Investment adviser · CRD 134392

GRESHAM INVESTMENT MANAGEMENT LLC

Investment adviser filing (IA)

NEW YORK, NY, United States · Form ADV filed Jun 3, 2026

Regulatory AUM: $8.55B
Client accounts: 21
Employees: 41
Advisory professionals: 18

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	11	$4,067,382,220	47.6%
Government entities	6	$3,811,339,488	44.6%
Sovereign wealth & foreign institutions	Fewer than 5	$524,287,753	6.1%
Other clients	Fewer than 5	$148,124,767	1.7%

Filing source

Form ADV 2110741 · Jun 3, 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

27 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.

GRESHAMQUANT - ACAR MASTER FUND, LTD.Hedge Fund · Last reported Jun 3, 2026$810MGross asset value

Feeder funds

Fund administrator CITCO FUND SERVICES (CURACAO) B.V. WILLEMSTAD, Curacao Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor KPMG (CAYMAN ISLANDS) GRAND CAYMAN, Cayman Islands

Auditor KPMG LLP NEW YORK, New York, United States

Custodian MORGAN STANLEY & CO. LLC NEW YORK, New York, United States Related to adviser: No

Custodian SG AMERICAS SECURITIES, LLC NEW YORK, New York, United States Related to adviser: No

Custodian STATE STREET BANK AND TRUST COMPANY BOSTON, Massachusetts, United States Related to adviser: No

Marketer ACOLIN FUND SERVICES AG ZURICH, Switzerland Related to adviser: No

Marketer MISSURA CAPITAL LTD HERZLIYA, Israel Related to adviser: No

Marketer PEEL DISTRIBUTORS LTD DOUGLAS, Isle of Man Related to adviser: No

Prime broker MORGAN STANLEY & CO. LLC NEW YORK, New York, United States

Prime broker SG AMERICAS SECURITIES, LLC NEW YORK, New York, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: Yes

KPMG (CAYMAN ISLANDS)
PCAOB 1323

KPMG LLP
PCAOB 185

MORGAN STANLEY & CO. LLC
SEC 8-15869

SG AMERICAS SECURITIES, LLC
SEC 8-66125

MORGAN STANLEY & CO. LLC
CRD 8209 · SEC 8-15869

SG AMERICAS SECURITIES, LLC
CRD 128351 · SEC 8-66125

Fund details & source

Fund ID: 805-1867397894
Reported beneficial owners: 71
Minimum commitment: $5M
Form D file number: 021-281791
Form D file number: 021-281792
Form D file number: 021-554939
Form D file number: 021-554940

Form ADV 2110741 · Jun 3, 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.

THE TAP COMMODITYBUILDER FUND, L.L.C.Hedge Fund · Last reported Jun 3, 2026$426MGross asset value

Form D fundraising filings

TAP CommodityBuilder Fund, L.L.C.

Fund administrator CITCO FUND SERVICES (CURACAO) B.V. WILLEMSTAD, Curacao Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor KPMG LLP NEW YORK, New York, United States

Custodian SG AMERICAS SECURITIES, LLC NEW YORK, New York, United States Related to adviser: No

Custodian STATE STREET BANK AND TRUST COMPANY BOSTON, Massachusetts, United States Related to adviser: No

Prime broker SG AMERICAS SECURITIES, LLC NEW YORK, New York, United States

Provider details

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

KPMG LLP
PCAOB 185

SG AMERICAS SECURITIES, LLC
SEC 8-66125

SG AMERICAS SECURITIES, LLC
CRD 128351 · SEC 8-66125

Fund details & source

Fund ID: 805-1965845751
Reported beneficial owners: 25
Minimum commitment: $50K
Form D file number: 021-163635

Form ADV 2110741 · Jun 3, 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.

THE TAP MASTER FUND, LTD.Hedge Fund · Last reported Jun 3, 2026$257MGross asset value

Feeder funds

THE TAP FUND, LTD.

Fund administrator CITCO FUND SERVICES (CURACAO) B.V. WILLEMSTAD, Curacao Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor KPMG (CAYMAN ISLANDS) GRAND CAYMAN, Cayman Islands

Auditor KPMG LLP NEW YORK, New York, United States

Custodian SG AMERICAS SECURITIES, LLC NEW YORK, New York, United States Related to adviser: No

Custodian STATE STREET BANK AND TRUST COMPANY BOSTON, Massachusetts, United States Related to adviser: No

Marketer ACOLIN FUND SERVICES AG ZURICH, Switzerland Related to adviser: No

Marketer MISSURA CAPITAL LTD HERZLIYA, Israel Related to adviser: No

Prime broker SG AMERICAS SECURITIES, LLC NEW YORK, New York, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: Yes

KPMG (CAYMAN ISLANDS)
PCAOB 1323

KPMG LLP
PCAOB 185

SG AMERICAS SECURITIES, LLC
SEC 8-66125

SG AMERICAS SECURITIES, LLC
CRD 128351 · SEC 8-66125

Fund details & source

Fund ID: 805-1846867589
Reported beneficial owners: 24
Minimum commitment: $100K
Form D file number: 021-138840

Form ADV 2110741 · Jun 3, 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.

THE DJF COMMODITYBUILDER FUND, L.L.C.Hedge Fund · Last reported Jun 3, 2026$157MGross asset value

Form D fundraising filings

DJF CommodityBuilder Fund, L.L.C.

Fund administrator CITCO FUND SERVICES (CURACAO) B.V. WILLEMSTAD, Curacao Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor KPMG LLP NEW YORK, New York, United States

Custodian MORGAN STANLEY & CO. LLC NEW YORK, New York, United States Related to adviser: No

Custodian STATE STREET BANK AND TRUST COMPANY BOSTON, Massachusetts, United States Related to adviser: No

Prime broker MORGAN STANLEY & CO. LLC NEW YORK, New York, United States

Provider details

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

KPMG LLP
PCAOB 185

MORGAN STANLEY & CO. LLC
SEC 8-15869

MORGAN STANLEY & CO. LLC
CRD 8209 · SEC 8-15869

Fund details & source

Fund ID: 805-1027438117
Reported beneficial owners: 2
Minimum commitment: $50K
Form D file number: 021-163630

Form ADV 2110741 · Jun 3, 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.

THE ETAP MASTER FUND, LTD.Hedge Fund · Last reported Jun 3, 2026$140MGross asset value

Feeder funds

THE ETAP FUND, L.L.C.
THE ETAP FUND, LTD.

Fund administrator CITCO FUND SERVICES (CURACAO) B.V. WILLEMSTAD, Curacao Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor KPMG (CAYMAN ISLANDS) GRAND CAYMAN, Cayman Islands

Auditor KPMG LLP NEW YORK, New York, United States

Custodian MORGAN STANLEY & CO. LLC NEW YORK, New York, United States Related to adviser: No

Custodian STATE STREET BANK AND TRUST COMPANY BOSTON, Massachusetts, United States Related to adviser: No

Marketer ACOLIN FUND SERVICES AG ZURICH, Switzerland Related to adviser: No

Marketer MISSURA CAPITAL LTD HERZLIYA, Israel Related to adviser: No

Prime broker MORGAN STANLEY & CO. LLC NEW YORK, New York, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: Yes

KPMG (CAYMAN ISLANDS)
PCAOB 1323

KPMG LLP
PCAOB 185

MORGAN STANLEY & CO. LLC
SEC 8-15869

MORGAN STANLEY & CO. LLC
CRD 8209 · SEC 8-15869

Fund details & source

Fund ID: 805-7790275159
Reported beneficial owners: 14
Minimum commitment: $100K
Form D file number: 021-131387
Form D file number: 021-138839

Form ADV 2110741 · Jun 3, 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.

GRESHAMQUANT SAFI MASTER FUND, LTD.Hedge Fund · Last reported Jun 3, 2026$92.6MGross asset value

Feeder funds

Fund administrator CITCO FUND SERVICES (CURACAO) B.V. WILLEMSTAD, Curacao Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor KPMG (CAYMAN ISLANDS) GRAND CAYMAN, Cayman Islands

Auditor KPMG LLP NEW YORK, New York, United States

Custodian MORGAN STANLEY & CO. LLC NEW YORK, New York, United States Related to adviser: No

Custodian SG AMERICAS SECURITIES, LLC NEW YORK, New York, United States Related to adviser: No

Custodian STATE STREET BANK AND TRUST COMPANY BOSTON, Massachusetts, United States Related to adviser: No

Marketer ACOLIN FUND SERVICES AG ZURICH, Switzerland Related to adviser: No

Prime broker MORGAN STANLEY & CO. LLC NEW YORK, New York, United States

Prime broker SG AMERICAS SECURITIES, LLC NEW YORK, New York, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: Yes

KPMG (CAYMAN ISLANDS)
PCAOB 1323

KPMG LLP
PCAOB 185

MORGAN STANLEY & CO. LLC
SEC 8-15869

SG AMERICAS SECURITIES, LLC
SEC 8-66125

MORGAN STANLEY & CO. LLC
CRD 8209 · SEC 8-15869

SG AMERICAS SECURITIES, LLC
CRD 128351 · SEC 8-66125

Fund details & source

Fund ID: 805-3914912795
Reported beneficial owners: 13
Minimum commitment: $5M
Form D file number: 021-441955
Form D file number: 021-441961
Form D file number: 021-554939
Form D file number: 021-554940

Form ADV 2110741 · Jun 3, 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.

THE GRESHAM GOLD MASTER FUND, LTD.Hedge Fund · Last reported Jun 3, 2026$66.2MGross asset value

Feeder funds

THE GRESHAM GOLD FUND, L.L.C.

Fund administrator CITCO FUND SERVICES (CURACAO) B.V. WILLEMSTAD, Curacao Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor KPMG (CAYMAN ISLANDS) GRAND CAYMAN, Cayman Islands

Auditor KPMG LLP NEW YORK, New York, United States

Custodian STATE STREET BANK AND TRUST COMPANY BOSTON, Massachusetts, United States Related to adviser: No

Prime broker MORGAN STANLEY & CO. LLC NEW YORK, New York, United States

Provider details

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

KPMG (CAYMAN ISLANDS)
PCAOB 1323

KPMG LLP
PCAOB 185

MORGAN STANLEY & CO. LLC
CRD 8209 · SEC 8-15869

Fund details & source

Fund ID: 805-9671698027
Reported beneficial owners: 10
Minimum commitment: $1M
Form D file number: 021-551812

Form ADV 2110741 · Jun 3, 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: Jun 3, 2026. View historical filings

Reported services

Pooled investment vehicle management · Business portfolio management · Selection of other advisers

Compensation

Percentage of assets · Performance-based

Principal office

19 UNION SQUARE WEST, 11TH FLOOR
NEW YORK, NY, 10003, United States

CRD 134392

Filing source

Form ADV 2110741 · Jun 3, 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.