CORNERSTONE PARTNERS

CornerStone Partners Capital Management, LLC (doing business as CornerStone Partners) in 2020 acquired the advisory business of CornerStone Partners LLC, which was founded in 1997 and registered as an investment adviser with the SEC in 2002. CornerStone Partners (“CornerStone”) provides portfolio management services and selects investments managed by third-party investment advisers for its clients’ portfolios. As an Outsourced Chief Investment Officer providing investment office services (“OCIO”) to tax-exempt organizations since 2002, we relieve clients of the challenges of building and maintaining an in-house investment office. CornerStone provides fiduciary portfolio management and a broad range of operational and administrative services to its clients. 

Clients of CornerStone are endowments, foundations, charitable organizations, and pooled investment vehicles. Some of our clients’ missions include supporting educational institutions and students; improving healthcare availability and quality; safeguarding the environment through conservation; and improving their surrounding communities.

CornerStone Partners is managed by Christopher Laing, Kevin Schuyler, Shane Galie, Peter Knerr, Jerry Polk, Laura Roller, Peter Harbilas, Carrie Davis, Kristin Henningsen, Liza Scott, Anne Gerstenmaier, and Jae Kwon (“CornerStone Principals”), pursuant to a management agreement between Wahoo Management Partners, LLC (the “Management Company”) and CornerStone Partners Capital Management, LLC (the “Operating Company”). The CornerStone Principals serve as leaders and officers of CornerStone and are responsible for the management, supervision, and oversight of CornerStone. 

FOCUS FINANCIAL PARTNERS, LLC 

CornerStone Partners is part of the Focus Financial Partners, LLC (“Focus LLC”) partnership. Specifically, CornerStone is a wholly-owned indirect subsidiary of Focus LLC. Focus Financial Partners Inc. is the sole managing member of Focus LLC. Ultimate governance of Focus LLC is conducted through the board of directors at Ferdinand FFP Ultimate Holdings, LP. Focus LLC is majority-owned, indirectly and collectively, by investment vehicles affiliated with Clayton, Dubilier & Rice, LLC (“CD&R”). Investment vehicles affiliated with Stone Point Capital LLC (“Stone Point”) are indirect owners of Focus LLC. Because CornerStone is an indirect, wholly-owned subsidiary of Focus LLC, CD&R and Stone Point investment vehicles are indirect owners of CornerStone. 

Focus LLC also owns other registered investment advisers, broker-dealers, pension consultants, insurance firms, business managers and other firms (the “Focus Partners”), most of which provide wealth management, benefit consulting and investment consulting services to individuals, families, employers, and institutions. Some Focus Partners also manage or advise limited partnerships, private funds, or investment companies as disclosed on their respective Form ADVs.

Services Offered

OCIO Services. CornerStone provides OCIO services to tax-exempt organizations (“Advisory Clients”). We manage Advisory Clients’ portfolios pursuant to a discretionary or non-discretionary investment management agreement (“IMA”) with each Advisory Client. Client portfolios are managed in accordance with the stated investment objectives, strategies, and guidelines expressly stated and agreed upon within the Client’s Investment Policy Statement. Accounts and investments are registered in the Advisory Clients’ name and held in custody with an independent third-party qualified custodian selected and retained by each Advisory Client. 

CornerStone recommends, implements, and monitors Advisory Clients' investments with third-party managers, including public and private equity, and debt investments. CornerStone investment professionals monitor Advisory Clients’ portfolios and underlying manager performance on an ongoing basis and propose adjustments to allocations periodically as opportunities and challenges arise. CornerStone can arrange for the purchase, acquisition, redemption, sale, or disposal of investments on behalf of Advisory Clients. 

Third-party investment managers have full investment discretion and trading authority and sole responsibility for implementation of the investment program with respect to the portion of the Advisory Clients' account they manage. Investment discretion has been delegated to and accepted by the third-party money managers. Each Advisory Client has a direct contractual relationship with each such third-party investment manager and receives disclosures of each manager’s practices. 

Fund of Funds. CornerStone is also the sponsor and investment manager of the following asset class commingled funds of funds: CPCM PEF LP, CPCM DAF Master LP, CPCM DAF LP, CPCM PIF LP, and CPCM PIF II LP (collectively, the “Funds” and together with the Advisory Clients, the “Clients”). The Funds are an administratively efficient means to allocate Advisory Clients’ assets among pooled investment vehicles and separately managed accounts managed by third-party managers. The Funds waive management fees for Fund investors (“Investors”) who are current Advisory Clients of CornerStone and CornerStone employees (current and former), their family members, and investment vehicles they have an ownership interest in. Accordingly, current Advisory Clients will pay fees to CornerStone on assets invested in the Funds only at the Advisory Client level.

CornerStone provides detailed written analysis and reports to Advisory Clients, typically monthly and/or quarterly and the Funds at least quarterly with audited year-end financial statements annually, in addition to the account statements Clients receive from their custodian, investment managers, and the Funds’ administrator

Client-Tailored Services and Client-Imposed Restrictions

CornerStone seeks to understand the unique considerations and objectives of each Client, and to integrate portfolio design, investment planning and ongoing recommendations with each Client’s broader mission, strategic plan, and financial needs. We work closely with each Client’s staff and committees to define and establish or update the organization’s investment policies, and to determine appropriate allocations in consideration of each organization’s financial strategy, objectives, risk tolerance, and constraints. 

CornerStone recommends or implements third-party investments in accordance with the investment goals and objectives established jointly by CornerStone and each Client.

Clients can place restrictions on the types of investments to be recommended or made for its account(s). 

Our Fiduciary Responsibilities

As a fiduciary, we have duties of care and of loyalty to clients and are subject to obligations imposed on us by the federal and state securities laws. As a result, clients have certain rights that clients cannot waive or limit by contract. Nothing in our agreement with clients should be interpreted as a limitation of our obligations under the federal and state securities laws or as a waiver of any un-waivable rights clients possess.

Assets Under Management

As of December 31, 2025, we had $ 29,349,651,535 in assets under management on a discretionary basis and $0 in assets under management on a non-discretionary basis