9AT: FIRST TURN MANAGEMENT, LLC

other names

FIRST TURN MANAGEMENT, LLC

Adviser Profile

As of Date	04/17/2025
ADV Location	SOLANA BEACH, CA, United States
Adviser Type - Large advisory firm
Number of Employees	3 50%
of those in investment advisory functions	3 50%
Registration	SEC, Approved, 08/28/2023
Other registrations (1)	SEC, 120-Day Approval, 08/28/2023

AUM^*	536,599,383 -25%
of that, discretionary	536,599,383 -25%
Private Fund GAV^*	33,146,942 5%
Avg Account Size	134,149,846 -43%
SMA’s	No
Private Funds	2 1
Contact Info	310 xxxxxxx
Websites

Client Types

- Pooled investment vehicles
- State or municipal government entities
- Sovereign wealth funds and foreign official institutions

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Fund Type	Count	GAV
Fund TypeHedge Fund	Count2	GAV$33,146,942

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 HUDSON WAY CAPITAL MANAGEMENT, LLC	Hedge Fund1.1b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.1b	AUM1.1b	#Funds7
Adviser OTUS CAPITAL MANAGEMENT LIMITED	Hedge Fund122.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV122.4m	AUM501.0m	#Funds2
Adviser NARA CAPITAL, LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM419.1m	#Funds-
Adviser CAMELOT CAPITAL PARTNERS LLC	Hedge Fund1.5b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.5b	AUM1.5b	#Funds3
Adviser VOSS CAPITAL, LP	Hedge Fund559.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV559.5m	AUM1.4b	#Funds4
Adviser FOURTHSTONE LLC	Hedge Fund957.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV957.4m	AUM957.5m	#Funds5
Adviser TWO SEAS CAPITAL LP	Hedge Fund2.3b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.3b	AUM1.5b	#Funds13
Adviser CLEARALPHA TECHNOLOGIES LP	Hedge Fund885.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV885.2m	AUM885.2m	#Funds3
Adviser WINDHAM CAPITAL MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM192.1m	#Funds-
Adviser NEEDHAM INVESTMENT MANAGEMENT, LLC	Hedge Fund229.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV229.7m	AUM1.4b	#Funds2

Brochure Summary

Overview

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.

FIRST TURN MANAGEMENT, LLC

Adviser Profile

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Compensation Arrangments

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Brochure Summary

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