Van Biema Value Partners, LLC

van Biema Value Partners, LLC (vBVP) is a financial advisor firm established in 2004 and primarily controlled by Michael van Biema. The firm specializes in providing investment advice for hedge funds, private funds, and managed accounts managed by third-party investment managers. vBVP exercises complete discretion over managing pooled investment vehicles and separately managed accounts, with a minimum initial investment typically set at $50,000,000 for Separate Accounts. The firm charges an annual investment management fee of 1.25% for vBVP Funds, while fees for Separate Accounts are negotiable and calculated as a percentage of assets. Performance-based fees are also charged based on capital appreciation, subject to a High-Water Mark. vBVP employs a specialized approach in selecting Sub-Managers who employ a fundamental value-oriented investment strategy. The firm's investment philosophy focuses on investing with small, value-oriented managers who demonstrate a long-term performance track record. vBVP has a code of ethics in place to ensure that employees conduct personal securities transactions in a manner that avoids conflicts of interest. The firm has not been involved in any legal or disciplinary events in the past 10 years. Clients' portfolios are continually reviewed for compliance and suitability, and vBVP has custody of Fund assets while using unaffiliated custodians. The firm exercises investment discretion over the Funds and may vote proxies on behalf of the Funds in the best interest of Clients and Investors.