Capital Z Asset Management, LLC

Capital Z Asset Management, LLC, established in 2008, serves as the investment manager for affiliated pooled investment vehicles, primarily managing Capital Z N2 Alternative Asset Investors, LLC. The firm is owned by former employees, board members, and private investment funds managed by Paine Schwartz Partners, LLC. As of December 31, 2024, the firm managed approximately $205.7 million in regulatory assets on a discretionary basis through a Sub-Adviser. Capital Z earns a 3% management fee structured as a profits interest in the Funds, paid quarterly in advance. The firm does not charge performance-based fees and primarily caters to sophisticated investors associated with PSP and the firm itself. Investment strategies focus on diversified ownership interests in alternative asset managers, with risks including general business, liquidity, financial services sector, and cybersecurity risks. The firm has no disciplinary events to disclose and has delegated portfolio management, account management, and voting of client securities to the Sub-Adviser. Clients' assets are not directly accessible to Capital Z, but the firm may be deemed to have custody of the Funds' accounts, subject to annual audits. The firm's financial condition is stable, with no recent bankruptcies or prepayment of fees exceeding six months in advance. For further details, clients can request a copy of the firm's Code of Ethics or proxy voting policy.