XPV Management LLC

XPV Management LLC and its affiliated adviser, Dreamers Management LLC, provide discretionary investment management to private pooled vehicles organized as Delaware limited partnerships, Cayman exempted limited partnerships and special-purpose vehicles. Their investor base, as described in the Brochure, is limited to sophisticated and qualified investors — including institutions, family offices, pension funds, endowments, insurers, and high-net-worth individuals — and the advisers do not tailor services to individual investors.

The firms specialize in venture and growth-stage investing, with a stated focus on consumer technology and related infrastructure that aims to expand access to financial services, education, healthcare and life sciences. Investment activity is primarily direct equity in early-stage companies, supplemented by short-term “Idle Funds Investments,” and allocations and co-investment opportunities are made at the advisers’ discretion pursuant to fund governing documents and an adopted allocation policy.

The Brochure notes the advisers include predecessor performance information in their disclosures, a practice that is uncommon among peers, and it also details structural features that distinguish the firms such as multiple feeder and side vehicles, discretionary co-investment arrangements, and the use of side letters. The advisers disclose potential fee offsets from portfolio-company compensation, describe their conflict-of-interest controls and allocation procedures, and state that pooled vehicles are subject to annual audits to satisfy custody requirements.