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nce May. 2014. We are wholly-owned by Institutional Capital Network, Inc. (the "Company") and have our principal place of business in New York. NY. iCapital Securities. LLC ("iCapital Securities"), is a broker-dealer primarily engaged in the private placement of securities and is registered with the SEC and a membe
iCapital Advisors, LLC GLDUS140 Lawrence Hirsch Form ADV Part 2A Item 2: Material Changes This brochure amendment is made in connection with iCapital's annual updating requirement for 2018 and
Capital's policies and procedures. Furthermore. compensation for management persons is not based on any transaction-based compensation received by iCapital Securities (or its affiliates). Fees Paid by Brokerage Limited Partners. Limited partners in one or more of the Funds may elect to be treated as "brokerage li
iCapital Advisors, LLC GLDUS140 Lawrence Hirsch Form ADV Part 2A investment. Certain management persons of iCapital (or its affiliates) are also involved with soliciting investment advisers to p
private investment funds available via the iCapital Network ("iCapital Funds"). The prospect of receiving such compensation creates an incentive for iCapital Securities, LLC to place investors in the iCapital Funds from which it receives a placement fee or may in the future receive such a fee over other investment
GLDUS140 Lawrence Hirsch a number of instances in recent years in which pooled investment vehicles investing in third-party funds have incurred substantial losses due to sp
Entities connected to both iCapital Securities and Lawrence Hirsch

Lawrence Krauss
PERSONiCapital
ORGANIZATIONGlendower
LOCATIONAccess Fund
ORGANIZATIONiCapital Advisors
ORGANIZATIONGlendower Capital
ORGANIZATION
Michael Shannon
PERSONFidelity Brokerage Services
ORGANIZATIONPrivate Access Funds
ORGANIZATIONthe Direct Investment Funds
ORGANIZATION
United States
LOCATIONThe Glendower GP
ORGANIZATION
New York
LOCATIONThe Partnership Agreement
ORGANIZATION
United Kingdom
LOCATIONInstitutional Capital Network, Inc.
ORGANIZATION
Cayman Islands
LOCATION
European Union
ORGANIZATION
Eric Holder
PERSONCayman
LOCATION