9AT: MERK INVESTMENTS LLC

Adviser Profile

As of Date	08/11/2026
Registration	SEC, Approved, 10/10/2001
ADV Location	PALO ALTO, CA, United States
Contact Info	650 xxxxxxx
Websites

AUM^*	2,537,708,291 128%
of that, discretionary	0 -100%
Number of Employees	4 -43%
of those in investment advisory functions	3 -40%
Private Fund GAV^*	0
Avg Account Size	2,537,708,291 356%
SMA’s	Yes
Private Funds	0

Adviser Type

- Large advisory firm

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management

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 DIVISAR CAPITAL MANAGEMENT, LLC	Hedge Fund812.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV812.8m	AUM812.8m	#Funds2
Adviser SIMCOE CAPITAL MANAGEMENT, LLC	Hedge Fund633.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV633.8m	AUM633.8m	#Funds4
Adviser KCL CAPITAL, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM948.6m	#Funds-
Adviser SANTA LUCIA ASSET MANAGEMENT PTE. LTD.	Hedge Fund125.9m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV125.9m	AUM1.5b	#Funds1
Adviser RUSH ISLAND MANAGEMENT, LP	Hedge Fund1.6b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.6b	AUM2.0b	#Funds4
Adviser ALTRAVUE CAPITAL, LLC	Hedge Fund871.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV871.0m	AUM1.5b	#Funds2
Adviser RUDIUS MANAGEMENT, L.P.	Hedge Fund955.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV955.8m	AUM955.8m	#Funds6
Adviser PARADIGM BIOCAPITAL ADVISORS LP	Hedge Fund4.1b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV4.1b	AUM4.5b	#Funds6
Adviser PHILOSOPHY CAPITAL MANAGEMENT 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	AUM1.7b	#Funds4
Adviser BORNITE CAPITAL MANAGEMENT LP	Hedge Fund1.4b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.4b	AUM1.4b	#Funds5

Brochure Summary

Overview

Merk Investments LLC (“Merk Investments” or the “Firm”), a Delaware limited liability company, is an investment adviser with its principal place of business in Menlo Park, CA. Merk Investments was formed in December 2000 by Alexander “Axel” Merk, Managing Member, who is also the principal owner of Merk Investments (the “Principal”). Merk Investments is an investment management firm that provides advisory services to an investment company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), the “Closed-End Fund” and a U.S. listed exchange traded product (“ETP”). Merk Investments has previously provided (and may in the future) advisory services to sophisticated investors through a privately offered pooled investment vehicle. Collectively, the Closed-End Fund and ETP are referred to as “Pooled Vehicles.” Pooled Vehicles, and any private funds Merk Investments may manage, are collectively referred to as “Clients.” Merk Investments’ investment objective is to achieve superior risk-adjusted returns

by seeking to deliver uncorrelated returns using alternative strategies that seek optimal profit potential within tailored investment objectives. Merk Investments provides investment advice on liquid global markets, including domestic and international equities, fixed income, commodities and currencies and their respective derivative markets, as described in Item 8. Methods of Analysis, Investment Strategies and Risk of Loss. Merk Investments’ investment management services to the Pooled Vehicles are provided pursuant to the terms of the prospectus of each investment vehicle, and investors in the Pooled Vehicles cannot obtain services tailored to their individual specific needs. Merk Investments does not participate in a wrap fee program. Merk Investments managed client assets of approximately $1,114,080,628 in regulatory assets under management as of December 31, 2023. This consisted of approximately $339,649,030 of client assets on a discretionary basis, and approximately $774,431,598 of clients assets on a non-discretionary basis.

MERK INVESTMENTS LLC

MERK INVESTMENTS LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Brochure Summary

Overview

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MERK INVESTMENTS LLC MERK INVESTMENTS LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Brochure Summary

Overview

MERK INVESTMENTS LLC

MERK INVESTMENTS LLC