Founded in 2008, Crown Venture Investment Fund is a private pooled investment vehicle that utilizes a value-based investment strategy to pursue its long-term objective of above-average returns.

1. Fund Overview
Crown Venture Investment Fund
Worth Avenue Clock Tower - Palm Beach, Florida
CVIF

2. CVIF
Disclaimer
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An investment in the Fund is for Accredited Investors only. As defined in Rule 501
of Regulation D under the Securities Act of 1933, the term “accredited investor” includes
any natural person (1) whose individual net worth, or joint net worth with that person's
spouse, exceeds $1,000,000 at the time of purchase, excluding the value (and any related
indebtedness) of a primary residence; or (2) who had an individual income in excess of
$200,000 in each of the two most recent years, or joint income with that person's spouse
in excess of $300,000 in each of those years, and has a reasonable expectation of
reaching the same income level in the current year.
An investment in the Fund involves risk. You should invest only if you can afford to
lose some or all of your investment. You should carefully consider the information set forth
in the “Risk Factors” section of the Fund’s Private Placement Memorandum on pages 17-
25. Information contained herein was prepared by Crown Venture Management L.L.C. and
is believed to be reliable, but no warranties as to its completeness or accuracy are made
herein. No responsibility can be accepted under any circumstances for errors of fact or
omission. This material does not constitute an offer to sell or a solicitation of an offer to
buy any securities, and may not be relied upon in connection with any offer or sale of
securities. Such an offer will only be made by means of a Private Placement Memorandum
that will be prepared and furnished to prospective investors.

3. The Fund
Founded in 2008, Crown Venture Investment Fund L.P. is a private pooled investment
vehicle that utilizes a value-based investment strategy to pursue its long-term objective of
above-average returns. The Fund primarily takes long positions within the U.S. public
equity market.
The general partner of the Fund is Crown Venture Management L.L.C., a Delaware limited
liability company. The managing members are Lawrence Paustian, CFA, and Anthony
Winkels, both 2008 graduates of the United States Military Academy at West Point, and
each with a Bachelor of Science in Economics.
Lawrence K. Paustian, CFA Anthony F. Winkels
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4. Investment Highlights
General Partner: Crown Venture Management L.L.C.
Principal Office: Palm Beach, Florida
Performance Allocation: 15% of profits above the contribution amount
Management Fee: None
Minimum Investment: $100,000
Contribution Dates: January 1 and July 1
Withdrawal Date: December 31
Leverage: Typically none
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5. Strategy
Our primary investment strategy is to assemble and manage a concentrated portfolio of
U.S. common stocks at prices well below their investment value.
We believe that the market is generally efficient. But in rare, often temporary
circumstances, attractive investment opportunities exist in the form of a significant
discrepancy between a stock’s price and its investment value. Our bottom-up, value-based
analysis enables us to identify and exploit these opportunities.
While most of our holdings are long positions, we also take advantage of short-selling
opportunities when stocks are selling at levels significantly above their investment values.
This strategy hinges on the proper definition of investment value, since the relationship
between a stock’s investment value and its price determines whether that stock is fairly
valued, overvalued, or undervalued within a value-based framework. Accordingly, our
ability to approximate stocks’ investment values and to buy at prices well below—or sell
short at prices well above—those values is the key to the Fund’s success.
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6. Determining Investment Value
We determine investment value using the dividend discount model, which defines the
investment value of a stock as the present value of the sum of all its future dividend
payments; if investing is the process of laying out money now in the expectation of
receiving more money in the future, then it must be that dividends are the source of value
of a stock. We interfuse this model with a combination of quantitative and qualitative
factors of fundamental analysis to estimate the investment value of a company’s stock.
Investment
Value
Competitive Advantage
Growth
ManagementCash Flow
Balance Sheet
QualitativeFactors
QuantitativeFactors
Earnings
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7. Risk Management
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We define risk as the permanent loss of capital. We mitigate risk through certain actions
during our investment selection, portfolio construction, and portfolio evaluation.
• Perform extensive due
diligence
• Buy with a large margin of
safety
• Stay within our circle of
competence
• Diversify by industry and
market capitalization
• Use little to no leverage
• Adjust long and short
exposure to exploit market
conditions
• Exercise strategy discipline
through price volatility
• Conduct ongoing analysis
of our holdings
• Admit when wrong and
take appropriate action
Investment Selection Portfolio Construction Portfolio Evaluation

8. Portfolio Characteristics
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Long-Term. We invest with a five-year time horizon.
Concentrated. Generally, our portfolio contains no more than ten holdings. We do not
believe in diluting our best investment ideas with inferior ones.
Diverse Industries. This diversification mitigates unforeseen risk stemming from a
single industry.
Diverse Market Capitalization. We find bargains in the stocks of small, medium, and
large companies.
Equities. Value investing can be applied to all securities—we find it works best with
stocks.
Domestic. We invest primarily in U.S. equities.
Long/Short. While most of our holdings are long positions, we also take advantage of
short-selling opportunities.
Minimal Leverage. We utilize leverage only in rare exceptions.

9. period.
Objective
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Performance should be
judged against a specific and
measurable benchmark.
The Fund’s objective is to achieve a
return, after performance allocation
to the general partner, that exceeds
the return of the S&P 500, including
dividends, over a rolling five-year
Dividends add significantly
to any total return and
should be included in a
benchmark.
Performance is
reported net of fees.
This benchmark is
appropriate since we
invest primarily in
U.S. equities.
This time frame reflects
the long-term focus of
our investment
strategy.

10. Fund Structure
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Like most U.S. hedge funds, Crown Venture Investment Fund L.P. is structured as a limited
partnership. The Fund is operated and managed by the member managers of Crown
Venture Management L.L.C. on behalf of the limited partners. The member managers each
have a significant portion of their personal investable assets in the Fund.
Limited Partnership Interests
Crown Venture Investment Fund L.P.
(Hedge Fund)
Investors
(Limited Partners)
Investment Portfolio
Capital Contributions
Management ServicesPerformance Allocation
Crown Venture Management L.L.C.
(General Partner)

11. Fee Structure
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The Fund’s fee structure aligns the interests of management with those of investors. While
many hedge funds charge a 2% management fee and a 20% performance allocation, our
fee structure eliminates the management fee and reduces the performance allocation. This
unique structure ensures that management is only compensated by making positive
returns for investors.
0 15
Management Fee Performance Allocation
A management fee is based on a
percentage of assets under
management.
The Fund’s performance allocation is
based on a percentage of profits above
the investor’s contribution amount.
% %

12. Updates to Investors
Investor Communications
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We want our partners to understand our investment strategy, the performance of their
investment, and the details regarding our positions. To accomplish this, we provide
quarterly account statements, semiannual letters, and other administrative updates as
outlined below. Additionally, we encourage our partners to contact us at any time with any
questions they may have. The managing members of Crown Venture Management L.L.C.
are very accessible via e-mail, by phone, or in person.
Quarterly Capital
Account Statement
Quarterly Capital
Account Statement
Quarterly Capital
Account Statement
Quarterly Capital
Account Statement
Semiannual Letter
from General Partner
Semiannual Letter
from General Partner
Auditor
Report
Schedule
K-1
Updated Private Placement
Memorandum
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

13. Asset Manager Code of Professional Conduct
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General Principles of Conduct
1. Act in a professional and ethical manner at all times.
2. Act for the benefit of clients.
3. Act with independence and objectivity.
4. Act with skill, competence, and diligence.
5. Communicate with clients in a timely and accurate manner.
6. Uphold the applicable rules governing capital markets.
Crown Venture Management L.L.C. claims compliance with the CFA Institute Asset
Manager Code of Professional Conduct. This claim has not been verified by the CFA
Institute.
The Asset Manager Code of Professional Conduct outlines the ethical and professional
responsibilities of firms that manage assets on behalf of clients. By voluntarily adopting
and enforcing this code of conduct, we affirm our commitment to ethical behavior and the
protection of investors’ interests.

14. Contact
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To receive more information about the Fund, including the Private Placement
Memorandum and Subscription Documents, please contact us.
Crown Venture Investment Fund
205 Worth Avenue
Suite 201
Palm Beach, Florida 33480
invest@crownvif.com
561-635-2533

15. Crown Venture Investment Fund L.P.
205 Worth Avenue, Suite 201, Palm Beach, Florida 33480