Description of Firm Deepwater Asset Management, LLC provides investment advisory and related services to pooled investment vehicles and private investment funds (the "Funds" or "Fund"). We are organized as a limited liability company ("LLC") under the laws of the State of Minnesota and are based in Minneapolis, MN. We have been providing investment advisory services since 07/11/2017. We are primarily owned by Andrew Murphy, Douglas Clinton, Charles Munster, and Joseph Robillard.
This Firm Brochure describes our services and fees. Refer to the description of each investment advisory service listed below for information on how we tailor our advisory services to your individual needs. As used in this brochure, the words "we," "our," and "us" refer to Deepwater Asset Management, LLC and the words "you," "your," and "client" refer to you as either a client or prospective client of our firm.
Portfolio Management Services Deepwater Asset Management, LLC provides discretionary investment advisory services to pooled investment vehicles and private investment funds, including investigating, analyzing, structuring and negotiating potential investments, monitoring portfolio companies and advising the Funds as to disposition opportunities.
The detailed terms, strategies and risks applicable to the Funds are described in each Fund's organizational and offering documents regarding the investment of client funds based on the individual needs of the client. Details of the guidelines, parameters and restrictions on investments relating to the Fund clients may be found in the applicable fund's Private Placement Memorandum, Limited Partnership

Agreement, Subscription Agreement or Offering Memorandum. Private funds are available for investment only by institutional investors and other sophisticated, high- net-worth investors, who meet the eligibility requirements of the applicable fund set forth in its Governing Documents. Each such fund is exempt from registration as an investment company under the U.S. Investment Company Act, as amended (the "Investment Company Act"), under Section 3(c)(1) or 3(c)(7) thereof.
Sub-Advisory Services Deepwater Asset Management, LLC provides discretionary subadvisory services to pooled investment vehicles and private family office vehicles. As the sub-adviser, we manage these accounts in accordance with the investment direction provided by the applicable Governing Documents. We provide reports of Fund holdings and trade history to certain Fund clients. While we are responsible for the overall management of the assets delegated to our firm, we will not communicate investment recommendations or selections directly to the Primary Investment Adviser's individual clients.
Types of Investments We offer advice on equity securities, private placements, money market funds, derivatives, ETFs and digital assets.
Reports and Publications Deepwater Asset Management, LLC also provides written market commentary to business entity clients for which it receives compensation. The report focuses on economic and market conditions and is not specific to investment products or services.
Assets Under Management As of December 31, 2023, we have $333 million of discretionary assets under management.
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