9AT: PFM HEALTH SCIENCES, LP

Adviser Profile

As of Date	03/31/2026
Registration	SEC, Approved, 04/10/2008
ADV Location	SAN FRANCISCO, CA, United States
Contact Info	415 xxxxxxx
Websites

AUM^*	1,266,793,646 -38%
of that, discretionary	1,266,793,646 -38%
Number of Employees	17 -6%
of those in investment advisory functions	7 -13%
Private Fund GAV^*	1,216,793,646 -41%
Avg Account Size	180,970,521 -29%
SMA’s	No
Private Funds	7 3

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
- 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 ARENA INVESTORS, LP	Hedge Fund1.8b	Liquidity Fund-	Private Equity Fund272.8m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund78.3m	Total Private Fund GAV2.1b	AUM3.0b	#Funds30
Adviser ENDICOTT GROUP	Hedge Fund40.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV40.0m	AUM50.8m	#Funds2
Adviser EOS MANAGEMENT, L.P.	Hedge Fund748.4m	Liquidity Fund-	Private Equity Fund208.6m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV957.1m	AUM957.1m	#Funds8
Adviser LIGHT STREET CAPITAL MANAGEMENT, LLC	Hedge Fund1.5b	Liquidity Fund-	Private Equity Fund564.0m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.1b	AUM1.6b	#Funds28
Adviser BLUE ROAD MANAGEMENT, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund1.9b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.9b	AUM2.0b	#Funds10
Adviser CYPRESS CREEK PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund192.0m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund138.6m	Total Private Fund GAV330.6m	AUM499.7m	#Funds12
Adviser SUMMIT ROCK ADVISORS, LP	Hedge Fund8.9b	Liquidity Fund-	Private Equity Fund6.1b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV15.0b	AUM26.2b	#Funds21
Adviser HILL PATH CAPITAL LP	Hedge Fund2.7b	Liquidity Fund-	Private Equity Fund753.5m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.4b	AUM3.4b	#Funds27
Adviser FAIRMOUNT FUNDS MANAGEMENT LLC	Hedge Fund5.6b	Liquidity Fund-	Private Equity Fund275.8m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV5.9b	AUM5.8b	#Funds7
Adviser LONG PATH PARTNERS, LP	Hedge Fund720.4m	Liquidity Fund-	Private Equity Fund693.8m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.4b	AUM1.7b	#Funds13

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck TickerK08588103	Stock NameASCENDIS PHARMA A/S	$ Position$62,191,369	% Position5.00%	$ Change	# Change
Stck Ticker05464T104	Stock NameAXSOME THERAPEUTICS INC.	$ Position$53,750,513	% Position5.00%	$ Change20.00%	# Change-17.00%
Stck Ticker532457108	Stock NameELI LILLY & CO	$ Position$47,087,223	% Position4.00%	$ Change-22.00%	# Change-40.00%
Stck Ticker64125C109	Stock NameNEUROCRINE BIOSCIENCES INC	$ Position$35,966,549	% Position3.00%	$ Change27.00%	# Change-1.00%
Stck Ticker444859102	Stock NameHUMANA INC	$ Position$37,487,638	% Position3.00%	$ Change	# Change
Stck Ticker45720N103	Stock NameINHIBRX BIOSCIENCES INC	$ Position$29,219,479	% Position3.00%	$ Change42.00%	# Change1.00%
Stck TickerG50871105	Stock NameJAZZ PHARMACEUTICALS PLC	$ Position$38,740,265	% Position3.00%	$ Change15.00%	# Change-10.00%
Stck Ticker91324P102	Stock NameUNITEDHEALTH GROUP INC	$ Position$36,690,154	% Position3.00%	$ Change134.00%	# Change52.00%
Stck Ticker941848103	Stock NameWATERS CORP	$ Position$22,436,768	% Position2.00%	$ Change89.00%	# Change50.00%
Stck Ticker76155X100	Stock NameREVOLUTION MEDICINES INC	$ Position$26,822,616	% Position2.00%	$ Change96.00%	# Change2.00%

Brochure Summary

Overview

PFM is a Delaware limited partnership with its principal place of business in San Francisco, California. The Adviser serves as an investment adviser to private investment funds in which qualified investors invest directly (the “Offered Funds”). Certain Offered Funds (the “Feeder Funds”), in turn, invest substantially all of their assets in Cayman Islands’ exempted limited partnerships for which PFM serves as investment adviser (the “Master Funds,” and together with the Offered Funds, the “Funds” or “Clients”), which invest directly in investment instruments. The Adviser receives certain assistance in providing investment advice from its affiliates, Partner Advisory Services, L.P. (“PAS”), a Delaware limited partnership, and Partner Fund Management, Inc. (“PFMI”), a Delaware corporation. PFMI and PAS are referred to herein as the “Affiliated Advisers.” PFM has been in the investment advisory business since its inception in September 2004. Brian D. Grossman is the principal owner of and controls, directly and indirectly, the Adviser and Affiliated Advisers. As of January 1, 2024, the Adviser has approximately $2.4 billion of regulatory assets under management, all of which is managed on a discretionary basis. The Adviser has

broad discretion with respect to the Funds’ investment decisions, selection of brokers, dealers and other counterparties, and the amount of commissions or other compensation to be paid by the Funds. The Adviser provides investment advisory services to the Funds based on the particular investment objectives and strategies described in the relevant Offered Fund’s Offering Documents (defined below). Unless otherwise specified herein, all discussions relating to the Adviser relates equally to each of PFM and the Affiliated Advisers, as applicable. PFMI and PAS provide research services to the Adviser. PAS acts as a sub-advisor to PFM. All discussions of the Funds in this brochure, including but not limited to their investments, the strategies used in managing the Funds, the fees, allocations and other costs associated with an investment in the Funds, and conflicts of interest faced by the Adviser and its Affiliated Advisers in connection with management of the Funds are qualified in their entirety by reference to each Fund’s respective confidential private offering memorandum (if any) and the governing documents of that Fund (referred to collectively as “Offering Documents”).

PFM HEALTH SCIENCES, LP

PFM HEALTH SCIENCES, LP

PARTNER ADVISORY SERVICES, L.P. ("RELYING ADVISER")

PFM NEWCO, L.P.

PARTNER INVESTMENT MANAGEMENT, L.P. ("RELYING ADVISER")

PARTNER FUND MANAGEMENT, LLC ("RELYING ADVISER")

PARTNER FUND MANAGEMENT, L.P.

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

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PFM HEALTH SCIENCES, LP PFM HEALTH SCIENCES, LP PARTNER ADVISORY SERVICES, L.P. ("RELYING ADVISER") PFM NEWCO, L.P. PARTNER INVESTMENT MANAGEMENT, L.P. ("RELYING ADVISER") PARTNER FUND MANAGEMENT, LLC ("RELYING ADVISER") PARTNER FUND MANAGEMENT, L.P.

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

PFM HEALTH SCIENCES, LP

PFM HEALTH SCIENCES, LP

PARTNER ADVISORY SERVICES, L.P. ("RELYING ADVISER")

PFM NEWCO, L.P.

PARTNER INVESTMENT MANAGEMENT, L.P. ("RELYING ADVISER")

PARTNER FUND MANAGEMENT, LLC ("RELYING ADVISER")

PARTNER FUND MANAGEMENT, L.P.