iCapital Advisors, LLC GLDUS140 Lawrence Hirsch Form ADV Part 2A ICAPITAL ADVISORS, LLC FORM ADV PART 2A Business Address 60 East 42nd Street, 26th Floor New York, NY 10165 USA Phone: (646)

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

iCapital Advisors, LLC GLDUS140 Lawrence Hirsch Form ADV Part 2A Trust I. Private Equity Global Select Master Fund. Private Equity Global Select Master Fund II. Private Equity Global Select Mast

iCapital Advisors, LLC GLDUS140 Lawrence Hirsch Form ADV Part 2A make investments directly in certain equity securities recommended by a sub-adviser (a "Sub- Adviser") selected by iCapital in acc

iCapital Advisors, LLC GLDUS140 Lawrence Hirsch Form ADV Part 2A assessment. In this evaluation. iCapital looks at internal rate of return ("IRR"). multiple on invested capital ("MOIC"), distrib

iCapital Advisors, LLC GLDUS140 Lawrence Hirsch Form ADV Part 2A filing, capital-raising and other expenses incurred in connection with the formation of the Fund and the offering of the Interest

iCapital Advisors, LLC GLDUS140 Lawrence Hirsch Form ADV Part 2A resolution. litigations and related legal fees and expenses: investment expenses whether relating to investments that are consumm

iCapital Advisors, LLC GLDUS140 Lawrence Hirsch Form ADV Part 2A rights and/or terms or provisions thereof, nor will iCapital be required to offer such additional and/or different rights and/or

iCapital Advisors, LLC GLDUS140 Lawrence Hirsch Form ADV Part 2A iCapital cannot predict the timing and amounts of the capital contributions that will be required to be made by Investors to any

iCapital Advisors, LLC GLDUS140 Lawrence Hirsch Form ADV Part 2A investment selection process and it believes its due diligence and investment selection process is thorough, there can be no assu

iCapital Advisors, LLC GLDUS140 Lawrence Hirsch Form ADV Part 2A received by it. In addition, a Private Access Fund may be required to pay to an Underlying Fund amounts that are required to be w

iCapital Advisors, LLC GLDUS140 Lawrence Hirsch Form ADV Part 2A such Underlying Fund. With respect to any capital contribution (or portion thereof) that is subject to a default (the "Defaulted

iCapital Advisors, LLC GLDUS140 Lawrence Hirsch Form ADV Part 2A expenses than does investment in U.S. securities traded on a U.S. securities exchange or market Among numerous other types of se

iCapital Advisors, LLC GLDUS140 Lawrence Hirsch Form ADV Part 2A They generally are determined by the forces of supply and demand in the foreign exchange markets and the relative merits of inves

iCapital Advisors, LLC GLDUS140 Lawrence Hirsch Form ADV Part 2A experience, skill or resources as the existing Sub-Adviser. General Economic and Market Conditions and Issuer Risk. Any investmen

iCapital Advisors, LLC GLDUS140 Lawrence Hirsch Form ADV Part 2A obligation to timely pay the Fund the amount owed under the certificate. Cash Position Risk A Fund may hold any portion of its as

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

iCapital Advisors, LLC GLDUS140 Lawrence Hirsch Form ADV Part 2A of default risk and may be less liquid than higher-rated bonds. These securities may be subject to greater price volatility due t

iCapital Advisors, LLC GLDUS140 Lawrence Hirsch Form ADV Part 2A Generally, the value of such instruments depends upon price movements in the underlying assets as well as counterparty risk. Rea

iCapital Advisors, LLC GLDUS140 Lawrence Hirsch Form ADV Part 2A management fee up through the end of that calendar quarter. such Investor will generally receive a pro rata share of any manageme