9AT: P&A CAPITAL ADVISORS

Adviser Profile

As of Date	03/26/2026
Registration	SEC, Approved, 12/15/2000
ADV Location	NEW YORK, NY, United States
Contact Info	212 xxxxxxx
Websites

AUM^*	126,427,636 11%
of that, discretionary	126,427,636 11%
Number of Employees	10
of those in investment advisory functions	4
Private Fund GAV^*	121,680,480 1%
Avg Account Size	31,606,909 11%
SMA’s	Yes
Private Funds	3

Adviser Type

- Large advisory firm

Client Types

- Pooled investment vehicles
- Insurance companies

Advisory Activities

- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

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

	Count	GAV
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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 GILEAD CAPITAL LP	Hedge Fund39.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV39.1m	AUM39.1m	#Funds3
Adviser COURANT INVESTMENT MANAGEMENT LLC	Hedge Fund133.3m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV133.3m	AUM133.3m	#Funds1
Adviser CENTERSTAR ASSET MANAGEMENT, LLC	Hedge Fund138.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV138.6m	AUM138.6m	#Funds3
Adviser CONSCIOUS ENDEAVORS LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM112.9m	#Funds-
Adviser SIZEMORE CAPITAL MANAGEMENT, LLC	Hedge Fund25.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV25.1m	AUM109.4m	#Funds10
Adviser SEPHIRA INVESTMENT ADVISORS (UK) LIMITED	Hedge Fund174.3m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV174.3m	AUM208.7m	#Funds2
Adviser THOMPSON DAVIS ASSET MANAGEMENT	Hedge Fund4.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV4.1m	AUM211.3m	#Funds1
Adviser OFF THE CHAIN CAPITAL, LLC	Hedge Fund321.9m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV321.9m	AUM321.0m	#Funds2
Adviser WESTWOOD WEALTH MANAGEMENT	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM300.4m	#Funds1
Adviser BRANDYWINE ASSET MANAGEMENT	Hedge Fund11.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV11.0m	AUM156.0m	#Funds1

Brochure Summary

Overview

This brochure describes the investment advisory services we provide. P&A Capital Advisors, Inc. was founded in 1991. We are owned by David E. Alexander and Tony C. Peyser. We are the general partner and investment manager of three limited partnerships (each a “Fund,” and together, the “Funds”). Each Fund operates as a hedge fund-of-funds, meaning it invests assets in a diversified investment portfolio of alternative investment vehicles (“Underlying Funds”) such as hedge funds or other collective investment vehicles, managed by various professional investment managers (“Portfolio Managers”). The Funds do not make direct purchases of marketable securities; however, most of the Portfolio Managers and Underlying Funds do directly invest in marketable securities. All of the Underlying Funds are organized as domestic limited partnerships or limited liability companies. Portfolio Managers may also manage assets through a separately managed account. We monitor the performance of each Underlying Fund and we may adjust the amount of assets allocated to any Underlying Fund. We may add or replace Underlying Funds at any time, in our sole discretion, without notice to or the consent of limited partners or shareholders who invest in the Funds (“Investors”). The Funds we advise are:
• P&A Diversified Managers Fund, L.P. (“DMF”)
• P&A Multi-Sector Fund, L.P. (“MSF”)
• P&A Balanced Fund, L.P. (“BAL”) Additionally, we advise

a separately managed account, AGL P&A Select Multi Manager Separately Managed Division (“AGL”), as well as an account for a high net worth individual. AGL invests in Underlying Funds along with the other Funds and invests in three of the Funds, DMF, MSF and BAL. We advise AGL on a discretionary basis. We advise AGL and the Funds as our advisory clients (“Clients”). As of January 1, 2023, we manage approximately $114.9 million in assets for five (5) Clients on a discretionary basis. The total regulatory assets under management includes approximately $2.6 million that certain of our private funds or separate account Clients have invested in our other private fund Clients. This amount has not been netted out of the assets under management amount of these other private funds Clients that are receiving the investment. Consequently, we count this $2.6 million twice in our reporting of regulatory assets under management. Clients and Investors should be aware that this brochure is not an offer to purchase any interest or shares in the Funds above and is only intended to provide information about our firm. The Funds are private investment vehicles qualifying for an exception from the definition of an “investment company” under the Investment Company Act of 1940, as amended, and interests or shares in them will not be publicly offered as securities. Page 5 of 16

P&A CAPITAL ADVISORS

P&A CAPITAL ADVISORS

P&A DMF, INC.

P&A CAPITAL ADVISORS, INC.

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Brochure Summary

Overview

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P&A CAPITAL ADVISORS P&A CAPITAL ADVISORS P&A DMF, INC. P&A CAPITAL ADVISORS, INC.

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Brochure Summary

Overview

P&A CAPITAL ADVISORS

P&A CAPITAL ADVISORS

P&A DMF, INC.

P&A CAPITAL ADVISORS, INC.