9AT: HERCULES ADVISER LLC

other names

HERCULES ADVISER LLC

Adviser Profile

As of Date	03/31/2026
Registration	SEC, Approved, 03/15/2021
Former registrations	HERCULES ADVISER LLC
ADV Location	SAN MATEO, CA, United States
Contact Info	650 xxxxxxx
Websites

AUM^*	1,557,986,711 44%
of that, discretionary	794,787,211 80%
Private Fund GAV^*	1,557,986,711 26%
Avg Account Size	311,597,342 -13%
SMA’s	No
Private Funds	10 7

Adviser Type

- Large advisory firm

Number of Employees 3

of those in investment advisory functions 2

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

SEC Fund Type	Count	GAV
Fund TypeHedge Fund	Count6	GAV$1,557,986,711
Fund TypePrivate Equity Fund	Count4	GAV$

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 MOERUS CAPITAL MANAGEMENT LLC	Hedge Fund44.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV44.1m	AUM893.1m	#Funds3
Adviser SPRING LAKE ASSET MANAGEMENT, INC.	Hedge Fund1.4b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.4b	AUM1.5b	#Funds3
Adviser SYNERGY FUND MANAGEMENT GROUP LIMITED	Hedge Fund229.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV229.0m	AUM490.3m	#Funds9
Adviser COMMODORE CAPITAL	Hedge Fund2.4b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.4b	AUM2.4b	#Funds3
Adviser BAYMOUNT MANAGEMENT LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM485.7m	#Funds-
Adviser JB INVESTMENTS MANAGEMENT, LLC	Hedge Fund773.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV773.4m	AUM773.4m	#Funds3
Adviser FOURSIXTHREE CAPITAL LP	Hedge Fund1.5b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.5b	AUM3.2b	#Funds7
Adviser SANDIA INVESTMENT MANAGMENT LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM625.4m	#Funds-
Adviser CENTERBOOK PARTNERS LP	Hedge Fund1.6b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.6b	AUM2.9b	#Funds6
Adviser SAGEFIELD INVESTMENT GROUP LP	Hedge Fund215.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV215.6m	AUM2.2b	#Funds6

Brochure Summary

Overview

The Adviser was formed on May 26, 2020. The Adviser is an indirect wholly-owned subsidiary of Hercules Capital, Inc. (“Hercules Capital”). Hercules Capital is an internally managed, non-diversified closed-end investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Hercules Capital is a specialty finance company focused on providing senior secured loans to high-growth, innovative venture capital-backed and institutional capital-backed companies in a variety of technology, life sciences and sustainable and renewable technology industries. As of the date of this Brochure, the Adviser provides investment management services on a discretionary basis and on a non-discretionary basis to institutional private credit funds (the “Funds”). The Adviser may provide investment management services in the future to, without limitation, private funds, registered investment companies, business development companies, and other pooled investment vehicles and institutional investors (through separately managed accounts) (together with the Funds, “Clients”) that primarily make investments in loans, such as senior or subordinated secured loans, that can be coupled with an equity component, including warrants, options or other rights to purchase common or preferred stock, and unitranche loans (such investments, collectively,

“Assets”). Client Assets are managed in accordance with the particular investment objectives, strategies, restrictions and guidelines set forth in each Client’s investment advisory agreement, fund offering materials, supplemental risk and conflicts of interest disclosures, and any other relevant agreements such as a Client’s organizational documents and/or financing transaction documents, as applicable (“Client Governing Documents”), which are made available to investors through the Adviser or another authorized party. The Adviser does not generally tailor its advisory services to the needs of individual investors; however, at the inception of a pooled investment vehicle, specific investment criteria may be established for the pooled investment vehicle in consultation with prospective investors. Prior to investing in a Client, prospective investors should review Client Governing Documents to confirm the suitability of an investment in a Client based on the investor’s particular circumstances. The general partner of each Fund is an affiliate of the Adviser (the “General Partner”); however, the investment management services are performed by the Adviser pursuant to investment management agreements by and between the Adviser and the Funds. As of December 31, 2023, the Adviser managed (i) $638,471,105 on a non-discretionary basis and (ii) $441,710,118 on a discretionary basis.

HERCULES ADVISER LLC

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