Investment adviser · CRD 163598

HEADLANDS CAPITAL

Investment adviser filing (IA)

HCSF MANAGEMENT, LLC

NEW YORK, NY, United States · Form ADV filed Mar 31, 2026

Regulatory AUM: $949M
Client accounts: 10
Employees: 13
Advisory professionals: 11

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	10	$949,384,694	100.0%

Filing source

Form ADV 2068543 · Mar 31, 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

7 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.

HEADLANDS CAPITAL SECONDARY FUND IV, LPPrivate Equity Fund · Last reported Mar 31, 2026$375MGross asset value

Feeder funds

HEADLANDS CAPITAL OFFSHORE IV, LP

Fund administrator STRATA FUND SOLUTIONS SALT LAKE CITY, Utah, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor PRICEWATERHOUSECOOPERS LLP SAN FRANCISCO, California, United States

Custodian FIRST CITIZENS BANK & TRUST MENLO PARK, California, United States Related to adviser: No

Custodian PERSHING LLC JERSEY CITY, New Jersey, United States Related to adviser: No

Prime broker PERSHING LLC JERSEY CITY, New Jersey, United States

Provider details

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

PRICEWATERHOUSECOOPERS LLP
PCAOB 238

PERSHING LLC
SEC 8-17574

PERSHING LLC
CRD 7560 · SEC 8-17574

Fund details & source

Fund ID: 805-3000174949
Reported beneficial owners: 171
Minimum commitment: $5M
Form D file number: 021-441447

Form ADV 2068543 · Mar 31, 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.

HEADLANDS CAPITAL SECONDARY FUND III, LPPrivate Equity Fund · Last reported Mar 31, 2026$232MGross asset value

Form D fundraising filings

Headlands Capital Secondary Fund III, LP

Feeder funds

HEADLANDS CAPITAL OFFSHORE III, LP

Fund administrator STRATA FUND SOLUTIONS SALT LAKE CITY, Utah, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor PRICEWATERHOUSECOOPERS LLP SAN FRANCISCO, California, United States

Custodian FIRST CITIZENS BANK & TRUST MENLO PARK, California, United States Related to adviser: No

Custodian PERSHING LLC JERSEY CITY, New Jersey, United States Related to adviser: No

Prime broker PERSHING LLC JERSEY CITY, New Jersey, United States

Provider details

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

PRICEWATERHOUSECOOPERS LLP
PCAOB 238

PERSHING LLC
SEC 8-17574

PERSHING LLC
CRD 7560 · SEC 8-17574

Fund details & source

Fund ID: 805-1252185868
Reported beneficial owners: 160
Minimum commitment: $5M
Form D file number: 021-343514

Form ADV 2068543 · Mar 31, 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.

HEADLANDS CAPITAL SECONDARY FUND V, LPPrivate Equity Fund · Last reported Mar 31, 2026$142MGross asset value

Form D fundraising filings

Headlands Capital Secondary Fund V, LP

Feeder funds

HEADLANDS CAPITAL OFFSHORE V, LP

Fund administrator STRATA FUND SOLUTIONS SALT LAKE CITY, Utah, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor PRICEWATERHOUSECOOPERS LLP SAN FRANCISCO, California, United States

Custodian PERSHING LLC JERSEY CITY, New Jersey, United States Related to adviser: No

Custodian STIFEL, NICOLAUS & COMPANY, INCORPORATED ST. LOUIS, Missouri, United States Related to adviser: No

Marketer RACE ROCK CAPITAL LLC WINCHESTER, Massachusetts, United States Related to adviser: No

Marketer TRUST CAPITAL TOKYO, Japan Related to adviser: No

Prime broker PERSHING LLC JERSEY CITY, New Jersey, United States

Provider details

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

PRICEWATERHOUSECOOPERS LLP
PCAOB 238

PERSHING LLC
SEC 8-17574

STIFEL, NICOLAUS & COMPANY, INCORPORATED
SEC 8-1447

RACE ROCK CAPITAL LLC
CRD 153363 · SEC 8-68528

PERSHING LLC
CRD 7560 · SEC 8-17574

Fund details & source

Fund ID: 805-1731414958
Reported beneficial owners: 74
Minimum commitment: $5M
Form D file number: 021-554032

Form ADV 2068543 · Mar 31, 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.

HEADLANDS STRATEGIC OPPORTUNITIES FUND, LPHedge Fund · Last reported Mar 31, 2026$119MGross asset value

Form D fundraising filings

Headlands Strategic Opportunities Fund, LP

Fund administrator SS&C TECHNOLOGIES, INC. SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor PRICEWATERHOUSECOOPERS LLP SAN FRANCISCO, California, United States

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

Prime broker GOLDMAN SACHS & 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

PRICEWATERHOUSECOOPERS LLP
PCAOB 238

GOLDMAN SACHS & CO. LLC
SEC 8-129

GOLDMAN SACHS & CO. LLC
CRD 361 · SEC 8-129

Fund details & source

Fund ID: 805-2385737440
Reported beneficial owners: 62
Minimum commitment: $1M
Form D file number: 021-103457

Form ADV 2068543 · Mar 31, 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.

HEADLANDS CAPITAL SECONDARY FUND II, LPPrivate Equity Fund · Last reported Mar 31, 2026$79.7MGross asset value

Form D fundraising filings

Headlands Capital Secondary Fund II, LP

Feeder funds

HEADLANDS CAPITAL OFFSHORE, LP

Fund administrator SS&C TECHNOLOGIES, INC. SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor PRICEWATERHOUSECOOPERS LLP SAN FRANCISCO, California, United States

Custodian FIRST CITIZENS BANK & TRUST MENLO PARK, California, United States Related to adviser: No

Custodian PERSHING LLC JERSEY CITY, New Jersey, United States Related to adviser: No

Prime broker PERSHING LLC JERSEY CITY, New Jersey, United States

Provider details

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

PRICEWATERHOUSECOOPERS LLP
PCAOB 238

PERSHING LLC
SEC 8-17574

PERSHING LLC
CRD 7560 · SEC 8-17574

Fund details & source

Fund ID: 805-1429038544
Reported beneficial owners: 193
Minimum commitment: $1M
Form D file number: 021-237655

Form ADV 2068543 · Mar 31, 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.

HEADLANDS CAPITAL SECONDARY FUND, LPPrivate Equity Fund · Last reported Mar 31, 2026$2.81MGross asset value

Form D fundraising filings

Headlands Capital Secondary Fund, LP

Fund administrator SS&C TECHNOLOGIES, INC. SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor PRICEWATERHOUSECOOPERS LLP SAN FRANCISCO, California, United States

Custodian FIRST CITIZENS BANK & TRUST MENLO PARK, California, United States Related to adviser: No

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

Prime broker GOLDMAN SACHS & 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

PRICEWATERHOUSECOOPERS LLP
PCAOB 238

GOLDMAN SACHS & CO. LLC
SEC 8-129

GOLDMAN SACHS & CO. LLC
CRD 361 · SEC 8-129

Fund details & source

Fund ID: 805-3893900654
Reported beneficial owners: 83
Minimum commitment: $1M
Form D file number: 021-165943

Form ADV 2068543 · Mar 31, 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.

HEADLANDS CAPITAL SECONDARY JT COINVESTMENT, LLCPrivate Equity Fund · Last reported Apr 3, 2013$2.5MGross asset value

Fund administrator CONIFER FUND SERVICES, LLC SAN FRANCISCO, California, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Custodian SILICON VALLEY BANK MENLO PARK, California, United States Related to adviser: No

Provider details

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

Fund details & source

Fund ID: 805-6858295534
Reported beneficial owners: 2
Minimum commitment: $1M

Form ADV 712818 · Apr 3, 2013 · 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: Mar 31, 2026. View historical filings

Reported services

Pooled investment vehicle management

Compensation

Percentage of assets · Performance-based

Principal office

420 LEXINGTON AVENUE, SUITE 2601
NEW YORK, NY, 10170, United States

CRD 163598

Filing source

Form ADV 2068543 · Mar 31, 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.