XN LP

Based on the provided documents, the advisory business involves brokers providing capital introduction, talent introduction, marketing assistance, consulting with respect to technology, operations and equipment, commitment of capital, access to company management, and access to deal flow. The documents also outline key sections related to the advisory business, including methods of analysis, investment strategies, risk of loss, disciplinary information, other financial industry activities and affiliations, code of ethics, brokerage practices, review of accounts, client referrals, and custody.

XN implements a global investment strategy with the flexibility to invest across public and private markets in securities, instruments, and other assets that are perceived to offer the highest risk-adjusted returns. XN focuses its research primarily on areas where it has deep domain expertise and generally invests in North America and Western Europe. XN does not generally pursue investments in balance sheet heavy financials, healthcare, energy, and materials. However, there are no sector or geographic limitations on XN’s investments, and it may invest in such sectors and geographic areas as it finds attractive over time. The strategy may also invest in equity and credit derivatives, convertibles, other fixed income instruments, credit facilities and other financial instruments permitted under the governing documents. XN has broad and unfettered investment authority, and may trade in any type of security, issuer or group of related issuers, country, region and sector that it believes will help a Fund achieve its investment objectives. The strategies that XN may pursue for its Clients are not limited to the strategies described herein, and such strategies may change and evolve materially over time. XN has broad latitude with respect to the management of Client risk parameters and is subject neither to formal diversification policies limiting the portfolio investments of its Clients nor to formal leverage policies limiting the leverage to be used by XN on behalf of its Clients. XN opportunistically implements whatever strategies, risk management techniques and discretionary approaches, as well as such other investment tactics, it believes from time to time may be suited to prevailing market conditions, and may reallocate Client assets among.

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