Bluestem Asset Management, LLC

Bluestem Asset Management, LLC, established in 2003, is an investment adviser based in Charlottesville, Virginia. Led by Chief Investment Officer Michael D. Bills, the firm specializes in providing discretionary investment advisory services to a single investment vehicle, Bluestem Partners, LP. The Partnership, a 3(c)(7) Fund, aims to achieve superior long-term absolute returns through investments in private funds and managed accounts. As of December 31, 2024, the firm manages $1.4 billion in Partnership assets. The minimum initial investment for the Partnership is detailed in Bluestem's Confidential Private Offering Memorandum. Regarding fees, the firm previously received a performance-based allocation but will waive future performance fees. Fees are generally non-negotiable, but the firm may reduce fees for certain partners. The Partnership incurs various investment expenses, including management fees, accounting, legal, and professional expenses. The firm does not engage in traditional "soft dollar" agreements but may receive research from full-service broker-dealers. Investment discretion is a key feature, with the firm having authority to select underlying investment managers and allocate assets. The firm exercises discretion in determining investment transactions for the Partnership. Clients receive regular performance updates and financial statements. Bluestem Asset Management, LLC acts as the general partner of the Partnership, providing custody services and maintaining compliance with SEC regulations.