Investment Objective

The objective of Aperture Trading Multi-Strategy Fund (the "Fund") is to achieve capital appreciation by investing in a diversified portfolio of strategies across various asset classes, including cryptocurrencies, proprietary trading, market making, and decentralized finance ("DeFi"). The Fund will primarily invest in cryptocurrencies and DeFi protocols through a range of investment strategies, including buy and hold, active trading, and yield farming. The Fund will also engage in proprietary trading strategies, including high-frequency trading ("HFT"), market making, in both traditional and decentralized cryptocurrency markets.

Investment Strategy

The Fund's investment strategy will be to allocate its assets among a range of investment strategies, with a primary focus on cryptocurrencies and DeFi protocols. The Fund will invest in cryptocurrencies and DeFi protocols through a range of strategies, including long-term holding, active trading, and yield farming. The Fund will also allocate a portion of its assets to HFT and market making, which will be used to generate alpha in both traditional and cryptocurrency markets.

Allocation Breakdown

The Aperture Trading Multi-Strategy Fund will diversify its portfolio by investing in various strategies across different asset classes, including cryptocurrencies, proprietary trading, and decentralized finance ("DeFi"). The investment manager will determine the specific allocation based on market conditions and other factors, and the initial allocation breakdown is as follows:

• Venture Investments: 70%
• Proprietary Trading: 20%
• Cash and equivalents: 10%

However, it's important to note that this allocation breakdown is subject to change as the investment manager continuously monitors and adjusts the portfolio to ensure optimal performance.

Expense Ratio

The Fund will have an (annualized) expense ratio of 2%, which will cover costs associated with computing, servers, market making, legal fees, and other necessary expenses. This includes the cost of server fees, tick-by-tick data storage, and research and development for new trading strategies. The expense ratio will be deducted from the Fund's net asset value on a monthly basis.

Distribution Waterfall

The fund will operate under a waterfall distribution structure, with the following terms:

• Preferential Rate of Return: After the return of capital, the limited partners will receive a preferential rate of return of 8% annualized. This means that the limited partners will receive their pro rata share of any returns up to 8% before the fund manager is entitled to any carried interest.
• Carried Interest: After the preferential rate of return is achieved, the fund manager will be entitled to a carried interest of 5% annualized on any returns above 8%. This means that 95% of the returns above 8% will go to the limited partners, while 5% will go to the fund manager. The carried interest will be subject to an increase to 20% in the event that returns reach 3x. This arrangement will be applicable solely to the first fund, Genesis Fund I.
• Withdrawals: Limited partners will be allowed to withdraw their capital from the fund after a minimum holding period of 24 months provided that advance written notice of three months has been given.

Risk Factors

Investing in the Fund involves risk. There is no assurance that the Fund will achieve its investment objective. The risks associated with investing in the Fund include: