ERFF Management is a Delaware limited liability company that was formed in 2005 for the purpose of
serving as an investment adviser to East Rock Focus Fund, LP (the “Focus Fund”), a multi-manager
investment vehicle. ERFF Management continues to serve as the investment adviser to the Focus Fund.
East Rock Capital is a Delaware limited liability company that was formed in 2006 to principally serve as
the investment adviser to East Rock Endowment Fund, LP (“EREF”) and East Rock Charitable Fund, LP
(“ERCF”), customized endowment-style investment vehicles created to invest the personal assets of a
high-net-worth family. ERFF Management is a “relying adviser” of East Rock Capital for purposes of
registration under the Investment Advisers Act of 1940, as amended (the “Advisers Act”).
East Rock Capital and ERFF Management are together herein referred to as “East Rock”, the “Firm”,
“we”, or “our”.
Adam Shapiro is the Managing Partner of the Firm (the “Managing Partner”) and controls East Rock.
Mr. Shapiro and a trust established for the benefit of Mr. Shapiro and his family indirectly own a majority
of the economic interests in East Rock.
Endowment-Style Investment Vehicles
East Rock Capital serves as the investment adviser to endowment-style investment vehicles (each such
investment vehicle, an “East Rock Endowment Vehicle” and collectively, the “East Rock
Endowment Vehicles”), that were created to invest opportunistically in a wide range of asset classes
through: i) third-party managed investment vehicles (“Third-Party Managed Vehicles”)
1, the
underlying assets of which are typically publicly traded securities; ii) direct investments, both long and
short, in equity, debt and/or other securities and instruments traded publicly and privately in U.S. and
foreign markets; and iii) equity and debt investments in privately held companies and real assets, either
directly or through Third-Party Managed Vehicles, in investment opportunities sourced by East Rock’s
network of third-party investment managers. Asset classes include hedge funds, long-only equities, private
equity, real assets, and fixed income. The East Rock Endowment Vehicles are each exempt from
registration under the Investment Company Act of 1940, as amended (the “Investment Company
Act”), pursuant to Section 3(c)(7) thereof. Each of the East Rock Endowment Vehicles is principally
dedicated to, and beneficially owned by, an affiliated group of individuals and/or entity investors.
East Rock Focus Fund, LP
The Focus Fund was formed in October of 2005 as a Delaware limited partnership and is exempt from
registration under the Investment Company Act pursuant to Section 3(c)(7) thereof. The Focus Fund is a
concentrated multi-manager investment vehicle investing primarily in a blend of Third-Party Managed
Vehicles, the underlying assets of which are typically publicly traded securities. The Focus Fund also makes
direct investments in equity, debt and other securities and instruments.
Each investor in the Focus Fund is required to execute a subscription agreement and become a party to
the limited partnership agreement. The Focus Fund is managed in accordance with the investment
objectives, strategies, restrictions,
and guidelines set forth in the Focus Fund’s confidential private
placement memorandum (“CPPM”). Further, the Focus Fund is managed only in accordance with its own
1 The underlying assets of Third-Party Managed Vehicles may include any of the investments described herein,
including, without limitation, publicly traded securities and equity and debt investments in privately held companies
and real estate assets.
characteristics and is not tailored to any particular Focus Fund investor. Additional information about the
Focus Fund can be found in its CPPM.
East Rock EAI Fund, LLC
East Rock EAI Fund, LLC (the “EAI Fund”) was formed in July 2020 as a Delaware series limited liability
company and is exempt from registration under the Investment Company Act pursuant to Section 3(c)(7)
thereof. The EAI Fund has multiple series outstanding. The EAI Fund was formed with a primary goal of
providing direct investment access to East Rock’s employees, its network of industry peers, and
prospective clients and investors. The EAI Fund’s investment objective is to primarily make equity and
debt investments in privately held companies and real assets, either directly or through Third-Party
Managed Vehicles, in investment opportunities sourced by East Rock’s network of third-party investment
managers. Such investments are typically pursued side-by-side with the East Rock Endowment Vehicles.
Other Accounts and Vehicles
In addition to managing the East Rock Endowment Vehicles, the Focus Fund and the EAI Fund, East Rock
provides, or may provide in the future, discretionary investment advisory and management services to a
limited number of other client accounts and vehicles that may be structured as limited partnerships, limited
liability companies, or managed accounts as well as a limited number of pooled vehicles that are each
dedicated to a specific investment (collectively, with the East Rock Endowment Vehicles, the Focus Fund
and the EAI Fund, the “East Rock Investment Vehicles”, and each, an “East Rock Investment
Vehicle”).
2
Each East Rock Investment Vehicle is managed in accordance with the underlying terms of such vehicle.
Therefore, certain East Rock Investment Vehicles do not always participate in the same investments, or
in the same proportion as other East Rock Investment Vehicles. As discussed below, East Rock takes a
number of factors into consideration when determining the suitability of an investment for each East Rock
Investment Vehicle. Further, we generally will not permit the underlying investors in an East Rock
Investment Vehicle to impose any investor-specific limitations on the investment activities described in
the offering documents of such vehicle (although an East Rock Endowment Vehicle’s investment program
may be customized with the affiliated group of investors that beneficially own such vehicle).
As of December 31, 2023, East Rock managed approximately $3,637,779,141 of regulatory assets under
management on a discretionary basis. Although East Rock has Non-Discretionary Clients (as defined
below), East Rock does not currently manage any regulatory assets under management on a non-
discretionary basis.