Investment Adviser

Hall Capital Partners LLC (the "Adviser" or "Hall Capital Partners"), headquartered in San Francisco with an office in New York City, serves as the Fund's investment Adviser and provides investment management services to the Fund. Hall Capital Partners is responsible for developing, implementing and supervising the Fund's investment program, subject to the supervision of the Fund's Board of Directors.

The Adviser is responsible for the various aspects of the investment process, including Sub-Adviser and Portfolio Fund / Portfolio Manager identification and evaluation, portfolio construction advice, portfolio management, risk management and ongoing monitoring of investment operations. The Adviser will seek to identify Sub-Advisers and Portfolio Managers that possess an advantage that sets them apart from other managers following similar strategies. Such advantages may include superior market models, a team of talented and experienced investment professionals, or a strategy or strategy implementation that cannot be easily duplicated by competitors.

The Adviser will subject each Sub-Adviser and Portfolio Fund to a rigorous due diligence process, analyzing both quantitative and qualitative criteria. This process includes an evaluation of the Sub-Adviser's or the applicable Portfolio Fund's Portfolio Manager's strategy and the ability to pursue such strategy and to minimize undesirable risks. In addition, the Adviser will assess the business operations of each Sub-Adviser and Portfolio Manager.