PERMCAP INVESTMENT OFFICE

Permanens Capital L.P. (d/b/a “PermCap Investment Office”), a Delaware limited partnership, is an SEC Registered Investment Advisor offering a range of institutional investment management solutions to separate account clients (including, but not limited to, endowments, private foundations, family trusts, sovereign tribal nations, high-net-worth families and individuals, 403 (b) plans and traditional individual wealth management accounts), as well as co-mingled private investment funds and a single-investment special purpose vehicle. The separate account clients are herein referred to as the “Separate Accounts”, the co-mingled private investment funds are referred to as the “Managed Funds”, “Private Funds” or “Funds”. The Separate Accounts, and the Managed Funds are herein collectively referred to as the “Clients”. Affiliates of the Advisor, each a Delaware limited liability company, act as the “General Partner” of each of the Managed Funds and the SPV. 

The Advisor was founded in June 2011. The Advisor’s owners and Principals are John J. Regan and Joseph S. Steinberg. Mr. Regan is responsible for managing the day-to-day operations of the Advisor, and Michael McCaffery is the Firm’s Chief Operating Officer and Chief Compliance Officer.

Investment Management Services 

The Advisor manages Separate Account investment portfolios on both a discretionary and non-discretionary basis. The Funds and SPV are managed on a discretionary basis. 

The Advisor primarily invests Client assets through exchange-traded securities, exchange-traded funds (“ETFs”,) and mutual funds, or allocates to separately managed accounts that are sub-advised by independent investment managers (“Independent Managers”). The Advisor, through certain of its affiliated Funds, will also invest in single stock or Treasury bond positions depending on the investment guidelines in the Governing Documents of each respective Fund. In addition, the Advisor may recommend that Clients who are “accredited investors” as defined under Rule 501 of the Securities Act of 1933, as amended, invest in affiliated and unaffiliated private placement securities, which may include debt, equity, and/or pooled investment vehicles when consistent with the Clients’ investment objectives. Some of the affiliated pooled investment vehicles are sub-advised by Independent Managers. The PermCap Meetup Acquisition LLC is a single-asset investment structured as a special purpose vehicle (“SPV”). 

The Funds which the Advisor currently manages are generally organized as Delaware onshore limited partnerships and limited liability companies as follows: 

-Permanens Alternatives Master Fund LP 

-Permanens Capital Defensive Income Fund, L.P. 

-Permanens Capital Equities Fund, L.P. 

-Permanens Capital Floating Rate Fund LP 

-Permanens Capital Physical Precious Metals Fund L.P. 

-Permanens Capital Short Duration High Yield Fund, L.P. 

-Permanens Non-Agency RMBS Allocation Fund LP 

-Permanens Partners Fund, L.P.

-PermCap Meetup Acquisition LLC 

-Permanens 2022 Dislocation Fund, L.P.

The Advisor may also provide advice about any legacy positions or securities otherwise held in its Clients' portfolios. 

Custom Tailored Services for Individual Clients

The Advisor tailors its advisory services to the individual needs of each client’s Separate Account. The Advisor consults with each Separate Account initially and on an ongoing basis to determine risk tolerance, time horizon, liquidity needs and other factors that may impact the Separate Account’s investment needs. The Advisor ensures that a Separate Account’s investments are suitable for their investment needs, goals, objectives, and risk tolerance, as identified in their Investment Management Agreement (“IMA”). 

Separate Accounts are advised to promptly notify the Advisor if there are changes in their financial situation or investment objectives or if they wish to impose any reasonable restrictions upon the Advisor’s management services. Separate Accounts may impose reasonable restrictions or mandates on the management of their account, if the Advisor determines, in its sole discretion, that the stated conditions will not materially impact the performance or risk profile of a portfolio strategy or prove overly burdensome to its investment management efforts. 

Each of the Advisor’s Funds have individual investment guidelines and objectives, as detailed in their respective offering memorandum (each, an “Offering Memorandum”, and collectively, the “Offering Memoranda”) and/or Investment Management Agreement, as the case may be. Once subscribed to a particular co-mingled Fund, an investor has no ability to restrict, or otherwise influence, the types of investments that the Advisor may make. Investorsin the Funds are herein referred to as “Fund Investors”. 

The SPV was structured to make a direct investment in an underlying investment. 

Family Office Services 

In addition to investment advisory services, PermCap provides family office services to ultra- high net worth clients. These services generally include tax planning, estate planning, and day-to-day administration and management of a family’s affairs. 

Financial Planning Services 

In addition to investment advisory services, PermCap provides financial planning services to its clients. These services generally include tax planning, estate planning, and philanthropic planning. 

Wrap Fee Program 

PermCap does not sponsor nor provide portfolio management services to a wrap fee program. 

Client Regulatory Assets Under Management 

As of December 31, 2025, the total amount of regulatory assets under management was approximately $5,254,952,779. Of this amount, approximately $2,440,133,698 was managed on a discretionary basis, and approximately $2,814,819,081 was managed on a non-discretionary basis.