9AT: ELIZABETH PARK CAPITAL MANAGEMENT, LTD

Adviser Profile

As of Date	03/30/2026
Registration	SEC, Approved, 04/09/2014
Other registrations (2)	Ohio, Terminated, 05/09/2014 Rhode Island, Terminated, 06/27/2012
ADV Location	PEPPER PIKE, OH, United States
Contact Info	(21 xxxxxxx
Websites

AUM^*	393,949,323 15%
of that, discretionary	393,949,323 15%
Number of Employees	10
of those in investment advisory functions	10
Private Fund GAV^*	393,949,324 5%
Avg Account Size	43,772,147 15%
SMA’s	Yes
Private Funds	9

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 FOX RUN MANAGEMENT LLC	Hedge Fund138.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV138.5m	AUM695.8m	#Funds1
Adviser SEPULVEDA MANAGEMENT LLC	Hedge Fund355.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV355.1m	AUM355.1m	#Funds4
Adviser PRYTANIA INVESTMENT ADVISORS LLP	Hedge Fund65.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund7.7m	Total Private Fund GAV73.3m	AUM981.7m	#Funds4
Adviser MUDDY WATERS CAPITAL LLC	Hedge Fund522.9m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV522.9m	AUM576.3m	#Funds12
Adviser VIBURNUM FUNDS PTY LTD	Hedge Fund75.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV75.7m	AUM276.4m	#Funds1
Adviser ALIGHT CAPITAL MANAGEMENT LP	Hedge Fund645.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV645.5m	AUM754.4m	#Funds3
Adviser KIZE CAPITAL LP	Hedge Fund246.3m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV246.3m	AUM264.9m	#Funds5
Adviser 11 CAPITAL PARTNERS LP	Hedge Fund234.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV234.7m	AUM503.5m	#Funds3
Adviser MASTERTON CAPITAL MANAGEMENT, LP	Hedge Fund293.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV293.1m	AUM293.1m	#Funds3
Adviser CONVERIUM CAPITAL INC.	Hedge Fund897.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV897.6m	AUM952.1m	#Funds3

Brochure Summary

Overview

Elizabeth Park was founded in 2008. Elizabeth Park is an Ohio Limited Liability Company located in Pepper Pike, Ohio. Its principal owner is Fred Cummings, Founder, President and Managing Member (referred to herein as the “Managing Member”). Elizabeth Park provides discretionary investment advisory services to its clients, which consist of pooled investment vehicles and, from time-to-time, separately managed accounts (collectively, and any additional investment vehicle or account that Elizabeth Park or its affiliates may manage in the future, the “Clients”). The Clients are managed in accordance with the investment objectives, strategies and guidelines and the terms and conditions of the investment, set out in their respective private placement memoranda (“PPM”), investment management agreements, organizational, or other governing documents (collectively, the “Governing Documents”). Elizabeth Park provides advice to the Clients

with respect to trading and investing, both long and short, in a broad range of public and private equity and preferred securities with a focus on the financial services industry. Services provided to the Clients by Elizabeth Park or its personnel or affiliates, may include, in addition to advice regarding investments, executing and reconciling trades, preparing financial statements, providing audit support, preparing tax-related schedules and documents and sales support and investor relations services. The Adviser does not tailor its advisory services to the individual needs of investors in the Clients (“Investors”). Each Client may have investment restrictions on investing in certain securities or other assets, to the extent that such securities are outside of the applicable Client’s existing investment program. As of December 31, 2023, Elizabeth Park had discretionary regulatory assets under management of $341,321,695.

ELIZABETH PARK CAPITAL MANAGEMENT, LTD

ELIZABETH PARK CAPITAL MANAGEMENT, LTD

ELIZABETH PARK CAPITAL ADVISORS, LTD

ELIZABETH PARK CAPITAL MANAGEMENT, LTD. (RELYING ADVISER)

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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ELIZABETH PARK CAPITAL MANAGEMENT, LTD ELIZABETH PARK CAPITAL MANAGEMENT, LTD ELIZABETH PARK CAPITAL ADVISORS, LTD ELIZABETH PARK CAPITAL MANAGEMENT, LTD. (RELYING ADVISER)

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Brochure Summary

Overview

ELIZABETH PARK CAPITAL MANAGEMENT, LTD

ELIZABETH PARK CAPITAL MANAGEMENT, LTD

ELIZABETH PARK CAPITAL ADVISORS, LTD

ELIZABETH PARK CAPITAL MANAGEMENT, LTD. (RELYING ADVISER)