Wrap‐Fee Programs
Acansa does not serve individual (i.e., non-institutional type) clients, and accordingly, does not
currently participate in any applicable retail investor Wrap‐Fee Program.
4. E. Assets Under Management
As of 12/31/2023, Acansa manages approximately $756,587,000, all of which are managed on a
non-discretionary basis. Clients may request more current information at any time by contacting
the Adviser.