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Spring Investor Services helps people and organizations make appropriate decisions to further their individual investment objectives. We don't pretend to know everything, but are willing to share our real-life investing experiences in hedge funds since 1994 to aid others in succeeding where we've succeeded, and to steer them around our mistakes and other pitfalls we have observed.

The company is a broker/dealer registered with the National Association of Securities Dealers (NASD) and a Commodity Trading Advisor registered with the Commodity Futures Trading Commission and National Futures Association.

 



I am Jonathan Spring, president of Spring Investor Services, Inc. I have been an investor in hedge funds since 1994 and, along the way, have helped start and build several successful hedge funds. In addition to providing consulting services to the alternative investment industry, I write a monthly newsletter on hedge funds that is read by thousands of professional investors worldwide. Previous to my investing career, I was president and chief creative officer of Image Presentations, Inc., a marketing consulting company that provided business-to-business communications for Fortune 500 companies. I earned a BS from the Massachusetts Institute of Technology in 1979 and graduated from Phillips Exeter Academy in 1975. My wife, Kate, is a professor of American literature and poetry at Wellesley College, and we live in Sherborn, Massachusetts with our two children, Oliver and Eliza.

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I am paid directly by hedge fund managers out of the fees they charge investors. Therefore, there are no direct fees or loads for my services; you pay the same to invest in one of their funds whether you use my services or not. The managers with whom I work hired me to help ensure that you get the highest level of service in the industry. While I can't do anything about fund performance, I can work hard to provide a clear, two-way conduit for communications with the managers and make sure you get information from the managers in as timely, professional and pleasant manner as possible.

Investors work with me for two reasons: 1) because I can usually provide a higher level of service than that available directly from managers, including timely assistance with due diligence and ongoing reporting and support and 2) because I am a real hedge fund investor, just like they are, with many of the same goals, problems and concerns.

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While I am clearly involved in the sale of funds my primary livelihood is investing. I invest with most of the managers I sell; conversely, I do not ordinarily sell a manager with whom I don't invest. My personal interests are to preserve and grow capital at about 12% annually through careful selection of, and continuing due diligence on, fund managers.

Since my family has a particular investment mandate—and I do not offer my own fund-of-funds to outside investors—I know that a manager that I like may not always be exactly right for you. The fact that I recognize the legitimate differences in investment mandates means I will try my best to assist you in making sound decisions that will further your particular investment objectives, regardless of how it affects my personal income. If one of the funds I work with is not right for you, I will always try to direct you to others that might be better suited, even though I will not always be compensated.

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Now, a few words about risk. As an accredited investor or qualified purchaser (as defined by the amended Securities Acts), you are certainly aware of the many risks of investing in unregulated securities. There are many specific risks associated with the funds described on this website that you should read about and review thoroughly in the respective Private Placement Memoranda and Subscription Documents. The overriding risk in these investments is that you can lose all your money.

Of course, nobody sets out to lose money—much less all of it—when they make an investment, but the possibility for such a loss is real and should be thoroughly considered before a commitment is made. As part of that consideration, you should consult with your own legal, accounting and financial professionals, and perform—or have them perform— thorough and independent due diligence. While I am a NASD-registered broker/ dealer, I am not compensated by investors but by investment managers. Therefore, while I will always try to provide you with information to make your initial and continuing investment decisions as appropriate as possible, such information is never a substitute for your own due diligence and independent decisions.

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As an investor, I am often on the receiving end of fund sales pitches and marketing propaganda. Hard sell techniques have no place in an industry where investors not only have much at stake but are often much more knowledgable and experienced than those doing the selling.

My approach is tempered by being an active investor in hedge funds. I speak and meet with hundreds of investors and managers every year. To me, each investor is an individual with specific needs and concerns. Moreover, I enjoy taking the time to thoroughly understand your goals in order to make your investment experience as productive and rewarding as possible. If this kind of involved relationship makes sense to you, I believe we could enjoy working together.

In the end, there are only three things you can buy in this business: performance, integrity and service. Of these, integrity is by far the most important. I am completely aware of the legal and ethical requirements of my profession. But I don’t need employee manuals or government regulation handbooks to know how to treat other human beings. My motivation is to help others realize their aspirations as honestly and completely as I can. This isn’t some facile sloganeering; it is my own personal aspiration.

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There are substantial risks to investing in the funds described on this website including, but not limited to, that hedge funds (or fund of hedge funds):

• are speculative and involve a high degree of risk;

• could cause an investor to lose all or a substantial amount of his or her investment;

• often engage in leveraging and other speculative investment practices that may increase the risk of investment loss;

• can be highly illiquid;

• may experience performance that is volatile;

• use managers who have total trading authority over those funds;

• may apply generally similar trading programs to those of others leading to lack of diversification and, consequentially, higher risk;

• have no secondary market for the investor's interests and none is expected to develop;

• may have restrictions on transferring their interests:

• charge high fees and expenses that may offset their trading profits;

• may be subject to conflicts of interest;

• may trade a substantial portion of their interests on foreign exchanges;

• are not required to provide periodic pricing or valuation information to investors;

• may involve complex tax structures and delays in distributing important tax information;

• are not subject to the same regulatory requirements as mutual funds;

• may provide no transparency to the underlying investments.

The funds described on this website are speculative, involve a high degree of risk, and are not suitable or desirable for all investors. An investor can lose his or her entire investment and therefore must have the financial ability and willingness to bear the attendant risks of an investment. Qualified investors should carefully review the respective Offering Memorandum for a complete description of the potential merits and risks involved.

The performance numbers contained on this website are based upon information provided by hedge fund managers. All figures are estimates, net of commissions, fees and expenses, and are subject to final audit.

This website is for preliminary informational purposes only and is not an offering. An offering can only be made by delivery of the Offering Memorandum and associated docu-ments from the proper fund to qualified investors. Nevertheless, you are not to rely solely upon the data on this website to make an investment decision, nor will you invest in any fund herein (other than funds in which you or your affiliates are already invested, have already been solicited for or are already actively considering an investment in) for thirty (30) days after the approval of your full access to this website.

Past performance is not necessarily indicative of future results.

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