Description of Firm and Principal Owners
First Turn Management, LLC (“First Turn”) is a Delaware limited liability company and a registered
investment adviser, effective as of August 28, 2023. On September 30, 2023, First Turn acquired the
general partner interest in NicHealth, LP and certain other assets from Nicholas Investment Partners,
L.P. (“Nicholas”) (the “Acquisition”). First Turn is owned by entities controlled by each of Lisa
Wheatley and certain persons who are employees, officers and/or directors of IQHQ, Inc., its external
manager or its affiliates (collectively, “IQHQ,” detailed in Section 10 below). Following the
Acquisition, NicHealth, LP changed its name to First Turn, LP (the “Fund”). The owners of First
Turn are also the owners of First Turn GP, LLC (“First Turn GP”), the general partner of the Fund.
Lisa Wheatley (the “Managing Partner”) is responsible for managing First Turn and its clients’
portfolios, the investments of which are made independently of Nicholas.
As of December 31, 2023, First Turn managed approximately $711,648,446 in regulatory assets
under management on a discretionary basis.
Investment Advisory Services Offered
Private Funds
First Turn provides discretionary investment advisory services to the Fund and may in the future
provide services to additional
private funds. These advisory services are provided to clients pursuant
to the terms in each private fund’s private placement memorandum, operating agreement, limited
partnership agreement, and/or investment management agreement, as applicable (each client’s
“Governing Documents”) and based on the specific investment objectives and strategies as disclosed
therein.
Separate Accounts
First Turn provides advice to clients based on specific investment objectives and strategies. Under
certain circumstances, First Turn may manage client assets on a discretionary basis based upon the
client’s selected investment strategy and their particular investment objectives as well as other
reasonable restrictions as outlined by the client in an investment policy statement or investment
management agreement. Clients are responsible for informing First Turn of any changes to their
investment objectives, individual needs and/or guidelines and restrictions. First Turn does not
assume any responsibility for the accuracy of the information provided by clients.
Clients establishing separate accounts will retain individual ownership of all securities through their
selected custodian bank or brokerage firm.
Wrap Fee Accounts (“Wrap”)
First Turn does not currently offer its strategies through any discretionary wrap-fee programs.