Investment adviser · CRD 322950

FIRST PRINCIPLES GROUP

Investment adviser filing (IA)

FIRST PRINCIPLES GROUP MANAGEMENT, LLC

· Form ADV filed May 13, 2026

Regulatory AUM: $1.64B
Client accounts: 23
Employees: 2
Advisory professionals: 2

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client type	Clients	Regulatory assets	Share of AUM
Pooled investment vehicles	23	$1,636,018,564	100.0%

Filing source

Form ADV 2104383 · May 13, 2026 · Item 5.D

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Private funds & service providers

23 Private funds

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

FPG AD ASTRA VIII, LPPrivate Equity Fund · Last reported May 13, 2026$64.8MGross asset value

Form D fundraising filings

FPG Ad Astra VIII, LP

Fund administrator CARTA INVESTOR SERVICES, INC. SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor FRANK, RIMERMAN + CO. LLP SAN JOSE, California, United States

Custodian BREX TREASURY LLC DRAPER, Utah, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

FRANK, RIMERMAN + CO. LLP
PCAOB 1596

BREX TREASURY LLC
SEC 8-70251

Fund details & source

Fund ID: 805-6628337210
Reported beneficial owners: 57
Minimum commitment: $35.7K
Form D file number: 021-524219

Form ADV 2104383 · May 13, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

FPG AD ASTRA X, LPPrivate Equity Fund · Last reported May 13, 2026$50.1MGross asset value

Form D fundraising filings

FPG Ad Astra X, LP

Fund administrator CARTA INVESTOR SERVICES, INC. SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor FRANK, RIMERMAN + CO. LLP SAN JOSE, California, United States

Custodian BREX TREASURY LLC DRAPER, Utah, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

FRANK, RIMERMAN + CO. LLP
PCAOB 1596

BREX TREASURY LLC
SEC 8-70251

Fund details & source

Fund ID: 805-3075569734
Reported beneficial owners: 70
Minimum commitment: $102K
Form D file number: 021-555412

Form ADV 2104383 · May 13, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

FPG AD ULTRA I, LPVenture Capital Fund · Last reported May 13, 2026$41.9MGross asset value

Form D fundraising filings

FPG Ad Ultra I, LP

Fund administrator CARTA INVESTOR SERVICES, INC. SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor FRANK, RIMERMAN + CO. LLP SAN JOSE, California, United States

Custodian BREX TREASURY LLC DRAPER, Utah, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

FRANK, RIMERMAN + CO. LLP
PCAOB 1596

BREX TREASURY LLC
SEC 8-70251

Fund details & source

Fund ID: 805-2624390131
Reported beneficial owners: 90
Minimum commitment: $10.1K
Form D file number: 021-523220

Form ADV 2104383 · May 13, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

FPG AD CLARITAS V, LPVenture Capital Fund · Last reported May 13, 2026$39.9MGross asset value

Form D fundraising filings

FPG Ad Claritas V, LP

Fund administrator CARTA INVESTOR SERVICES, INC. SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor FRANK, RIMERMAN + CO. LLP SAN JOSE, California, United States

Custodian BREX TREASURY LLC DRAPER, Utah, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

FRANK, RIMERMAN + CO. LLP
PCAOB 1596

BREX TREASURY LLC
SEC 8-70251

Fund details & source

Fund ID: 805-3597657966
Reported beneficial owners: 95
Minimum commitment: $50.5K
Form D file number: 021-565761

Form ADV 2104383 · May 13, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

FPG AD CLARITAS II, LPVenture Capital Fund · Last reported May 13, 2026$38.8MGross asset value

Form D fundraising filings

FPG Ad Claritas II, LP

Fund administrator CARTA INVESTOR SERVICES, INC. SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor FRANK, RIMERMAN + CO. LLP SAN JOSE, California, United States

Custodian BREX TREASURY LLC DRAPER, Utah, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

FRANK, RIMERMAN + CO. LLP
PCAOB 1596

BREX TREASURY LLC
SEC 8-70251

Fund details & source

Fund ID: 805-7110855233
Reported beneficial owners: 16
Minimum commitment: $253K
Form D file number: 021-513026

Form ADV 2104383 · May 13, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

FPG HUGE TREE, LLCVenture Capital Fund · Last reported May 13, 2026$32.6MGross asset value

Form D fundraising filings

FPG Huge Tree, LLC

Fund administrator CARTA INVESTOR SERVICES, INC. SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor FRANK, RIMERMAN + CO. LLP SAN JOSE, California, United States

Custodian BREX TREASURY LLC DRAPER, Utah, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

FRANK, RIMERMAN + CO. LLP
PCAOB 1596

BREX TREASURY LLC
SEC 8-70251

Fund details & source

Fund ID: 805-2236289324
Reported beneficial owners: 100
Minimum commitment: $154K
Form D file number: 021-485050

Form ADV 2104383 · May 13, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

FPG AD ASTRA IX, LPPrivate Equity Fund · Last reported May 13, 2026$27.3MGross asset value

Form D fundraising filings

FPG Ad Astra IX, LP

Fund administrator CARTA INVESTOR SERVICES, INC. SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor FRANK, RIMERMAN + CO. LLP SAN JOSE, California, United States

Custodian BREX TREASURY LLC DRAPER, Utah, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

FRANK, RIMERMAN + CO. LLP
PCAOB 1596

BREX TREASURY LLC
SEC 8-70251

Fund details & source

Fund ID: 805-1135766428
Reported beneficial owners: 28
Minimum commitment: $102K
Form D file number: 021-538852

Form ADV 2104383 · May 13, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Services & filing details

Most recent filing: May 13, 2026. View historical filings

Reported services

Pooled investment vehicle management

Compensation

Percentage of assets · Performance-based

Principal office

CRD 322950

Filing source

Form ADV 2104383 · May 13, 2026 · Items 1 & 5

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.