SCGE MANAGEMENT, L.P.

The Adviser, consisting of SCGE and SCGE (LTGP), has been in business since September 2009. SCGE (LTGP) is under common control with SCGE and serves as the general partner of the Funds. The Adviser's services include investigating, identifying, and evaluating investment opportunities, structuring, negotiating, and making investments on behalf of the Funds, managing and monitoring the performance of such investments, and disposing of such investments. These services are provided pursuant to an investment management agreement among the Adviser, SCGE (LTGP), and the Funds. The Adviser provides investment advice directly to the Funds, subject to the discretion and control of SCGE (LTGP), and not individually to the investors in the Funds. The Main Fund primarily invests in publicly traded equity securities. The Adviser focuses on changing circumstances that force investors to reassess the underlying intrinsic value of a business, primarily targeting short positions in securities expected to decline in value by 25% or more.

The Main Fund primarily invests in publicly traded equity securities within the technology, media, and telecommunications (TMT) sectors, but also considers energy/cleantech, financial technology, information services, and technology-enabled consumer businesses. Investments can range from late-stage private companies to public companies. The Adviser focuses on individual security selection using a bottom-up approach, constructing a concentrated portfolio of 10-20 core long investments and 20-40 short investments. The fund seeks long positions with the potential for a 25% or greater internal rate of return, held for three or more years, and avoids companies with entirely cyclical or commodity-driven businesses. The Main Fund initiates short positions to generate positive absolute returns, targeting companies with specific characteristics. These include single-product companies or those with significant customer concentration, companies facing disruptive changes in industry structure or technology, and business models with questionable economics. The Adviser monitors exposure to individual regions and sectors, but this is a result of stock picking rather than a top-down decision. Risk management includes screening for significant one-way exposures in specific geographies or industries.

(Subscription Required)