INVESTURE

Investure, LLC (Investure or the Adviser) was founded in 2003 to provide professional investment management services targeted primarily to nonprofit foundations and endowments. Investure is owned in its entirety by the individuals who are partner-level employees of Investure, and Bruce A. Miller is the principal owner (defined for purposes of this Brochure as an owner of 25% or more of the firm) of Investure. The managing member of Investure is Bruce A. Miller.

Types of Advisory Services

Investure provides investment advisory and management services, on a discretionary or non-discretionary basis, to (i) certain privately placed pooled investment vehicles (Investure Funds), which are organized as domestic (U.S.) limited partnerships (including series limited partnerships) or other domestic entity types or as foreign (nonU.S.) entities (and could include, as appropriate, include master/feeder structures) and (ii) separately managed accounts for select institutions or other sophisticated clients (Managed Accounts and, together with the Investure Funds, the Clients or Accounts). Investures Managed Account Clients generally are nonprofit foundations and endowments.

Investure specializes in identifying other investment managers (Managers) that it believes, along with the direct investments described below, will collectively meet each Clients investment objectives while complying with all investment guidelines. Investure also directly manages certain investments in securities, such as fixed income, equities, and exchange traded or index funds (the components), which could include short sales and/or other opportunities throughout the capital structure, as well as futures and other derivatives of these securities. These components also are expected to include investments in other types of financial products and derivatives. The fixed income component generally constitutes a significant portion of Investures overall assets under management. Exchange traded or index funds (and related securities and derivatives) are expected, from time to time, to constitute a significant portion of Investures overall assets under management. Otherwise, under normal market conditions, no other single such component of such direct investing is typically expected to be a significant percentage of Investures overall assets under management (though it is possible that this could occur from time to time).

Additionally, from time to time, Investure expects to identify areas of perceived value and/or areas that could be used to adjust asset allocation, in either case for potential investment. If any such potential investments are identified, a large portion of these direct investments at any time could strategically be allocated to investments in such areas (such allocations, tactical asset allocations). Examples of potential areas for tactical asset allocation could include, but are not limited to, specific industries or industry sectors, corporate credit, equity markets in specific countries or regions, specific companies or types of companies, specific types of assets, foreign currencies, market volatility, interest rates, inflation or other areas, or a combination of one or more of the foregoing areas. No single tactical asset allocation is expected to constitute a significant percentage of Investures overall assets under management (though it is possible that this could occur from time to time), but, when aggregated, all tactical asset allocations in place at any point in time could constitute a significant percentage of Investures overall assets under management. In order to carry out these tactical asset allocations, Investure could invest in opportunities throughout the capital structure, including short sales, other financial products, and derivatives.

Client Investment Objectives/Restrictions

Investments for Managed Accounts are managed, pursuant to a discretionary and/or non discretionary investment management agreement (each, an IMA), in the agreed upon form and in accordance with the Clients stated investment objectives, strategies, and guidelines. Any restrictions placed on accounts are mutually agreed upon by both Client and Investure. Similarly, each Investure Fund is managed in accordance with its Governing Documents, which generally include, among other documents, its IMA, offering documents, subscription agreements, limited partnership agreement or corporate charter, as applicable, and/or other written disclosures provided to current or prospective investors (each, an Investor) in such Investure Fund. Each Investure Funds Governing Documents set forth the investment objectives, strategies and/or guidelines followed by Investure in managing the Investure Funds assets. In no event will the investments of an Investure Fund be specifically tailored to the individualized needs of any Investor, except that (i) certain Investure Funds take into consideration the general characteristics (e.g., tax status) of its target Investors; and (ii) in certain existing and future series of the Investure Funds investors are or, Investure expects will be, permitted (at their option) to opt-out of indirectly investing in certain specialist fossil fuel-related investments made (if any) by these Investure Funds. Therefore, an Investor must consider, prior to investing in any Investure Fund, whether that Investure Fund is consistent with the Investors investment objectives and risk tolerance. Information about each Investure Fund is included in its Governing Documents, which are available to current and prospective Investors only through Investure or another authorized party.

Wrap-Fee Programs

Investure does not participate in Wrap-Fee Programs.

Assets Under Management

Discretionary basis: $20,591,750,016; 39 accounts 

Non-Discretionary basis: $1,494,195,189; 18 accounts 

The assets under management reported herein for 12/31/2024 are preliminary and subject to change in connection with the completion of the quarterly accounting close processes for Investures clients for the fourth quarter of 2024. Please refer to Investures Form ADV Part 1A Miscellaneous section for additional information on Investures valuation and accounting processes which impacts the calculation of assets under management reported herein.

This calculation of assets includes unfunded commitments of certain Investure Funds. The numbers of accounts are in certain cases double-counted due to the fact that some Client accounts have both discretionary and non-discretionary portions.