9AT: HLM MANAGEMENT CO., LLC

other names

HLM MANAGEMENT CO., LLC
HLM VENTURE PARTNERS
HLM INVESTMENT PARTNERS

Adviser Profile

As of Date	04/30/2025
ADV Location	WALTHAM, MA, United States
Adviser Type - Large advisory firm
Number of Employees	14 17%
of those in investment advisory functions	5
Registration	SEC, Approved, 10/21/2021
Other registrations (3)	SEC, ERA - Withdrawn, 09/20/2021 Massachusetts, ERA - Withdrawn, 09/20/2021 California, ERA - Withdrawn, 03/28/2016
Former registrations	HLM MANAGEMENT CO., LLC

AUM^*	455,426,969 4%
of that, discretionary	455,426,969 4%
Private Fund GAV^*	455,426,969 -1%
Avg Account Size	91,085,394 -17%
SMA’s	No
Private Funds	7 3
Contact Info	617 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 TypeVenture Capital Fund	Count7	GAV$455,426,969

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 GOEHRING & ROZENCWAJG ASSOCIATES, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund884.0k	Other Fund9.5m	Total Private Fund GAV11.3m	AUM726.2m	#Funds4
Adviser INTEGRA GLOBAL ADVISORS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund15.6m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV15.6m	AUM562.6m	#Funds8
Adviser ESO MANAGEMENT SERVICES LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund463.0m	Other Fund-	Total Private Fund GAV926.0m	AUM390.6m	#Funds6
Adviser SCHECHTER PRIVATE CAPITAL, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund166.8m	Other Fund-	Total Private Fund GAV333.6m	AUM171.7m	#Funds41
Adviser CMT ASSET MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund422.2m	Other Fund-	Total Private Fund GAV844.4m	AUM491.4m	#Funds19
Adviser ARTIST CAPITAL MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund390.6m	Other Fund-	Total Private Fund GAV781.2m	AUM195.1m	#Funds17
Adviser LEWIS & CLARK PARTNERS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund371.6m	Other Fund-	Total Private Fund GAV743.2m	AUM264.1m	#Funds9
Adviser PALM DRIVE CAPITAL LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund376.4m	Other Fund-	Total Private Fund GAV752.8m	AUM376.4m	#Funds32
Adviser CSC UPSHOT VENTURES MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund233.4m	Other Fund-	Total Private Fund GAV466.9m	AUM236.9m	#Funds1
Adviser ACORN CAPITAL ADVISORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund239.2m	Other Fund-	Total Private Fund GAV478.4m	AUM239.2m	#Funds3

Brochure Summary

Overview

HLM Management Co., LLC (“we,” “us,” “our,” or the “Firm”) is a Waltham based venture capital firm focused on investing in privately-held companies operating in the healthcare information technology, healthcare services, and medical device sectors. HLM was founded in 1983 and is now owned by Peter J. Grua and Edward L. Cahill. HLM’s primary business is to invest in innovative, venture, and expansion‐stage emerging growth companies that address the needs of all healthcare industry participants including consumers, providers, payers, and organizations serving their needs. HLM serves as an investment manager to related investment partnerships that make venture capital investments in the securities of established businesses (each partnership, “Fund(s)” or “Partnership(s)”). HLM attempts to make investments of approximately $5 million to $25 million in size, in companies with stable revenue and cash flow businesses with high margin structure, and

will attempt to capitalize on flexible investment structures. In providing services to the Partnerships, HLM formulates the investment objective, directs and manages the investment and reinvestment of the Partnership’s assets, and provides periodic reports to the Partnership’s investors. Investment advice is provided directly to the Partnership and not individually to the limited partners of the Partnership. HLM manages the assets of the Partnership in accordance with the terms of the Partnership’s applicable governing documents. The Firm has entered into and may enter into “side letters” or similar agreements with certain investors that may waive or modify the application of, or grant special or more favorable rights with respect to the Offering Documents to the extent permitted by applicable law. As of December 31, 2023, HLM managed Regulatory Assets under Management of approximately US $436,734,194 on a discretionary basis.

HLM MANAGEMENT CO., LLC

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