9AT: TWO SEAS CAPITAL LP

other names

TWO SEAS CAPITAL LP
KAIROS CAPITAL MANAGEMENT LP

Adviser Profile

As of Date	03/31/2025
ADV Location	RYE, NY, United States
Adviser Type - Large advisory firm
Number of Employees	13 44%
of those in investment advisory functions	6 20%
Registration	SEC, Approved, 12/18/2020
Other registrations (1)	SEC, ERA - Withdrawn, 11/18/2020
Former registrations	KAIROS CAPITAL MANAGEMENT LP

AUM^*	1,466,152,130 92%
of that, discretionary	1,466,152,130 142%
Private Fund GAV^*	1,384,169,826 -2%
Avg Account Size	183,269,016 203%
SMA’s	No
Private Funds	11 1
Contact Info	917 xxxxxxx
Websites

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

Fund Type	Count	GAV
Fund TypeHedge Fund	Count11	GAV$1,384,169,826

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 TEEWINOT CAPITAL ADVISERS, L.L.C.	Hedge Fund79.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV79.1m	AUM1.2b	#Funds4
Adviser ALDEN CAPITAL	Hedge Fund27.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV27.4m	AUM1.4b	#Funds1
Adviser TORONADO PARTNERS LLC	Hedge Fund333.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV333.1m	AUM333.1m	#Funds2
Adviser VOSS CAPITAL, LP	Hedge Fund559.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV559.5m	AUM1.4b	#Funds4
Adviser ARARAT CAPITAL MANAGEMENT LP	Hedge Fund422.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV422.6m	AUM482.6m	#Funds3
Adviser CAMELOT CAPITAL PARTNERS LLC	Hedge Fund1.4b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.4b	AUM1.4b	#Funds3
Adviser NARA CAPITAL, LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM419.1m	#Funds-
Adviser OLD FARM PARTNERS LP	Hedge Fund1.2b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.2b	AUM676.5m	#Funds14
Adviser FOURTHSTONE LLC	Hedge Fund957.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV957.4m	AUM957.5m	#Funds5
Adviser CAMSHAFT CAPITAL ADVISORS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM581.1m	#Funds-

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker78462F103	Stock NameSPDR S&P 500 ETF TR (PUT)	$ Position$1,498,105,584	% Position24.00%	$ Change635.00%	# Change581.00%
Stck Ticker78462F103	Stock NameSPDR S&P 500 ETF TR (PUT)	$ Position$686,165,400	% Position11.00%	$ Change237.00%	# Change212.00%
Stck Ticker78462F103	Stock NameSPDR S&P 500 ETF TR (PUT)	$ Position$646,194,600	% Position10.00%	$ Change217.00%	# Change194.00%
Stck Ticker78462F103	Stock NameSPDR S&P 500 ETF TR (PUT)	$ Position$511,959,330	% Position8.00%	$ Change151.00%	# Change133.00%
Stck Ticker464287655	Stock NameISHARES TR (PUT)	$ Position$350,842,000	% Position6.00%	$ Change	# Change
Stck Ticker78462F103	Stock NameSPDR S&P 500 ETF TR (PUT)	$ Position$333,090,000	% Position5.00%	$ Change63.00%	# Change52.00%
Stck TickerG4766E116	Stock NameINDIVIOR PLC	$ Position$253,255,105	% Position4.00%	$ Change51.00%	# Change-8.00%
Stck Ticker21874A106	Stock NameCORE SCIENTIFIC INC NEW	$ Position$275,629,765	% Position4.00%	$ Change139.00%	# Change127.00%
Stck TickerG76279101	Stock NameROIVANT SCIENCES LTD	$ Position$177,840,501	% Position3.00%	$ Change49.00%	# Change11.00%
Stck Ticker78462F103	Stock NameSPDR S&P 500 ETF TR (PUT)	$ Position$189,861,300	% Position3.00%	$ Change-7.00%	# Change-14.00%

Brochure Summary

Overview

The Adviser is an investment adviser with its principal place of business in Rye, New York. The Adviser commenced operations in February 2020. Sina Toussi is the principal owner of the Adviser. Discretionary Advisory Services The Adviser provides advisory services on a discretionary basis to certain pooled investment vehicles intended for sophisticated investors and institutional investors (each a “Fund” and collectively, the “Funds”). The Adviser tailors and provides advisory services to the Funds based on the individual needs of each respective Fund as well as the specific investment objectives, investment strategies and any imposed investment guidelines or restrictions of such Fund as described in its investment advisory agreement(s) and/or each Fund’s governing and offering documents (the “Fund Documents”). Certain affiliates or related persons of the Adviser also serve as the managing member or equivalent of the Funds. Fund investors generally cannot impose restrictions on investing in certain securities or types of securities. Investors in a Fund participate in the overall investment program for the Fund and generally cannot be excused from a particular investment except pursuant to the terms of the applicable Fund Documents. In addition, one or more of the Funds for which the Adviser or its related person serves as the managing member or investment manager has entered into agreements, or “side letters,” with certain investors in the

Funds whereby such investors may be subject to terms and conditions that are more advantageous than those set forth in the governing documents for the Fund. For example, such terms and conditions may provide for enhanced governance rights; investment and capacity rights; reduced fees and performance compensation (which may be effected through rebate, offset or other mechanisms); special redemption rights; a waiver of other terms; rights to information not provided to other investors (including, without limitation, more detailed information regarding portfolio positions) and such other rights as negotiated by the Fund and such investor. The modifications are solely at the discretion of any such Fund and may, among other things, be based on the size of the investor's investment in the Fund or affiliated investment entity. Non-Discretionary Advisory Services In addition, the Adviser provides advisory services on a non-discretionary basis to another third-party investment adviser (the “Account”). The Adviser currently does not provide continuous and regular supervisory or management services to such non-discretionary Account. Hereinafter, the Account, together with the Funds, are referred to as “Clients”. Regulatory Assets Under Management As of December 31, 2023, adjusting for contributions on January 1, 2024, the Adviser had approximately $762,392,176 in regulatory assets under management, which it managed on a discretionary basis.

TWO SEAS CAPITAL LP

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