Headlands Capital

• A percentage of assets under your management
• Performance-based fees

Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ

The brochure lists different fees for different services or strategies. See the firm's brochure (dated March 31, 2026) for its fees and any account minimum, on the SEC's IAPD site.

$949,384,694 as of October 2026, filing dated March 31, 2026.

A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means

A firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.

• Portfolio management for pooled investment vehicles (other than investment companies)

Legal name

HCSF Management, LLC

Registration

SEC-registered investment adviser. Status as filed: Approved.

Registered since

2014 (12 years)

Employees

Total: 13. Performing investment advisory functions: 11.

Wrap fee program participation

No.

Other offices (Schedule D, Section 1.F)

1 other office, as of the October 2025 filing

San Franciso, CA

States registered or notice-filed

2 states or jurisdictions

CANY

SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration

None Reports no disclosure items on Form ADV Item 11. View on IAPD.

Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures

Regulatory assets under management: $549,121,595 in the October 2021 data and $949,384,694 in the October 2026 data, up 73%.

Total employees: 10 in October 2021 and 13 in October 2026.

As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.

1. April 2026
   • No longer lists the business name Headlands Capital Secondary Management III, LLC (relying Adviser).
   • No longer lists the business name Headlands Capital Secondary Management IV, LLC (relying Adviser).
   • No longer lists the business name Headlands Capital Secondary Management II, LLC (relying Adviser).
   • No longer lists the business name Headlands Capital Secondary Management, LLC (relying Adviser).
   • No longer lists the business name Headlands Capital Management, LLC (relying Adviser).
   • Employees performing advisory functions went from 7 to 11.
   • No longer lists an office in San Franciso, CA.

Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.