Firm Description
US Select Asset Management, Inc. hereinafter ("USAM" or the "Advisor") is a company formed under
the laws of the State of Delaware and is a wholly owned subsidiary of E&P Operations Pty Limited
(Australia) ("E&P Operations"). The ultimate holding company of E&P Operations and therefore, the
Advisor, is E&P Financial Group Limited (Australia)(E&P).
The Advisor is not in the business of selling securities on a commission basis. However, there may be
some associated persons who are in other fields where they receive commissions as compensation.
Principal Owners
E&P principally operates three business divisions:
1. E&P Investments Limited is also a holder of an Australian Financial Services License and acts
as Responsible Entity for CD Private Equity Funds I, II, and III amongst other funds.
3. E&P Funds Management Pty Limited, another holder of an Australian Financial Services
License, is an asset manager for several non-US, based funds.
4. Evans and Partners Pty Ltd ("Evans and Partners") a holder of an Australian Financial Services
License, can provide financial product advice and deal in financial products, including
stockbroking. Evans and Partners is a market participant on the Australian Securities Exchange
Limited (ASX) and Chi-X Australia Pty Ltd, being securities exchanges operated in Australia.
Types of Advisory Services
The Advisor provides investment advice through commingled investment vehicles and more precisely,
privately offered, registration exempt funds. The investment vehicles managed by the Advisor are
offered to high net worth, financially sophisticated individuals, other investment advisers or funds, and
institutional investors. Officers and managers of the Advisor are also principals of the general partners
of the investment funds managed by the Advisor.
The types of agreements provided to Investors/Owners (refer to Item 7) in relation to the investment
funds are as follows:
1. Limited partnership agreement (LPA);
2. Limited liability company agreement;
3. Brochure of the Advisor (ADV Part 2A and 2B); and
4. Subscription document of the relevant limited partnership.
An interest in a limited partnership will be offered via a subscription agreement under which an
Investor/Owner
becomes a "Limited Partner" within the specific limited partnership. All Limited Partners
must be approved and accepted by the general partner via the written subscription documents before
being admitted into any limited partnership.
Termination of Agreements
Agreements may not be assigned without a client(s) consent.
Client Agreements: A client(s), under certain conditions, may terminate the management services
provided by the Advisor at any time by notifying the Advisor in writing. Similarly, the Advisor may also
terminate any management services provided to the client(s) at any time by notifying the client(s) in
writing. Upon termination by the client(s) or Advisor, any unused portion of fees collected in advance
will be refunded.
Investor/Owner Agreements : An Investor/Owner who becomes a Limited Partner in a limited
partnership managed by the Advisor is unable to terminate the investment mainly due to the nature of
the investments. Investment in a limited partnership requires a long-term commitment. Therefore, the
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return of capital and realization of gains, if any, from an investment will generally occur only upon the
partial or complete disposition of such investment. Limited Partners should expect that they will not
receive a return of capital for an extended period of time and therefore the investment is not suitable
for investors who need liquidity.
Tailored Relationships
The Advisor provides investment advice through commingled investment vehicles and more precisely,
privately offered, registration exempt funds. To be admitted as a Limited Partner to a limited
partnership managed by the Advisor, an investor must apply via a formal subscription document and
agree to the existing limited partnership guidelines as fully disclosed in the relevant limited partnership
agreement, limited liability company agreement, and subscription document.
WRAP Fee Programs
The Advisor does not act as a sponsor of a WRAP program, nor does it act as an investment adviser
to a WRAP program.
Assets under Management
As of December 31, 2023, the Advisor managed client assets on a discretionary basis of approximately
$513,435,212 and manages $0 on a non-discretionary basis.