9AT: VCFA GROUP

Adviser Profile

As of Date	03/30/2026
Registration	SEC, Approved, 03/30/2012
ADV Location	NEW YORK, NY, United States
Contact Info	212 xxxxxxx
Websites

AUM^*	409,646,361 -2%
of that, discretionary	409,646,361 4%
Number of Employees	9 13%
of those in investment advisory functions	6 20%
Private Fund GAV^*	409,541,479 -2%
Avg Account Size	45,516,262 -8%
SMA’s	No
Private Funds	11 1

Adviser Type

- Large advisory firm

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- 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 TRADEMARK CAPITAL MANAGEMENT INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund467.4k	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund16.5m	Total Private Fund GAV16.9m	AUM150.8m	#Funds2
Adviser PRESERVER PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund168.3m	Total Private Fund GAV168.3m	AUM175.7m	#Funds1
Adviser CRESCENDO ASSET MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM184.5m	#Funds-
Adviser CHANGE GLOBAL INVESTMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund144.0m	Total Private Fund GAV144.0m	AUM226.0m	#Funds3
Adviser KENORA FINANCIAL, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund82.4m	Total Private Fund GAV82.4m	AUM315.8m	#Funds1
Adviser BRICKELL KEY ASSET MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM119.9m	#Funds1
Adviser PAN GLOBAL ADVISERS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund18.7m	Total Private Fund GAV18.7m	AUM270.5m	#Funds1
Adviser MASON CAPITAL PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund56.9m	Total Private Fund GAV56.9m	AUM210.6m	#Funds1
Adviser STOCK FARM PARTNERS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund137.7m	Total Private Fund GAV137.7m	AUM137.7m	#Funds3
Adviser VIRTERA PARTNERS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund100.0m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund30.0m	Other Fund224.1m	Total Private Fund GAV384.1m	AUM451.8m	#Funds10

Brochure Summary

Overview

A. Description of the Firm. VCFA Group (comprised of Venture Capital Fund of America III, Inc., a Delaware corporation, and affiliates) was organized in 1982. VCFA Group is headquartered in New York, NY with eight employees in the office. VCFA Group is currently owned by several employees. Other than registration with the SEC as an investment adviser, VCFA Group is not registered with other regulators and is not a member of a self-regulatory organization. B. Types of Advisory Services. VCFA Group manages private secondary funds (each, a “Secondary Fund”) that primarily purchase venture capital, leveraged buyout and similar investments on a secondary basis from current investors who are seeking liquidity for their positions. This is usually accomplished by purchasing a limited partnership interest (“LP Interest”) in a private fund, from an investor in that fund. The Secondary Funds are typically organized as limited partnerships. Affiliates within VCFA Group act as the general partners of the Secondary Funds. C. Client Tailored Services and Client Tailored Restrictions. VCFA Group tailors its advisory services to the specific investment objectives and guidelines of each Secondary Fund as set forth in each fund’s confidential private placement memorandum, limited partnership agreement and other governing

documents (collectively, the “Governing Documents”). As with other private equity funds generally, a Secondary Fund’s general partner may enter into “side letters” or similar agreements with certain investors in the Fund under which an investor is granted specific rights or benefits that are not applicable to other investors. Each Secondary Fund establishes an Advisory or Valuation Committee generally comprised of investor representatives, as dictated by the Fund’s Governing Documents. D. Wrap Fee Programs. VCFA does not offer wrap fee programs. E. Assets under Management. As of March 30, 2023, VCFA Group had approximately $298,172,528 under management including committed capital of investors in its Secondary Funds. VCFA Group manages all assets of the Secondary Funds on a discretionary basis. Important Note: This Brochure is for general information only. Each Secondary Fund is offered only through its Governing Documents to qualified investors as described and limited therein. Investors and prospective investors must refer to the Governing Documents of the applicable Fund for information on the investment objectives, investment restrictions, investment strategies, management, conflicts of interest and risks, fees and expenses, and other relevant information.

VCFA GROUP

VCFA GROUP

VENTURE CAPITAL FUND OF AMERICA III, 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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VCFA GROUP VCFA GROUP VENTURE CAPITAL FUND OF AMERICA III, 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

VCFA GROUP

VCFA GROUP

VENTURE CAPITAL FUND OF AMERICA III, INC.