Voyager Partners, L.P. is a multi-manager partnership comprised of hedge funds that invest broadly in the equity markets instead of focusing on a particular sector. The Partnership was founded in April 1997 on the fundamental premise that superior hedge fund managers will perform well in both rising and falling markets, and will outperform more traditional investors over the long term. While Voyager Partners' assets are invested across all market capitalizations, more than half of its assets are invested in small cap equities which have historically appreciated in value at a higher rate than either mid cap or large cap equities. The funds in the partnership's portfolio have been chosen for their first-rate managers, excellent performance, organizational strength, and effective management of risk. They all employ fundamental analysis in their stock selection, invest in both growth and value equities, and invest primarily in US equities. They have limited correlation to the market indices, use either modest leverage or none at all, and have a history of conserving capital in down markets and performing well in up markets. Voyager Partners, L.P. has traditionally had from 12 to 18 hedge funds. While the Partnership has a net-long bias, one or more of the investment funds may be net-short at any given time. All share classes run pari passu. A limited partner may only invest in one share class at any given time. AUM reflects the aggregate of the various share classes.