Seaf

• 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

See the firm's brochure (dated March 30, 2026) for its fees and any account minimum, on the SEC's IAPD site.

$187,071,506 as of October 2026, filing dated March 30, 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)
• Educational seminars/workshops

Legal name

Small Enterprise Assistance Funds

Also doing business as

SEAF ADVISORY SERVICES BV, SEAF ALGERIA SPA (INACTIVE RELYING ADVISER), SEAF CARIBBEAN MANAGEMENT LLC (RELYING ADVISER), SEAF MANAGEMENT COLOMBIA SAS (RELYING ADVISER), SEAF MANAGEMENT LLC (RELYING ADVISER), SEAF SENEGAL SA (RELYING ADVISER), SEAF SPAIN CAPITAL PARTNERS, SL (INACTIVE RELYING ADVISER), SEAF VENTURES MANAGEMENT LLC (RELYING ADVISER), SEAF VENTURES MANAGEMENT LTD (RELYING ADVISER)

Registration

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

Registered since

2012 (14 years)

Employees

Total: 51. Performing investment advisory functions: 40.

Wrap fee program participation

No.

Other offices (Schedule D, Section 1.F)

8 other offices, as of the April 2026 filing

1000 Skopje11000 BelgradeAmsterdamDakarKingstonMohakhali Ca DhakaTallinnTbilisi

States registered or notice-filed

1 state or jurisdiction

DC

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

1 Reports 1 disclosure item on Form ADV Item 11. View on IAPD.

Questions answered yes on this filing

Regulatory matters Items 11.C to 11.G

• 11.D(5) Has another federal regulator, a state regulator, or a foreign financial regulator ever denied, suspended, or revoked the registration or license of the firm or an advisory affiliate, prevented either by order from associating with an investment-related business, or restricted either one's activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. What happened, and who was involved, is on the Disclosure Reporting Pages of the IAPD record. Reading a firm's disclosures

Regulatory assets under management: $116,244,406 in the October 2021 data and $187,071,506 in the October 2026 data, up 61%.

Total employees: 151 in October 2021 and 51 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 Seaf Caucasus Management Ltd (Relying Adviser).
   • No longer lists the business name Seaf Caucasus Partners Ltd (Relying Adviser).
   • Changed its office addresses in Dakar.
   • Updated its list of owners and control persons (Schedule A).

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