HCSF Management, LLC (“Headlands Capital”) is a Delaware limited liability company organized
in March, 2012. Prior to March, 2012, HCSF Management, LLC conducted business as Headlands
Capital Advisors, LP (“Headlands Capital Advisors”) since 2006. Headlands Capital provides
advisory and portfolio management services to pooled investment vehicles, including Headlands
Strategic Opportunities Fund, LP (“Headlands Strategic Opportunities Fund”), Headlands Capital
Secondary Fund, LP (“Headlands I”), Headlands Capital Secondary Fund II, LP (“Headlands II”),
Headlands Capital Offshore, LP (“Headlands Offshore”), Headlands Capital Secondary Fund III,
LP (“Headlands III”), Headlands Capital Offshore III, LP (“Headlands Offshore III”), Headlands
Capital Secondary Fund IV, LP (“Headlands IV”), and Headlands Capital Offshore IV, LP
(“Headlands Offshore IV”, together with Headlands Strategic Opportunities Fund, Headlands I,
Headlands II, Headland Offshore, Headlands III, Headlands Offshore III and Headlands IV, the
“Fund Clients”) and certain other pooled investment vehicles which co-invest in certain portfolio
investments made by the Fund Clients (each, a “Co-Invest Fund”). Throughout this brochure,
“Clients” shall be used to refer to the pooled investment vehicles managed by Headlands Capital,
including the Fund Clients, and “investors” shall be used to refer to those vehicles’ underlying
investors.
Headlands Capital is indirectly principally owned by David E. Park, III.
Advisory Services
Headlands Capital provides discretionary advisory and portfolio management services to its Fund
Clients according to the investment objectives and strategies described in the offering documents
of each Fund Client. These objectives and strategies may limit the concentration and geography of
the Clients’ investments or limit Headlands Capital’s investments in certain asset classes.
Headlands Capital may further tailor its advisory services to the specific needs of a Fund Client as
may be necessary, appropriate or negotiated from time to time.
Headlands Capital does not participate in any wrap fee programs.
As of December 31, 2023, Headlands Capital had discretionary Client assets under management of
approximately $877,677,812.
Advisory Services Tailoring
Client accounts are managed according to the strategies and objectives set out in each Client’s
constituent documents.