# EDGAR Filing Document

**Accession Number:** 0001877967
**File Stem:** 0001580642-25-003613
**Filing Date:** 2025-6
**Character Count:** 160089
**Document Hash:** 09073bb5b821b8a0bbcb0c24fb453834
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-003613.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001580642-25-003613

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fairway Private Equity & Venture Capital Opportunities Fund
- **CENTRAL INDEX KEY:** 0001877967

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23728
- **FILM NUMBER:** 251035065

**BUSINESS ADDRESS:**
- **STREET 1:** ONE SOUTH WACKER DRIVE
- **STREET 2:** SUITE 1050
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 872-250-1260

**MAIL ADDRESS:**
- **STREET 1:** ONE SOUTH WACKER DRIVE
- **STREET 2:** SUITE 1050
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fairway Private Equity Venture Capital Fund
- **DATE OF NAME CHANGE:** 20210811

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES**

Investment Company Act file number <u>811-23728</u>

<u>Fairway Private Equity & Venture Capital Opportunities Fund</u> <br> (Exact name of registrant as specified in charter)

<u>One South Wacker Drive Chicago, IL</u> <u>60606</u> <br> (Address of principal executive offices) (Zip code)

<u>Kevin T. Callahan, Fairway Capital Management, LLC.</u> <br> <u>One South Wacker Drive, Suite 1050 Chicago, IL 60606</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>872-250-1260</u>

Date of fiscal year end: <u>3/31</u>

Date of reporting period: <u>3/31/25</u>

**Item 1. Reports to Stockholders.**![(LOGO)](fa001_v1.jpg)

**Fairway Private Equity &** 

**Venture Capital Opportunities Fund**

Annual Report

March 31, 2025

1-833-741-7382

www.fairwaycapm.com

![(LOGO)](fa002_v1.jpg)

**Fairway Capital Management**

One South Wacker Drive

Suite 1050

Chicago, IL 60606

*tel* 872-250-1260

*fairwaycapm.com*

We are pleased to present you with the annual report for the Fairway Private Equity & Venture Capital Opportunities Fund (the "Fund"), dated March 31, 2025. The Fund is now past the three-year mark, and we are very happy with the Fund's investment performance and the makeup of the portfolio. For the one-year period ended March 31, 2025, the Fund's Net Asset Value increased 8.00%. Since its December 29, 2021 inception date, the Fund has returned 6.34%. The S&P 500 index returned 8.25% and 6.60% during the same periods. Most importantly, we are very happy with the quality of the investments in the portfolio. In launching the Fund, our goal was to deliver a truly institutional-quality private equity and venture capital portfolio in a '40 Act fund structure. We believe our competitive advantage lies in the fact that our investment team has access to many highly sought-after funds through relationships developed over many decades. The portfolio reflects this access.

The Fund's objective is to generate long-term capital appreciation. In meeting its objective, the Fund seeks to provide balanced exposure to high-quality private equity, private credit and venture capital investments through primary, secondary and co -investment strategies. As such, it is gratifying to see the Fund's performance has been broad based with attractive results in each area. The Fund's buyout and private credit investments have delivered strong performance. The Fund's venture capital primary fund investments include several established firms with highly recognizable franchises. Many of these funds have started to show positive performance driven by early investments in fast growing companies, particularly in the artificial intelligence space. Finally, our co-investments have produced strong results, and we believe the companies are high growth businesses operating in attractive sectors. Overall, we believe the portfolio is well positioned to deliver attractive performance going forward. Further, we continue to see attractive deal flow with numerous opportunities across all types of investments- primary, secondary and co-investments.

In our opinion, top-tier private equity, private credit and venture capital managers have generated very attractive returns for investors over long periods of time. We believe consistently investing in knowledgeable managers and quality companies is the formula for success in private markets investing.

Sincerely,

Kevin T. Callahan, CFA

President

Fairway Private Equity & Venture Capital Opportunities Fund

---

| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **PORTFOLIO REVIEW (Unaudited)** |

---

Average Annual Total Return through March 31, 2025\*, as compared to its benchmark:

---

| | | |
|:---|:---|:---|
| | One Year | Since Inception\*\* |
| Fairway Private Equity & Venture Capital Opportunities Fund - Class I | 8.00% | 6.34% |
| S&P 500 Total Return Index \*\*\* | 8.25% | 6.60% |

---

\* The performance data quoted here represents past performance. Total returns are calculated based on NAV. The performance comparison includes reinvestment of all dividends and capital gains. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so an investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Class I total annual operating expense ratio (including acquired fund fees) after fee waiver and expense reimbursement is 4.69% and without waiver or reimbursement, the gross operating expense ratio (including acquired fund fees) is 10.31%, per the July 29, 2024 prospectus. For the year ended March 31, 2025, the Adviser waived/reimbursed all expenses (excluding acquired fund fees). Redemptions are subject to a 2.00% early repurchase fee if redeemed within one year of purchase. For performance information current to the most recent quarter-end, please call toll-free 1-833-741-7382.

\*\* Inception date is December 29, 2021.

\*\*\* The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark.

**Comparison of the Change in Value of a $10,000 Investment**

![(LINE GRAPH)](fa003_v1.jpg)

---

| | |
|:---|:---|
| **Asset Class** | **% of Net Assets** |
| Portfolio Funds | 85.5% |
| Direct Investments | 14.8% |
| Short-Term Investment | 0.0% |
| Liabilities in Excess of Other Assets | -0.3% |
|  | 100.0% |

---

Please refer to the Portfolio of Investments in this report for a detailed listing of the Fund's holdings.

---

| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **PORTFOLIO OF INVESTMENTS** |
| **March 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|<br>**Shares** |  | % **of Net**<br>**Assets** |<br>**Fair Value** |
|  | **DIRECT INVESTMENTS - 14.8%** |  |  |
|  | Homebrew SL Fund, LLC<sup>(a)(b)(c)(d)</sup> | 1.4% | $273000 |
|  | MXV SPV Master LP 1<sup>(a)(b)(c)(d)</sup> | 7.2% | 1441000 |
|  | MXV SPV Master LP 2<sup>(a)(b)(c)(d)</sup> | 5.0% | 1000000 |
|  | MXV SPV Master LP 4<sup>(a)(b)(c)(d)</sup> | 1.2% | 250000 |
|  | **TOTAL DIRECT INVESTMENTS** (Cost - $2,536,014) | 14.8% | $**2964000** |
|  | **PORTFOLIO FUNDS - 85.5%** |  |  |
|  | Adams Street Private Credit Fund II-B LP<sup>(a)(b)(c)(d)</sup> | 7.6% | $1521254 |
|  | Bain Capital Ventures 2022 Fund, LP<sup>(a)(b)(c)(d)</sup> | 8.8% | 1762039 |
|  | Battery Ventures XIV, LP<sup>(a)(b)(c)(d)</sup> | 5.6% | 1121239 |
|  | CRV Select Fund II, LP<sup>(a)(b)(c)(d)</sup> | 3.4% | 678786 |
|  | CRV XIX, LP<sup>(a)(b)(c)(d)</sup> | 3.9% | 770998 |
|  | Green Equity Investors IX, LP<sup>(a)(b)(c)(d)</sup> | 8.9% | 1775755 |
|  | Kelso Investment Associates XI, LP<sup>(a)(b)(c)(d)</sup> | 5.0% | 1002902 |
|  | Mango Capital Opportunities 2022 LP<sup>(a)(b)(c)(d)</sup> | 4.5% | 889216 |
|  | NextView All Access Fund I, LP<sup>(a)(b)(c)(d)</sup> | 1.4% | 279347 |
|  | Nextview Ventures V, LP<sup>(a)(b)(c)(d)</sup> | 2.2% | 440903 |
|  | Primary Select Fund III, LP<sup>(a)(b)(c)(d)</sup> | 1.7% | 329596 |
|  | PVP Fund IV, LP<sup>(a)(b)(c)(d)</sup> | 2.3% | 465222 |
|  | Thoma Bravo Fund XV-A, LP<sup>(a)(b)(c)(d)</sup> | 15.4% | 3080894 |
|  | Threshold Ventures IV, LP<sup>(a)(b)(c)(d)</sup> | 2.8% | 551894 |
|  | Threshold Ventures Select I, LP<sup>(a)(b)(c)(d)</sup> | 3.8% | 762259 |
|  | Work-Bench Ventures Select Fund, LP<sup>(a)(b)(c)(d)</sup> | 2.8% | 560211 |
|  | WP DVT, LP<sup>(a)(b)(c)(d)</sup> | 5.4% | 1070054 |
|  | TOTAL PORTFOLIO FUNDS (Cost - $15,221,117) | 85.5% | $**17062569** |
|  | **SHORT-TERM INVESTMENT - 0.0%<sup>(f)</sup>** |  |  |
|  | **MONEY MARKET FUND - 0.0%<sup>(f)</sup>** |  |  |
| 770 | Morgan Stanley Institutional Liquidity Fund - Government Fund - Institutional Class, 4.27%<sup>(e)</sup> | 0.0% | $770 |
|  | **TOTAL SHORT-TERM INVESTMENT** (Cost - $770) | 0.0% | $**770** |
|  | **TOTAL INVESTMENTS - 100.3%** (Cost - $17,757,901) | 100.3% | $**20027339** |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** |  | **(60820)** |
|  | **NET ASSETS - 100.0%** |  | $**19966519** |

---

LP - Limited Partnership

(a) Non-income
 producing security.

(b) Illiquid
 security. The total fair value of these securities as of March 31, 2025 was $20,026,569,
 which represents 100.3% of total net assets.

(c) The
 value of this investment has been determined in good faith under policies adopted by the
 Board of Trustees.

(d) Restricted
 security.

(e) Money
 market fund; interest rate reflects seven-day effective yield on March 31, 2025.

(f) Percentage
 rounds to less than 0.1%.

---

| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **March 31, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investments, at fair value (cost $17,757,901) | $20027339 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 221 |
| &nbsp;&nbsp;&nbsp;Due from Adviser <sup>(a)</sup> | 187136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 20214696 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 78262 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 169915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 248177 |
| **NET ASSETS** | $**19966519** |
| **COMMITMENTS AND CONTINGENCIES (See Note 2)** |  |
| **Net Assets Consist Of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $16818464 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 3148055 |
| **NET ASSETS** | $**19966519** |
| **Net Asset Value Per Share:** |  |
| &nbsp;&nbsp;&nbsp;Class I |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**19966519** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value) | **1695810** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share \* | $**11.77** |

---

(a) Due
 from Adviser has been paid subsequent to March 31, 2025.

\* Redemptions are subject to a 2.00% early repurchase fee if redeemed within one year of purchase.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **STATEMENT OF OPERATIONS** |
| **For the Year Ended March 31, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $186272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 186272 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Management fee | 115332 |
| &nbsp;&nbsp;&nbsp;Legal fees | 187006 |
| &nbsp;&nbsp;&nbsp;Audit fees | 166940 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 160000 |
| &nbsp;&nbsp;&nbsp;Administration fees | 147000 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 51208 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 28074 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 25234 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 16998 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 4008 |
| &nbsp;&nbsp;&nbsp;Registration fees | 6000 |
| &nbsp;&nbsp;&nbsp;Other expenses | 57753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 965553 |
| &nbsp;&nbsp;&nbsp;Fees Waived/Expenses Reimbursed by the Adviser | (965553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** |  |
| **NET INVESTMENT INCOME** | 186272 |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from investment transactions | 507802 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments | 665133 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 1172935 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**1359207** |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For The**<br>**Year Ended**<br>**March 31, 2025** | **For The**<br>**Year Ended**<br>**March 31, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $186272 | $308378 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investment transactions | 507802 | 320655 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 665133 | 1424239 |
| Net increase in net assets resulting from operations | 1359207 | 2053272 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions to Class I shares | (370684) |  |
| Net decrease in net assets resulting from distributions to shareholders | (370684) |  |
| **FROM CAPITAL TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Class I shares sold | 2780000 | 3000000 |
| &nbsp;&nbsp;&nbsp;Net asset value of Class I shares issued in reinvestment of distributions | 370684 |  |
| Net increase in net assets resulting from capital transactions | 3150684 | 3000000 |
| **TOTAL INCREASE IN NET ASSETS** | 4139207 | 5053272 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 15827312 | 10774040 |
| &nbsp;&nbsp;&nbsp;End of Year | $**19966519** | $**15827312** |
| **SHARE ACTIVITY** |  |  |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Class I shares sold | 240287 | 309917 |
| &nbsp;&nbsp;&nbsp;Class I shares reinvested | 32011 |  |
| Net increase in shares of beneficial interest outstanding | 272298 | 309917 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **STATEMENT OF CASH FLOWS** |
| **For the Year Ended March 31, 2025** |

---

---

| | |
|:---|:---|
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |
| Net increase in net assets resulting from operations | $1359207 |
| **ADJUSTMENTS TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES:** |  |
| Purchases of long-term portfolio investments | (5183452) |
| Proceeds from sales of long-term portfolio investments | 1700191 |
| Purchases of short-term portfolio investments | (5277407) |
| Proceeds from sales of short-term portfolio investments | 5429985 |
| Return of capital from investments | 322173 |
| Net realized gain from investment transactions | (507802) |
| Net change in unrealized appreciation/depreciation on investments | (665133) |
| Change in assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;Decrease in dividends receivable | 80 |
| &nbsp;&nbsp;&nbsp;Decrease in due from Adviser | 20259 |
| &nbsp;&nbsp;&nbsp;Increase in payable to related parties | 37775 |
| &nbsp;&nbsp;&nbsp;Increase in accrued expenses and other liabilities | 2113 |
| Net cash used in operating activities | (2762011) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |
| Proceeds from sale of shares, net of change in subscriptions received in advance | 2730000 |
| Net cash provided by financing activities | 2730000 |
| Net change in cash | (32011) |
| Cash at beginning of period | 32011 |
| Cash at end of period | $— |
| **SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:** |  |
| Reinvestment of distributions | $370684 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |

---

**Class I**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For The**<br>**Year Ended**<br>**March 31, 2025** | **For The**<br>**Year Ended**<br>**March 31, 2024** | **For The**<br>**Year Ended**<br>**March 31, 2023** | **For The**<br>**Period Ended**<br>**March 31, 2022 \*** |
| Net asset value, beginning of year/period | $11.12 | $9.68 | $9.90 | $10.00 |
| Net increase (decrease) in net assets resulting from operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(1)</sup> | 0.12 | 0.23 | 0.13 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.77 | 1.21 | (0.19) | (0.11) |
| Total from investment operations | 0.89 | 1.44 | (0.06) | (0.10) |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.24) |  | (0.16) |  |
| Total distributions | (0.24) |  | (0.16) |  |
| Net asset value, end of year/period | $11.77 | $11.12 | $9.68 | $9.90 |
| Total return <sup>(2)</sup> | 8.00% | 14.88% | (0.58)% | (1.00)% <sup>(4)</sup> |
| Net assets, at end of year/period (000s) | $19967 | $15827 | $10774 | $9995 |
| Ratio of gross expenses to average net assets <sup>(6)</sup> | 5.53% | 7.62% | 9.72% | 17.36% <sup>(5)</sup> |
| Ratio of net expenses to average net assets <sup>(3)(6)</sup> | 0.00% | 0.00% | 0.00% | 0.00% <sup>(5)</sup> |
| Ratio of net investment income (loss) to average net assets (6) | 1.07% | 2.18% | 1.35% | 0.57% <sup>(5)</sup> |
| Portfolio Turnover Rate | 10% | 13% | 15% | 0% <sup>(4)</sup> |

---

\* Commencement of Operations for Class I was December 29, 2021.

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents
 the per share data for the year/period.

(2) Total
 returns are historical in nature and assume changes in share price, reinvestment of dividends
 and capital gains distributions, if any. Total returns for periods less than one year are
 not annualized.

(3) For
 the period ended March 31, 2022, and years ended March 31, 2023, March 31, 2024, and March
 31, 2025, the Adviser agreed to waive all expenses. (see Note 4)

(4) Not
 annualized.

(5) Annualized
 for periods less than one full year.

(6) The
 ratios do not reflect the Fund's proportionate share of the income and expense of the
 Portfolio Funds.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **March 31, 2025** |

---

**1.** **ORGANIZATION** 

Fairway Private Equity & Venture Capital Opportunities Fund (the "Fund") was organized on August 9, 2021 as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company. The Fund's investment adviser is Fairway Capital Management, LLC (the "Adviser"). The Fund is offered to accredited investors as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933 and to qualified clients as defined in Rule 205-3 under the Investment Advisers Act of 1940. The Fund commenced operations on December 29, 2021 ("Commencement of Operations").

The investment objective of the Fund is to generate long-term capital appreciation. Under normal market conditions, the Fund will invest at least 80% of its net assets, plus any borrowing for investment purposes, in private equity and venture capital investments including: (i) primary and secondary investments in private equity and venture capital funds managed by third-party managers ("Portfolio Funds" and such third-party managers, "Portfolio Fund Managers"), (ii) investments in private operating companies through special purpose vehicles structured to invest in private equity and venture capital investments ("Direct Investments"), which may be made alongside one or more Portfolio Funds, and (iii) investments in publicly listed companies whose primary business is private equity investing, including listed companies with economic characteristics similar to Portfolio Funds and other publicly traded vehicles whose primary purpose is to invest in or lend capital to privately held companies (together with Portfolio Funds and Direct Investments, "Fund Investments"). The Fund will also hold liquid investments for cash management purposes, which may include publicly traded equity securities, money market funds, short-term treasuries and other liquid investments.

The Fund offers two separate classes of shares of beneficial interest ("Shares") designated as Class A Shares and Class I Shares. Each class of Shares is subject to different fees and expenses. The Fund may offer additional classes of shares in the future. The Fund's Shares will generally be offered on the first business day of each quarter at the net asset value ("NAV") per Share on that date, except that the Shares may be offered more or less frequently as determined by the Board of Trustees (the "Board") in its sole discretion. Currently only Class I Shares are offered for purchase.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946 "Financial Services – Investment Companies".

**Operating Segments -** The Fund has adopted FASB Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and

---

| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2025** |

---

did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the President/Principal Executive Officer, and a representative of the Adviser. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**Valuation** - The Fund's fair value policies and procedures and valuation practices are designed to comply with Rule 2a-5 under the 1940 Act. The Board has designated the Adviser as its "valuation designee" pursuant to Rule 2a-5 under the 1940 Act, subject to its oversight. The Board has also approved a valuation policy for the Fund (the "Valuation Policy"), according to which the valuation designee is responsible for determining the fair value of the Fund's investments. The valuation designee oversees the implementation of the Valuation Policy and may consult with representatives from the Fund's outside legal counsel or other third-party consultants in its discussions and deliberations. While fair value determinations will be based upon all available factors that the valuation designee deems relevant at the time of the determination, fair value represents only a good faith approximation of the value of an asset or liability. There can be no assurance that the Fund will obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the Fund determines its NAV per share. The valuation of the Fund's investments is performed in accordance with ASC 820 "Fair Value Measurement" ("ASC 820").

The Adviser has established a committee (the "Valuation Committee") to oversee the valuation of the Fund's investments pursuant to the Valuation Policy. The Valuation Committee assists the valuation designee in making valuation determinations, provides primary day-to-day oversight of valuation of the Fund's investments and acts in accordance with the Valuation Policy as developed by the valuation designee and approved by the Board.

Securities traded on one or more of the U.S. national securities exchanges, the Nasdaq Stock Market or any foreign stock exchange are valued based on their respective market price.

Debt instruments for which market quotations are readily available are typically valued based on such market quotations. In validating market quotations as part of preparing its valuation recommendations, the Valuation Committee considers different factors such as the source and the nature of the quotation in order to determine whether the quotation represents fair value. The Valuation Committee makes use of reputable financial information providers in order to obtain the relevant quotations.

For debt and equity securities which are not publicly traded or for which market prices are not readily available (unquoted investments) the fair value is determined in good faith. In determining the fair values of these investments, except as set forth below, the Valuation

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| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2025** |

---

Committee, as part of preparing its valuation recommendations, typically applies widely-recognized market and income valuation methodologies including, but not limited to, earnings and multiple analysis, discounted cash flow method and third-party valuations. In order to determine a fair value, these methods are applied to the latest information provided by the underlying portfolio companies or other business counterparties.

Due to the inherent uncertainty in determining the fair value of investments for which market values are not readily available, the fair values of these investments may fluctuate from period to period. In addition, such fair value may differ materially from the values that may have been used had a ready market existed for such investments and may significantly differ from the value ultimately realized by the Fund.

Assets and liabilities initially expressed in foreign currencies will be converted into U.S. Dollars using foreign exchange rates provided by a recognized pricing service.

Primary and secondary investments in Portfolio Funds are generally valued based on the latest NAV reported by the Portfolio Fund Manager until the Fund receives additional information and as further adjusted as follows. The Valuation Committee will, as part of preparing its recommendations to the valuation designee, review any cash flows since the reference date of the last NAV for a private equity fund reported by the Portfolio Fund Manager by (i) adding the nominal amount of the investment related capital calls and (ii) deducting the nominal amount of investment related distributions from the NAV as reported by the Portfolio Fund Manager. If applicable, the Valuation Committee will adjust, discount or otherwise modify any asset calculations in order to ensure that any valuations used in the Adviser's internal valuation metrics and investor reporting reflect values consistent with the Adviser's internal diligence. With respect to purchases or sales of secondary investments in Portfolio Funds, the latest NAV reported by the Portfolio Fund Manager may be further adjusted if the Valuation Committee determines that the price paid or received is representative of a transaction between willing parties at the time or the purchase or sale.

In addition to tracking the NAV plus related cash flows of such Portfolio Funds, the Valuation Committee also intends to track relevant broad-based and issuer (or fund) specific valuation information relating to the assets held by each Portfolio Fund that is reasonably available at the time the Fund values its investments. In preparing its recommendation for the valuation designee, the Valuation Committee considers such information and may conclude in certain circumstances that the information provided by the Portfolio Fund Manager does not represent the fair value of a particular asset held by a Portfolio Fund. If the Valuation Committee concludes in good faith that the latest NAV reported by a Portfolio Fund Manager does not represent fair value (e.g., there is more current information regarding a portfolio asset which significantly changes its fair value), the Valuation Committee will make a recommendation to the valuation designee that the Fund make a corresponding adjustment to reflect the current fair value of such asset within such Portfolio Fund. In determining the fair value of assets held by Portfolio Funds for recommendation to the valuation designee, the Valuation Committee applies valuation methodologies as outlined above.

---

| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2025** |

---

Direct Investments are generally valued based on valuations performed by the general partner of the special purpose vehicle ("SPV") through which the Direct Investment is made. In preparing its recommendation for the valuation designee, the Valuation Committee reviews the SPV general partner's methodology in determining the fair value of a Direct Investment and updates such fair value with relevant market information known to the Valuation Committee if the valuation provided to the Fund by the SPV general partner is not current.

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurement. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

---

| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2025** |

---

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarizes the inputs used as of March 31, 2025 for the Fund's assets measured at fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | | Investments Valued |
| Assets | Total Investments | Level 1 | Level 2 | Level 3 | at NAV |
| Direct Investments | $2964000 | $— | $— | $2964000 | $— |
| Portfolio Funds | 17062569 |  |  |  | 17062569 |
| Short-Term Investment | 770 | 770 |  |  |  |
| Total | $20027339 | $770 | $— | $2964000 | $17062569 |

---

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investment** |<br>**Fair Value** | **Valuation**<br>**Technique** | <br>**Unobservable Input** | <br>**Input** |
| Homebrew SL Fund, LLC | $273000 | Recent financing | N/A | N/A |
| MXV SPV Master LP 1 | $1441000 | Market comparable companies | Enterprise value to revenue multiple | 7.25x |
| MXV SPV Master LP 2 | $1000000 | Market comparable companies | Enterprise value to revenue multiple | 4.5x |
| MXV SPV Master LP 4 | $250000 | Recent market transaction | N/A | N/A |

---

The Valuation Committee uses enterprise value to revenue multiple as the significant unobservable input. An increase/decrease to the unobservable input could result in a significantly higher or lower, respectively, fair value measurement.

The following is a reconciliation of assets in which Level 3 inputs were used in determining value:

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| | |
|:---|:---|
|  | Direct Investments |
| Beginning Balance | $3170000 |
| Change in unrealized appreciation/depreciation | (206000) |
| Ending Balance | $2964000 |

---

The total change in unrealized appreciation/depreciation included in the Statement of Operations attributable to Level 3 investments still held at March 31, 2025 was $(206,000).

**Investments Valued at NAV –** ASC 820 permits a reporting entity to measure the fair value of an investment fund that does not have a readily determinable fair value based on the NAV per share, or its equivalent, of the investment fund as a practical expedient, without further adjustment, unless it is probable that the investment would be sold at a value significantly different than the NAV. If the practical expedient NAV is not as of the reporting entity's

---

| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2025** |

---

measurement date, then the NAV should be adjusted to reflect any significant events that may change the valuation. In using the NAV as a practical expedient, certain attributes of the investment that may impact its fair value are not considered in measuring fair value. Attributes of those investments include the investment strategies of the investment and may also include, but are not limited to, restrictions on the investor's ability to redeem its investments at the measurement date and any unfunded commitments. The Fund is permitted to invest in alternative investments that do not have a readily determinable fair value and, as such, has elected to use the NAV as calculated on the reporting entity's measurement date as the fair value of the investment.

Adjustments to the NAV provided by the Portfolio Fund Manager would be considered if the practical expedient NAV was not as of the Fund's measurement date; if it was probable that the alternative investment would be sold at a value materially different than the reported expedient NAV; or if it was determined by the Fund's Valuation Procedures that the private investment is not being reported at fair value.

A listing of the private investments held by the Fund and their attributes, as of March 31, 2025, that qualify for these valuations are shown in the table below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investment**<br>**Category** | <br>**Investment Strategy** |<br>**Fair Value** | <br>**Remaining**<br>**Life** | <br>**Redemption**<br>**Frequency \*** | **Notice**<br>**Period (In**<br>**Days)** | <br>**Redemption Restrictions**<br>**Terms \*\*** |
| Portfolio Funds | &nbsp;&nbsp;Investments in nonpublic companies; the acquisition of the companies that create value through profitable revenue. | $17062569 | N/A |  | N/A | Liquidity in form of distributions from Portfolio Funds. |

---

\* The information summarized in the table above represents the general terms for the specified asset class. Individual Portfolio Funds may have terms that are more or less restrictive than those terms indicated for the asset class as a whole. In addition, most Portfolio Funds have the flexibility, as provided for in their constituent documents, to modify and waive such terms.

\*\* Distributions from Portfolio Funds occur at irregular intervals, and the exact timing of distributions from Portfolio Funds cannot be determined. It is estimated that distributions will occur over the life of the Portfolio Funds.

**Unfunded Commitments -** As of March 31, 2025, the Fund had total unfunded commitments of $9,707,387 to Portfolio Funds. All commitments to current Direct Investments have been fully funded. The Fund expects to fulfill unfunded commitments through the use of current liquidity, future distributions from Portfolio Funds and Direct Investments and future Shareholder subscriptions.

**Cash Held in Escrow –** If applicable, cash held in escrow represents restricted monies received in advance of the effective date of a Shareholder's subscription. The monies are on deposit with the Fund's transfer agent and are released from escrow upon the determination of NAV as of the effective date of the subscription. If applicable, the liability for subscriptions received in advance is included in the Statement of Assets and Liabilities.

---

| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2025** |

---

**Security Transactions and Related Income** – Security transactions are accounted for on trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

**Fund Expenses -** The Fund bears all expenses incurred in the course of its operations, including, but not limited to, the following: all fees and expenses of Portfolio Funds in which the Fund invests ("acquired fund fees"), management fees, fees and expenses associated with any credit facility, legal fees, administrator fees, audit and tax preparation fees, custodial fees, transfer agency fees, registration expenses, expenses of the Board and other administrative expenses. Certain of these operating expenses are subject to an expense limitation agreement (the "Expense Limitation Agreement" as further discussed in Note 4). Expenses are recorded on an accrual basis. Closing costs associated with the purchase of Portfolio Funds and Direct Investments are included in the cost of the investment.

**Dividends and Distributions to Shareholders –** Dividends from net investment income and net capital gains are declared and paid annually for the Fund. The character of income and gains to be distributed is determined in accordance with income tax regulations which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their Federal tax-basis treatment; temporary differences do not require reclassification. These reclassifications have no effect on net assets, results from operations or NAV per share of the Fund.

**Use of Estimates -** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Indemnification –** The Fund indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

**Federal Income Taxes** – The Fund has elected to be treated as a regulated investment company under all sections of Subchapter M of the Internal Revenue Code and to distribute all of its taxable income and gains, if any, to its Shareholders and therefore, no provision for federal income tax has been made. The Fund is treated as a separate taxpayer for federal income tax purposes. The Fund recognizes the tax benefits of uncertain tax positions only when

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| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2025** |

---

the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for the open tax periods ended September 31, 2022, September 30, 2023 and September 30, 2024, or expected to be taken in the Fund's September 30, 2025 year-end tax returns. The Fund identifies its major tax jurisdictions as US federal, Illinois and foreign jurisdictions where the Fund makes significant investments. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended March 31, 2025, the Fund did not incur any interest or penalties.

**3.** **INVESTMENT TRANSACTIONS AND ASSOCIATED RISKS** 

For the year ended March 31, 2025, cost of purchases and proceeds from sales of investments, other than short-term investments, amounted to $5,183,452 and $1,700,191, respectively.

**Associated Risks -** During the normal course of business, the Fund may purchase, sell or hold various securities, which may result in certain risks, the amount of which is not apparent from the financial statements.

**Market Disruption and Geopolitical Risk**

Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the U.S. Wars, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, actions by Russia in Ukraine could adversely affect global energy and financial markets and therefore could affect the value of a fund's investments, including beyond a fund's direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict and could be substantial. In March 2023, a number of U.S. domestic banks and foreign banks experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by banking regulators to limit the effect of those difficulties and failures on other banks or other financial institutions or on the U.S. or foreign economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign financial institutions and economies. Those events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment,

---

| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2025** |

---

and other factors affecting the value of the investments of the Fund. Any of these occurrences could disrupt the operations of the Fund and the Fund's service providers.

**Investments in the Portfolio Funds Generally; Dependence on the Portfolio Fund Managers**

Because the Fund invests in Portfolio Funds, a Shareholder's investment in the Fund will be affected by the investment policies and decisions of the Portfolio Fund Manager of each Portfolio Fund in direct proportion to the amount of Fund assets that are invested in each Portfolio Fund. The Fund's NAV may fluctuate in response to, among other things, various market and economic factors related to the markets in which the Portfolio Funds invest and the financial condition and prospects of issuers in which the Portfolio Funds invest. The success of the Fund depends upon the ability of the Portfolio Fund Managers to develop and implement strategies that achieve their investment objectives.

**Valuations of Portfolio Funds Subject to Adjustment**

The valuations reported by the Portfolio Fund Managers, based upon which the Fund determines its quarter -end NAV and the NAV per Share, may be subject to later adjustment or revision. For example, fiscal year-end NAV calculations of the Portfolio Funds may be revised as a result of audits by their independent auditors. Other adjustments may occur from time to time. Because such adjustments or revisions, whether increasing or decreasing the NAV of the Fund at the time they occur, relate to information available only at the time of the adjustment or revision, the adjustment or revision may not affect the amount of the repurchase proceeds of the Fund received by Shareholders who had their Shares repurchased prior to such adjustments and received their repurchase proceeds, subject to the ability of the Fund to adjust or recoup the repurchase proceeds received by Shareholders under certain circumstances. As a result, to the extent that such subsequently adjusted valuations from the Portfolio Fund Managers or revisions to the NAV of a Portfolio Fund or direct private equity investment adversely affect the Fund's NAV, the outstanding Shares may be adversely affected by prior repurchases to the benefit of Shareholders who had their Shares repurchased at a NAV higher than the adjusted amount.

Conversely, any increases in the NAV resulting from such subsequently adjusted valuations may be entirely for the benefit of the outstanding Shares and to the detriment of Shareholders who previously had their Shares repurchased at a NAV lower than the adjusted amount. The same principles apply to the purchase of Shares. New Shareholders may be affected in a similar way.

The valuations of Shares may be significantly affected by numerous factors, some of which are beyond the Fund's control and may not be directly related to the Fund's operating performance.

---

| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2025** |

---

**Nature of Portfolio Companies**

The Fund Investments include direct and indirect investments in various private operating companies, ventures and businesses ("Portfolio Companies"). This may include Portfolio Companies in the early phases of development, which can be highly risky due to the lack of a significant operating history. The Fund Investments may also include Portfolio Companies that are in a state of distress or which have a poor record, and which are undergoing restructuring or changes in management, and there can be no assurances that such restructuring or changes will be successful. The management of such Portfolio Companies may depend on one or two key individuals, and the loss of the services of any of such individuals may adversely affect the performance of such Portfolio Companies.

**General Risks of Secondary Investments**

The overall performance of the Fund's secondary investments will depend in large part on the acquisition price paid, which may be negotiated based on incomplete or imperfect information. Certain secondary investments may be purchased as a portfolio, and in such cases the Fund may not be able to exclude from such purchases those investments that the Adviser considers (for commercial, tax, legal or other reasons) less attractive. Where the Fund acquires a Portfolio Fund interest as a secondary investment, the Fund will generally not have the ability to modify or amend such Portfolio Fund's constituent documents (e.g., limited partnership agreements) or otherwise negotiate the economic terms of the interests being acquired.

**Publicly Traded Private Equity Risk**

Publicly traded private equity companies are typically regulated vehicles listed on a public stock exchange that invest in private equity transactions or funds. Such vehicles may take the form of corporations, business development companies ("BDCs"), unit trusts, publicly traded partnerships, or other structures, and may focus on mezzanine, infrastructure, buyout or venture capital investments. Publicly traded private equity may also include investments in publicly listed companies in connection with a privately negotiated financing or an attempt to exercise significant influence on the subject of the investment. Publicly traded private equity investments usually have an indefinite duration.

Publicly traded private equity occupies a small portion of the public equity universe, including only a few professional investors who focus on and actively trade such investments. As a result, relatively little market research is performed on publicly traded private equity companies, only limited public data may be available regarding these companies and their underlying investments, and market pricing may significantly deviate from published NAV. This can result in market inefficiencies and may offer opportunities to specialists that can value the underlying private equity investments.

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| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2025** |

---

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

The Fund pays the Adviser an investment management fee (the "Management Fee") in consideration of the advisory and other services provided by the Adviser to the Fund at an annual rate of 0.75% of the Fund's average net assets, which is accrued and payable at the end of each calendar quarter (or at such other interval, not less frequently than quarterly, as the Board may from time to time determine and specify in writing to the Adviser), before giving effect to any repurchase of Shares in the Fund effective as of that date. For the year ended March 31, 2025, the Fund incurred $115,332 in Management Fees, all of which was waived by the Adviser.

The Fund also pays the Adviser an incentive fee (the "Incentive Fee") at the end of each calendar quarter (or at such other intervals as the Board may from time to time determine and specify in writing to the Adviser) in an amount equal to 10% of the excess, if any, of (i) the net profits of the Fund for the applicable quarter over (ii) the then balance, if any, of a memorandum account maintained by the Fund (the "loss recovery account"), which will have an initial balance of zero and will be (a) increased upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (b) decreased (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. For the purposes of the Incentive Fee, the term "net profits" shall mean the amount by which the NAV of the Fund on the last day of the applicable quarter exceeds the NAV of the Fund as of the commencement of the same quarter, including any net change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses. During the year ended March 31, 2025, there were no Incentive Fees assessed to the Fund.

The Adviser has entered into an expense limitation agreement (the "Expense Limitation Agreement") with the Fund, whereby the Adviser has agreed to reduce the Management Fee payable to it (but not below zero), and to pay any operating expenses of the Fund, to the extent necessary to limit the operating expenses of the Fund, excluding certain "Excluded Expenses" listed below, to the annual rate (as a percentage of the net assets of the applicable class of Shares of the Fund, as calculated at the end of each calendar quarter) of 2.00% and 2.70% with respect to Class I Shares and Class A Shares, respectively (the "Expense Cap"). Excluded Expenses that are not covered by the Expense Cap include: brokerage commissions and other similar transactional expenses, interest (including interest incurred on borrowed funds and interest incurred in connection with bank and custody overdrafts), other borrowing costs and fees including interest and commitment fees, taxes, acquired fund fees and expenses, Incentive Fees to be paid to the Adviser, litigation and indemnification expenses, judgments and extraordinary expenses. For the year ended March 31, 2025, the Adviser waived fees/reimbursed expenses pursuant to the Expense Limitation Agreement of $634,219, including the $115,332 of Management Fees waived. Additionally, the Adviser voluntarily agreed to reimburse expenses of $331,334 such that the net expenses for the Fund for the year ended March 31, 2025 are $0.

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| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2025** |

---

If the Adviser waives its Management Fee or pays any operating expenses of the Fund pursuant to the Expense Limitation Agreement, the Adviser may, for a period ending three years after the end of the quarter in which such fees or expenses are waived or incurred, recoup amounts waived or incurred to the extent such recoupment does not cause the Fund's operating expense ratio (after recoupment and excluding the Excluded Expenses) to exceed the lesser of (a) the Expense Limit in effect at the time of the waiver, and (b) the Expense Limit in effect at the time of the recoupment. The Expense Limitation Agreement will continue in effect through July 31, 2025, and will renew automatically for successive periods of one year thereafter, unless written notice of termination is provided by the Adviser to the Fund not less than 10 days prior to the end of the then-current term. The Board may terminate the Expense Limitation Agreement at any time on not less than ten (10) days' prior notice to the Adviser, and the Expense Limitation Agreement may be amended at any time only with the consent of both the Adviser and the Board. As of March 31, 2025, expenses subject to recapture are $765,896, $794,076, and $634,219 which will expire on March 31, 2026, March 31, 2027 and March 31, 2028, respectively.

*<u>Ultimus Fund Distributors, LLC</u>*, (the "Distributor"), is the distributor for the Shares of the Fund. The Distributor has entered into a Distribution Agreement with the Fund pursuant to which it distributes Shares for the Fund. Distribution fees are paid by the Adviser. Class I Shares are not subject to any distribution fees.

*<u>Ultimus Fund Solutions, LLC ("UFS")</u>* – UFS, an affiliate of the Distributor, provides administration, fund accounting and transfer agency services to the Fund. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing administration and fund accounting services to the Fund. Certain officers of the Fund are also officers of UFS, for which they received customary fees pursuant to the UFS servicing agreement.

*<u>Northern Lights Compliance Services, LLC</u>* <u>("NLCS")</u> - NLCS, an affiliate of UFS, provides a Chief Compliance Officer to the Fund, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Fund. Under the terms of such agreement, NLCS receives customary fees from the Fund.

*<u>Blu Giant, LLC</u>* <u>("Blu Giant")</u> – Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Fund.

**5.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

It is the policy of the Fund to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes.

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| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2025** |

---

The following information is provided on a tax basis as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | Gross Unrealized | Gross Unrealized | Net Unrealized |
| Tax Cost | Appreciation | Depreciation | Appreciation |
| $17048532 | $3358690 | $(379883) | $2978807 |

---

Fund management has elected a tax year-end of September 30<sup>th</sup>. This report contains the tax disclosures as of the Fund's most recent tax year-end.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (ie, all open tax periods since inception). Management believes there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

The tax character of distributions paid for the tax years ended September 30, 2024 and September 30, 2023 was as follows:

---

| | | |
|:---|:---|:---|
|  | Tax Year Ended<br>September 30, 2024 | Tax Year Ended<br>September 30, 2023 |
| Ordinary Income | $— | $74619 |
| Long-Term Capital Gain |  |  |
| Return of Capital |  | 95589 |
|  | $— | $170208 |

---

As of September 30, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Accumulated |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | Earnings/(Deficit) |
| $— | $370586 | $— | $— | $— | $2498802 | $2869388 |

---

At September 30, 2024, the Fund had capital loss carry forwards ("CLCF") for federal income tax purposes available to offset future capital gains, and utilized capital loss carryforwards as follows:

---

| | | | |
|:---|:---|:---|:---|
| Non-Expiring | Non-Expiring |  |  |
| Short-Term | Long-Term | Total | CLCF Utilized |
| $— | $— | $— | $403294 |

---

During the tax year ended September 30, 2024, permanent book and tax differences, primarily attributable to the tax adjustments for prior year tax returns, and distributions in excess, resulted in reclassifications for the Fund for the tax year ended September 30, 2024, as follows:

---

| | |
|:---|:---|
| | Accumulated |
| Paid-In-Capital | Earnings (Deficit) |
| $(216590) | $216590 |

---

---

| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2025** |

---

**6.** **RESTRICTED SECURITIES** 

Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund's investment objectives and investment strategies. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Investments** | **Initial Acquisition**<br>**Date** |<br>**Cost** |<br>**Fair Value** |
| Adams Street Private Credit Fund II-B LP | 5/23/2022 | $1461427 | $1521254 |
| Bain Capital Ventures 2022 Fund, LP | 1/5/2023 | 1387500 | 1762039 |
| Battery Ventures XIV, LP | 7/5/2022 | 1272000 | 1121239 |
| CRV Select Fund II, LP | 3/29/2022 | 695465 | 678786 |
| CRV XIX, LP | 6/14/2022 | 720000 | 770998 |
| Green Equity Investors IX, LP | 8/15/2023 | 1584090 | 1775755 |
| Homebrew SL Fund, LLC | 6/7/2023 | 263514 | 273000 |
| Kelso Investment Associates XI, LP | 7/27/2023 | 840201 | 1002902 |
| Mango Capital Opportunities 2022 LP | 9/14/2022 | 849999 | 889216 |
| MXV SPV Master LP 1 | 3/18/2022 | 1010000 | 1441000 |
| MXV SPV Master LP 2 | 4/7/2022 | 1010000 | 1000000 |
| MXV SPV Master LP 4 | 12/14/2023 | 252500 | 250000 |
| NextView All Access Fund I, LP | 4/19/2022 | 240593 | 279347 |
| Nextview Ventures V, LP | 7/5/2022 | 421878 | 440903 |
| Primary Select Fund III, LP | 7/10/2023 | 281400 | 329596 |
| PVP Fund IV, LP | 4/12/2023 | 256692 | 465222 |
| Thoma Bravo Fund XV-A, LP | 6/14/2022 | 2293167 | 3080894 |
| Threshold Ventures IV, LP | 7/5/2022 | 570000 | 551894 |
| Threshold Ventures Select I, LP | 4/25/2022 | 814307 | 762259 |
| Work-Bench Ventures Select Fund, LP | 5/16/2022 | 690000 | 560211 |
| WP DVT, LP | 3/10/2022 | 842400 | 1070054 |
|  |  | $17757131 | $20026569 |

---

**7.** **REPURCHASE OFFERS** 

Shareholders do not have the right to require the Fund to redeem their Shares. To provide a limited degree of liquidity to Shareholders, the Fund may, from time to time, offer to repurchase Shares pursuant to written tenders by Shareholders. Repurchases will be made at such times, in such amounts and on such terms as may be determined by the Board, in its sole discretion. In determining whether the Fund should offer to repurchase Shares, the Board will consider the recommendations of the Adviser as to the timing of such an offer, as well as a variety of operational, business and economic factors. The Adviser expects, generally, to recommend to the Board that the Fund offer to repurchase Shares on a quarterly basis (or on such earlier or later date(s) as the Board may determine), with such repurchases to occur as of the last day of March, June, September and December (or, if any such date is not a business day, on the immediately preceding business day).

---

| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2025** |

---

The Adviser also expects that, generally, it will recommend to the Board that each repurchase offer should apply to up to 5% of the net assets of the Fund although any particular recommendation may exceed such percentage. Each repurchase offer will generally commence approximately 60 days prior to the applicable repurchase date.

If a repurchase offer is oversubscribed by Shareholders who tender Shares, the Fund may extend the repurchase offer, repurchase a pro rata portion of the Shares tendered or take any other action permitted by applicable law. The Fund may cause the repurchase of a Shareholder's Shares if, among other reasons, the Fund determines that such repurchase would be in the interest of the Fund.

A 2.00% early repurchase fee will be charged by the Fund with respect to any repurchase of Shares from a Shareholder at any time prior to the day immediately preceding the one-year anniversary of the Shareholder's purchase of the Shares. Such repurchase fee will be retained by the Fund and will benefit the Fund's remaining Shareholders. Shares tendered for repurchase will be treated as having been repurchased on a "first in, first out" basis. An early repurchase fee payable by a Shareholder may be waived by the Fund in circumstances where the Board determines that doing so is in the best interest of the Fund.

During the year ended March 31, 2025, the Fund completed four quarterly repurchase offers. In the offers, the Fund offered to repurchase up to 5% of the number of its outstanding Shares as of the Repurchase Pricing Date. The results of the repurchase offers are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Repurchase Offer #1 | Repurchase Offer #2 | Repurchase Offer #3 | Repurchase Offer #4 |
| Commencement Date | April 29, 2024 | August 1, 2024 | November 1, 2024 | January 30, 2025 |
| Repurchase Request Deadline | June 25, 2024 | September 27, 2024 | December 27, 2024 | March 28, 2025 |
| Repurchase Pricing Date | June 28, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 |
| Net Asset Value as of Repurchase Offer Date | $11.30 | $11.61 | $11.58 | $11.77 |
| Pricing Date | June 28, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 |
| Number of Shares Repurchased |  |  |  |  |
| Amount Repurchased | $0 | $0 | $0 | $0 |
| Percentage of Outstanding Shares Repurchased | 0.00% | 0.00% | 0.00% | 0.00% |

---

**8.** **SUBSEQUENT EVENTS** 

The Fund has evaluated subsequent events through the date the financial statements were issued and has determined there have not been any events that have occurred that would require recognition or disclosures in the financial statements.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and the Board of Trustees of<br> Fairway Private Equity & Venture Capital Opportunities Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Fairway Private Equity & Venture Capital Opportunities Fund (the "Fund"), including the portfolio of investments, as of March 31, 2025, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the period from December 29, 2021 (commencement of operations) through March 31, 2022 and the related notes (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at March 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the three years in the period then ended and the period from December 29, 2021 (commencement of operations) through March 31, 2022, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian and general partner/investment manager/sponsor of the portfolio funds/direct investments; when replies were not received from a general partner/investment manager, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![(SIGNATURE)](fa004_v1.jpg)

We have served as the auditor of one or more Fairway Capital Management, LLC investment companies since 2021.

Chicago, Illinois<br> May 30, 2025

---

| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **SUPPLEMENTAL INFORMATION (Unaudited)** |
| **March 31, 2025** |

---

**<u>Trustee and Officer Tables:</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME AND**<br> **YEAR OF**<br> **BIRTH** | **POSITION(S)**<br> **WITH THE**<br> **FUND** | **LENGTH**<br> **OF**<br> **SERVICE** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST 5**<br> **YEARS** | **PORTFOLIOS**<br> **IN FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **TRUSTEE** | **OTHER**<br> **DIRECTORSHIPS\*\***<br> **HELD BY TRUSTEE** |
| **INDEPENDENT TRUSTEES\*** | **INDEPENDENT TRUSTEES\*** | **INDEPENDENT TRUSTEES\*** | **INDEPENDENT TRUSTEES\*** | **INDEPENDENT TRUSTEES\*** | **INDEPENDENT TRUSTEES\*** |
| Thomas A.<br> Hale (1957) | Trustee; Chairman | Since Inception | Director of Strategic Planning, Confluence Investment Management LLC (2017 – present). | 2 | Independent Trustee and Chairman, Fairway Private Equity & Venture Capital Opportunities Fund (2021 – Present). |
| Michelle L.<br> Cahoon<br> (1966) | Trustee; Audit Committee Chair | Since Inception | Retired. | 2 | Independent Trustee, Fairway Private Equity & Venture Capital Opportunities Fund (2021 – Present); Independent Trustee, Russell Investment Company and Russell Investment Funds (2021 – Present). Russell Investments Exchange Traded Funds (2025-Present). |
| James P.<br> Breen (1952) | Trustee | Since Inception | Partner, KPMG LLP (1974 – 2020); Adjunct Instructor, University of Notre Dame (1999 – 2020). | 2 | Independent Trustee, Fairway Private Equity & Venture Capital Opportunities Fund (2021 – Present). |
| **INTERESTED TRUSTEE\*** | **INTERESTED TRUSTEE\*** | **INTERESTED TRUSTEE\*** | **INTERESTED TRUSTEE\*** | **INTERESTED TRUSTEE\*** | **INTERESTED TRUSTEE\*** |
| Kevin T.<br> Callahan<br> (1965) | Trustee; President and Principal Executive Officer | Since Inception | Founder, Fairway Capital Management, LLC (2017 to present). | 2 | Trustee, Fairway Private Equity & Venture Capital Opportunities Fund (2021 – Present). |

---

\* Each Trustee serves an indefinite term, until his or her successor is elected.

\*\* Includes any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or subject to the requirements of Section 15(d) of the Exchange Act or any company registered under the 1940 Act.

---

| |
|:---|
| ***Fairway Private Equity & Venture Capital Opportunities Fund*** |
| **SUPPLEMENTAL INFORMATION (Unaudited)** |
| **March 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** |
| **NAME, ADDRESS AND**<br> **YEAR OF BIRTH** | **POSITION(S)**<br> **WITH THE FUND** | **LENGTH OF**<br> **SERVICE** | **PRINCIPAL OCCUPATION(S)**<br> **DURING PAST 5 YEARS** |
| Martin R. Dean (1963)<br> 2 Easton Oval<br> Suite 300<br> Columbus, OH 43219 | Chief Compliance Officer | Since Inception | President, Northern Lights Compliance Services, LLC (2023 – Present); Senior Vice President and Head of Fund Compliance, Ultimus Fund Solutions, LLC (2016 – 2023). |
| Brian Curley (1970)<br> 80 Arkay Drive<br> Suite 110<br> Hauppauge, NY 11788 | Treasurer, Principal Financial Officer and Principal Accounting Officer | Since May 2022 | Vice President, Ultimus Fund Solutions, LLC (2015 – Present). |
| Christine Palermo (1976)<br> 80 Arkay Drive<br> Suite 110<br> Hauppauge, NY 11788 | Assistant Treasurer | Since May 2022 | Manager, Fund Administration, Ultimus Fund Solutions, LLC (2008 – Present). |
| Jennifer Merchant (1975)<br> 225 Pictoria Drive<br> Suite 450<br> Cincinnati, OH 45246 | Secretary | Since May 2023 | Assistant Vice President and Counsel, Legal Administration, Ultimus Fund Solutions, LLC (2022 – Present); General Counsel, Office of the State Treasurer, Washington State (2019 – 2022); Compliance Officer, Washington State Investment Board (2010 – 2019). |
| Jared Lahman (1986)<br> 4221 North 203rd Street<br> Suite 100<br> Elkhorn, NE 68022 | Anti-Money Laundering Compliance Officer | Since Inception | AML Compliance Officer of the Trust (October 2021 – Present); Compliance Analyst, Northern Lights Compliance Services, LLC (2019 – Present). |

---

**October 2021**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRIVACY NOTICE** | **PRIVACY NOTICE** | **PRIVACY NOTICE** | **PRIVACY NOTICE** | **PRIVACY NOTICE** |
| **FACTS** | &nbsp;&nbsp;&nbsp;&nbsp;**WHAT DOES FAIRWAY PRIVATE EQUITY & VENTURE CAPITAL OPPORTUNITIES FUND DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;&nbsp;&nbsp;**WHAT DOES FAIRWAY PRIVATE EQUITY & VENTURE CAPITAL OPPORTUNITIES FUND DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;&nbsp;&nbsp;**WHAT DOES FAIRWAY PRIVATE EQUITY & VENTURE CAPITAL OPPORTUNITIES FUND DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;&nbsp;&nbsp;**WHAT DOES FAIRWAY PRIVATE EQUITY & VENTURE CAPITAL OPPORTUNITIES FUND DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | &nbsp;&nbsp;&nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;&nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;&nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;&nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** | &nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: | &nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: | &nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: | &nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
|  | ■ | &nbsp;&nbsp;&nbsp;Social Security number | ■ | Purchase History |
|  | ■ | &nbsp;&nbsp;&nbsp;Assets | ■ | Account Balances |
|  | ■ | &nbsp;&nbsp;&nbsp;Retirement Assets | ■ | Account Transactions |
|  | ■ | &nbsp;&nbsp;&nbsp;Transaction History | ■ | Wire Transfer Instructions |
|  | ■ | &nbsp;&nbsp;&nbsp;Checking Account Information |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;&nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;&nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;&nbsp;&nbsp;When you are *no longer* our customer, we continue to share your information as described in this notice. |
| **How?** | &nbsp;&nbsp;&nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons chosen to share; and whether you can limit this sharing. | &nbsp;&nbsp;&nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons chosen to share; and whether you can limit this sharing. | &nbsp;&nbsp;&nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons chosen to share; and whether you can limit this sharing. | &nbsp;&nbsp;&nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons chosen to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Does Fairway<br> Private Equity &<br> Venture Capital<br> Opportunities<br> Fund share?** | **Can you limit this sharing?** |
| **For our everyday business purposes –**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| **For our marketing purposes –**<br> to offer our products and services to you | No | We don't share |
| **For joint marketing with other financial companies** | No | We don't share |
| **For our affiliates' everyday business purposes –**<br> information about your transactions and experiences | No | We don't share |
| **For our affiliates' everyday business purposes –**<br> information about your creditworthiness | No | We don't share |
| **For non-affiliates to market to you** | No | We don't share |
| **Questions?** | Call 1- (833) 741-7382 | Call 1- (833) 741-7382 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Who we are** | &nbsp;&nbsp;**Who we are** |
| &nbsp;&nbsp; **Who is providing this notice?**  | &nbsp;&nbsp; **Fairway Private Equity & Venture Capital Opportunities Fund** |
| &nbsp;&nbsp;**What we do** | &nbsp;&nbsp;**What we do** |
| &nbsp;&nbsp;**How does Fairway Private Equity & Venture Capital Opportunities Fund protect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| &nbsp;&nbsp;**How does Fairway Private Equity & Venture Capital Opportunities Fund collect my personal information?** | &nbsp;&nbsp; We collect your personal information, for example, when you<br>■ Open an account<br>■ Provide account information<br>■ Give us your contact information<br>■ Make deposits or withdrawals from your account<br>■ Make a wire transfer<br>■ Tell us where to send the money<br>■ Tells us who receives the money<br>■ Show your government-issued ID<br>■ Show your driver's license<br>We also collect your personal information from other companies. |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp; Federal law gives you the right to limit only<br>■ Sharing for affiliates' everyday business purposes – information about your creditworthiness<br>■ Affiliates from using your information to market to you<br>■ Sharing for non-affiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp; Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>■ *Fairway Private Equity & Venture Capital Opportunities Fund does not share with our affiliates.* |
| &nbsp;&nbsp;**Non-affiliates** | &nbsp;&nbsp; Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>■ *Fairway Private Equity & Venture Capital Opportunities Fund does not share with non-affiliates so they can market to you.* |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp; A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>■ *Fairway Private Equity & Venture Capital Opportunities Fund does not jointly market.* |

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**<u>PROXY VOTING POLICY</u>**

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-833-741-7382 or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**<u>PORTFOLIO HOLDINGS</u>**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC's website at http://www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-833-741-7382.

---

| |
|:---|
| **INVESTMENT ADVISER** |
| Fairway Capital Management, LLC |
| One South Wacker Drive, Suite 1050 |
| Chicago, IL 60606 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, Ohio 45246 |
| FAIRWAY-AR25 |

---

(a) Not
applicable

**Item 2. Code of Ethics.** 

(a) The
registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
regardless of whether these individuals are employed by the registrant or a third party.

(b) During
the period covered by this report, there were no amendments to any provision of the code of ethics.

(c) During
the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

**Item 3. Audit Committee Financial Expert.** 

(a)(1) The Registrant's board of trustees has determined that Michelle L. Cahoon is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Cahoon is independent for purposes of this Item.

(a)(2) Not applicable.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

(a) <u>Audit Fees **.**</u> The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's
principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

2025 - $147,500

2024 - $147,500

(b) <u>Audit-Related Fees</u>. There were no fees billed in each of the last two fiscal years for assurances and
 related services by the principal accountant that are reasonably related to the performance
 of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this Item.

(c) <u>Tax Fees</u> - The aggregate fees billed in each of the last two fiscal years for professional
 services rendered by the principal accountant for tax compliance are as follows:

2025 - $38,880

2024 - $38,880

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d)  **<u>All Other Fees</u>** 

2025 - $0

2024 - $0

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) <u>All Other Fees</u>. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's
principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years
ended March 31, 2025 and 2024 respectively.

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| | |
|:---|:---|
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman (subject to ratification by the Audit Committee) approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant to render such audit or non-audit service. |

---

(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not
applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent
employees was zero percent (0%).

(g) The
Registrant's audit committee has considered whether the provision of non-audit services to the Registrant's investment adviser (not including
any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and
any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant,
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal
accountant's independence.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>Registrant</u>** | &nbsp;&nbsp;**<u>Adviser</u>** |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;$38880 | &nbsp;&nbsp;$9900 |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;$38880 | &nbsp;&nbsp;$9400 |

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(h) The
Registrant's audit committee has considered whether the provision of non-audit services to the Registrant's investment adviser (not including
any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and
any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant,
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal
accountant's independence.

(i) Not
applicable.

(j) Not
applicable.

**Item 5. Audit Committee of Listed Companies.** 

Not applicable

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

The Registrant's proxy voting policy and procedures are filed under Item 13(a)(4) hereto. The Registrant delegates proxy voting decisions to its investment adviser. The proxy voting policy and procedures of the Registrant's investment adviser, Fairway Capital Management, LLC ("Fairway" or the "Adviser"), are filed under Item 13(a)(5).

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

All information included in this Item is as of March 31, 2025, unless otherwise noted.

(a)(1) <u>Portfolio Managers</u>.

The personnel of the Adviser who currently have primary responsibility for management of the Fund (the "Portfolio Managers") are:

<u>Kevin Callahan</u>

Kevin Callahan is a Founding Partner of Fairway Capital Management. Prior to founding Fairway Capital Management, Mr. Callahan was the Chief Operating Officer at Adams Street Partners, a global private markets investment management firm. As Chief Operating Officer, he was Chairman of Adams Street Partners' Operating Committee which oversaw issues related to client service, finance, human resources, legal and information technology. In addition, as Head of the Adams Street Partners Client Service team, Mr. Callahan oversaw all aspects of Adams Street Partners' client servicing functions including the portfolio management of the fund of funds programs and separate account portfolios. He worked closely with clients in the management of their portfolios, including the development and monitoring of their private equity programs. Mr. Callahan actively participated in all aspects of Adams Street Partners' investment process and was a member of the Executive Committee and Strategic Advisory Committee. Before joining Adams Street Partners in 2000, he was a senior member of Brinson Partners' global investment team for six years, responsible for providing client service and relationship management to Brinson Partners' clients. From 1987 to 1994, he was a Manager in the Audit and Financial Consulting Department of Arthur Andersen LLP, where he worked exclusively in the financial services industry. Mr. Callahan earned a BS degree from Ohio State University and an MBA from the University of Chicago Booth School of Business. Mr. Callahan is a member of the CFA Institute and the CFA Society of Chicago and holds the CPA designation.

Mr. Callahan is a Trustee of the PPM Funds, a family of mutual funds. In addition, he is a member of the Chicago Booth Graduate School of Business Private Equity Advisory Council and a Trustee of the First Tee of Greater Chicago.

<u>Tom Gladden</u>

Tom Gladden is a Founding Partner of Fairway Capital Management. Prior to founding Fairway Capital Management, Mr. Gladden was an advisor to U.S. based venture capital and private equity firms at Macrosight, which he founded in 2017. At Macrosight, Mr. Gladden helped firms with strategic planning, public relations, marketing, relationship management and the fundraising process.

Prior to Macrosight, Mr. Gladden was an investor in venture capital and private equity funds at Adams Street Partners for more than 14 years. At Adams Street Partners, he evaluated nearly 1,000 fund investment opportunities and made 95 investments in venture capital and private equity funds, while sourcing and working on several secondary transactions, including one of the firm's largest venture capital secondary investments. Throughout his career at Adams Street Partners, Mr. Gladden predominantly spent his time focusing on venture capital and growth funds. Over that time, he built strong relationships with most of the top venture capitalists in Adams Street Partners' portfolio and around the world.

Prior to joining Adams Street Partners in 2002, Mr. Gladden worked on the Private Capital and Real Estate team at Duke Management Company, which managed the assets of Duke University and the Duke University Hospital System. His other experience includes hospital consulting with APM, Inc. and managing a not-for-profit serving underprivileged children and teens in Chicago.

Mr. Gladden has an A.B., magna cum laude, from Dartmouth College and a M.S. in Computer Science from the University of Chicago. Mr. Gladden is a Trustee at Roosevelt University of Chicago and a member of the Executive Committee of the Dartmouth Club of Chicago.

<u>Laura Milligan</u>

Laura Milligan is a Founding Partner of Fairway Capital Management. Ms. Milligan most recently spent six years at the Boeing Company as part of the Trust Investments team that managed the $60 billion defined benefit plan. Ms. Milligan was the Director of Private equity where she managed a nearly $3 billion portfolio of private equity fund investments and was responsible for sourcing, investigating and monitoring buyout, venture capital and special situations funds. Prior to Boeing, Ms. Milligan spent four years as a Senior Associate on the private equity manager research team at Mercer Investment Consulting where she evaluated private funds for investment. Prior to Mercer, Ms. Milligan spent three years as an Associate at Adams Street Partners. Ms. Milligan began her career working in the Investment Banking group and Equity Research team at Robert W. Baird. She has a BBA from the University of Notre Dame where she graduated summa cum laude, and a MBA from The Kellogg School of Management at Northwestern University.

(a)(2) <u>Other Accounts Managed by Portfolio Managers and Potential Conflicts of Interest</u>.

**Other Accounts Managed by the Portfolio Managers**

As of March 31, 2025, Mr. Callahan was responsible for the management of the following types of accounts in addition to the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other Accounts By Type | Total Number of Accounts by Account Type | Total Assets By Account Type | Number of Accounts by Type Subject to a Performance Fee | Total Assets By Account Type Subject to a Performance Fee |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 2 | $52000000 | 2 | $52000000 |
| Other Accounts | 0 | $0 | 0 | $0 |

---

**Conflicts of Interest**

The Portfolio Managers may manage separate accounts or other pooled investment vehicles that may have materially higher or different fee arrangements than the Fund and may also be subject to performance-based fees. The side-by-side management of these separate accounts and pooled investment vehicles may raise potential conflicts of interest relating to cross-trading and the allocation of investment opportunities. The Adviser has a fiduciary responsibility to manage all client accounts in a fair and equitable manner. The Adviser seeks to provide best execution of all securities transactions and to allocate investments to client accounts in a fair and reasonable manner. To this end, the Adviser has developed policies and procedures designed to mitigate and manage the potential conflicts of interest that may arise from side-by-side management.

(a)(3) <u>Portfolio Manager Compensation</u>.

A competitive base salary and a performance-based bonus structure are in place for all team members. Portfolio Managers, analysts, and other associates are paid a competitive base salary and discretionary bonus based on their fiduciary investment responsibilities, performance of the individual, and performance of the firm. The discretionary bonus structure gives the Adviser the ability to remain competitive under current market conditions affecting compensation across the industry. The discretionary bonus may be payable in both cash and equity. In addition, certain employees of the Adviser also receive carried interest from certain of the Adviser's clients.

(a)(4) <u>Portfolio Manager Ownership of Equity Securities</u>.

Each Portfolio Manager's ownership of the Fund was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Dollar Range of Shares Owned** |
| &nbsp;&nbsp;Kevin Callahan | &nbsp;&nbsp;$17500000 |
| &nbsp;&nbsp;Tom Gladden | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Laura Milligan | &nbsp;&nbsp;$0 |

---

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not
applicable.

(b) Not
applicable.

**Item 19. Exhibits.** 

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.

(a)(3) Not applicable.

(a)(4) Proxy Voting Policy and Procedures of the Registrant are filed herewith.

(a)(5) Proxy Voting Procedures of Fairway Capital Management, LLC are filed herewith.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Fairway Private Equity & Venture Capital Opportunities Fund</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Kevin T. Callahan |
| Kevin T. Callahan, Principal Executive Officer/President |

---

Date <u>6/2/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By (Signature and Title)

---

| |
|:---|
| /s/ Brian Curley |
| Brian Curley, Principal Financial Officer/Treasurer |

---

Date <u>6/2/2025</u>

## Ex-99.Cert

**CERTIFICATIONS**

I, Kevin T. Callahan, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Fairway Private Equity & Venture Capital
 Opportunities (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3-(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles:

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that
 occurred during the period covered by this report that has materially affected, or is reasonably
 likely to materially affect, the registrant's internal control over financial reporting;
 and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of trustees (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/2/2025 | /s/ Kevin T. Callahan |
|  |  | Kevin T. Callahan |
|  |  | Principal Executive Officer/President |

---

I, Brian Curley, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Fairway Private Equity & Venture Capital
 Opportunities (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3-(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles:

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that
 occurred during the period covered by this report that has materially affected, or is reasonably
 likely to materially affect, the registrant's internal control over financial reporting;
 and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of trustees (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/2/2025 | /s/ Brian Curley |
|  |  | Brian Curley |
|  |  | Principal Financial Officer/Treasurer |

---

## Ex-13.A4

Exhibit 13(a)(4)

**PROXY VOTING POLICY**

**FAIRWAY PRIVATE EQUITY & VENTURE CAPITAL OPPORTUNITIES FUND** 

**I.** **INTRODUCTION** 

Fairway Private Equity & Venture Capital Opportunities Fund (the "Trust") is the beneficial owner of its portfolio securities. Accordingly, the Trust's Board of Trustees (the "Board"), acting on behalf of the Trust, has the right and the fiduciary obligation to vote proxies relating to the Trust's portfolio securities in a manner consistent with the best interests of the Trust and its shareholders. Accordingly, the Board has adopted these Proxy Voting Policies and Procedures with respect to voting proxies relating to portfolio securities held by the Trust (these "Policies and Procedures").

*The Trust anticipates holding only Cash and Illiquid securities, with its investments primarily in Portfolio Funds. In general, Portfolio Funds do not often conduct meetings of investors, or have matters that are presented to owners for voting. Nevertheless, the Trust will fulfill the reporting requirements on Form N-PX, as described in Section VI below ("Annual Filing of Proxy Voting Record").* 

**II.** **POLICY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. DELEGATION
TO THE INVESTMENT ADVISER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
policy of the Trust is to delegate the responsibility for voting proxies relating to portfolio securities held by the Trust to the Trust's
investment adviser (the "Adviser") as a part of the Adviser's general management of the Trust, subject to the Board's
continuing oversight.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
policy of the Trust is also to adopt the policies and procedures used by the Adviser to vote proxies relating to portfolio securities
held by its clients, including the Trust (the "Adviser's Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
Adviser shall periodically inform its employees (i) that they are under an obligation to be aware of the potential for conflicts of interest
on the part of the Adviser with respect to voting proxies on behalf of the Trust, both as a result of the employee's personal relationships
and due to circumstances that may arise during the conduct of the Adviser's business, and (ii) that employees should bring conflicts
of interest of which they become aware to the attention of the management of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
Adviser shall be responsible for coordinating the delivery of proxies by the Trust's custodian to the Adviser or to an agent of
the Adviser selected by the Adviser to vote proxies with respect to which the Adviser has such discretion.

Exhibit 13(a)(4)

**III.** **FIDUCIARY DUTY** 

The Adviser is a fiduciary to the Trust and must vote proxies in a manner consistent with the best interest of the Trust and its shareholders.

**IV.** **PROXY VOTING PROCEDURES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. ANNUAL
PRESENTATION OF PROXY VOTING POLICIES TO THE BOARD. At least annually, the Adviser shall present to the Board for its review the Adviser's
Policies and Procedures. In addition, the Adviser shall notify the Board promptly of material changes to the Adviser's Policies
and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. ANNUAL
PRESENTATION OF PROXY VOTING RECORD TO THE BOARD. At least annually, the Adviser shall provide to the Board a record of each proxy voted
with respect to portfolio securities held by the Trust during the year. With respect to those proxies that the Adviser has identified
as involving a conflict of interest, the Adviser shall submit a separate report indicating the nature of the conflict of interest and
how that conflict was resolved with respect to the voting of the proxy. For this purpose, a "conflict of interest" shall
be deemed to occur when the Adviser, the Trust's principal underwriters, or an affiliated person of the Adviser or a principal
underwriter has a financial interest in a matter presented by a proxy to be voted on behalf of the Trust, other than the obligation the
Adviser incurs as investment adviser to the Trust, which may compromise the Adviser's independence of judgment and action in voting
the proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. RESOLUTION
OF CONFLICTS OF INTEREST. Where a proxy proposal raises a material conflict of interest between the interests of the Adviser, the Trust's
principal underwriter, or an affiliated person of the Trust, the Adviser or a principal underwriter and that of the Trust, the Adviser
shall resolve such conflict in the manner described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Vote in Accordance with a Predetermined Specific Policy**. To the extent that the Adviser's Policies and Procedures include a pre-determined
voting policy for various types of proposals and the Adviser has little or no discretion to deviate from such policy with respect to
the proposal in question, the Adviser shall vote in accordance with such pre-determined voting policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Notify and Obtain Consent of the Board**. To the extent that the Adviser's Policies and Procedures include a pre-determined voting policy
for various proposals and the Adviser has discretion to deviate from such policy, the Adviser shall disclose the conflict to the Board
and obtain the Board's consent to the proposed vote prior to voting on such proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Detailed
Disclosure to the Board. To enable the Board to make an informed decision regarding the vote in question, such disclosure

Exhibit 13(a)(4)

to the Board shall include sufficient detail regarding the matter to be voted on and the nature of the conflict. When the Board does not respond to such a conflict disclosure request or denies the request, the Adviser shall abstain from voting the securities held by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Use
of Independent Third Party. To the extent there is a conflict of interest between the Adviser, the Trust's principal underwriters,
or an affiliated person of the Adviser or a principal underwriter and the Trust and the Adviser notifies the Board of such conflict,
the Board may vote the proxy in accordance with the recommendation of an independent third party.

**V.** **REVOCATION OF AUTHORITY TO VOTE** 

The delegation by the Board of the authority to vote proxies relating to portfolio securities held by the Trust may be revoked by the Board, in whole or in part, at any time.

**VI.** **ANNUAL FILING OF PROXY VOTING RECORD** 

The Trust shall file an annual report of each proxy voted with respect to portfolio securities held by the Trust during the twelve-month period ended June 30 on Form N-PX not later than August 31 of each year.

**VII.** **PROXY VOTING DISCLOSURES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
Trust shall include in its registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A
description of these Policies and Procedures and of the Adviser's Policies and Procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A
statement disclosing that information regarding how the Trust voted proxies relating to portfolio securities held by the Trust during
the most recent twelve-month period ended June 30 is available without charge, upon request, by calling the Trust's toll-free telephone
number or through a specified Internet address or both and on the SEC website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
Trust shall include in its Annual and Semi-Annual Reports to shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A
statement that a description of these Policies and Procedures is available without charge, upon request, by calling the Trust's
toll-free telephone number or through a specified Internet address or both and on the SEC website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A
statement that information regarding how the Trust voted proxies relating to portfolio securities held by the Trust during the most recent
12-month period ended June 30 is available without charge, upon request, by calling the Trust's toll-free telephone number or through
a specified Internet address or both and on the SEC website.

## Ex-13.A5

Exhibit 13(a)(5)

**PROXY VOTING POLICY**

**FAIRWAY CAPITAL MANAGEMENT, LLC**

I. INTRODUCTION

In accordance with Rule 206(4)-6 of the Advisers Act, Fairway Capital Management, LLC ("Fairway" or the "Firm") has adopted the following proxy voting policies and procedures. This policy applies to Fairway and each of its general partners and anyone acting on its behalf and at its designation in connection with the voting of proxies. This policy consists of the policies, procedures and requirements set forth below and will be periodically reviewed and amended as needed. Given the nature of Fairway's advisory services, Fairway's Funds are expected to seldom, if ever, hold public securities. More commonly, Fairway, through its affiliates who are general partners of its Funds, may be asked to (i) provide consents to issues or matters pertaining to the portfolio companies of its Funds; (ii) exercise the limited voting, consent, removal or other similar rights granted to limited partners in an Underlying Fund; or (iii) in certain circumstances, serve on the limited partner advisory committee of an Underlying Fund. In all such instances, Fairway will attempt to consider factors that could affect the value of the investment and will act in the manner that it believes maximizes the value of its long-term investment in, as applicable, the Underlying Fund or portfolio company; any potential conflicts of interest will be addressed by the Investment Committee.

Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in Fairway's Compliance Manual.

II. DEFINITIONS

**Proxy** or **Proxies** as used in this policy includes the submission of a security holder vote by Proxy instrument, in person at a meeting of security holders or by written consent. Because of the nature of the Fund's investments in Underlying Funds, "Proxy" will also include actions take either directly by Fairway as a limited partner in such Underlying Fund (to the extent permitted) or, as applicable, actions taken in the event that Fairway serves on the limited partner advisory committee of such Underlying Fund. "Proxy" does <u>not</u> include any action taken by a Supervised Person serving on the board of directors or similar body of a portfolio company or entity.

III. POLICY

As Fairway's investments are primarily in private companies or Underlying Funds, the majority of any voting performed on behalf of Fairway's Funds is not deemed to be Proxy voting under Advisers Act Rule 206(4)-6.

In the event Fairway has public Proxies to vote, there may be instances when the Firm refrains from voting a Proxy, such as when Fairway determines that the cost of voting the Proxy exceeds the expected benefit to the Fund and would not be in the Fund's best interest. Fairway cannot anticipate every situation, and certain issues are better handled on a case-by-case basis.

It is Fairway's general policy to vote Proxies in the best interest of its Funds. Accordingly, Fairway will vote all Proxies in a manner intended to promote the Fund's investment objectives and to maximize investment returns while following the investment restrictions and policies of each Fund, generally as set forth in the governing documents of the relevant Fund. There are some events that may necessitate a more detailed analysis of the vote including, but not limited to, mergers, acquisitions, dissolutions or other matters that are contested or controversial. Fairway may also consider voting different Proxies for different Funds, depending on the needs of each Fund.

IV. ADMINISTRATION

The CCO will be responsible for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Overall
 compliance with this policy;

Exhibit 13(a)(5)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Disclosure
 of information to Investors, as permitted by the relevant Fund's governing documents,
 the policies of the Firm and as required under applicable Federal Securities Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Reviewing
 and updating the policy, as appropriate.

V. MATERIAL
CONFLICTS OF INTEREST

Fairway believes that the Firm's interests are generally aligned with its Funds' interests including through ownership by Fairway principals and Supervised Persons in the Fairway Fund as well as the financial incentive that certain principals and Supervised Persons have which is associated with Fund performance. In the event Fairway determines there is or may be a material conflict of interest between Fairway and a Fund in voting Proxies, Fairway will seek to resolve the issue in the best interest of its Fund. Fairway will address such actual or potential material conflicts of interest using one of the following procedures (which will be utilized in the Firm's sole discretion):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Fairway
 may vote the Proxy using the established objective policies described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 relevant Fund's Investment Committee will convene to resolve the issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Firm may bring the issue to an appropriate third party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Fairway
 may employ such other method as is deemed appropriate under the circumstances, given the
 nature of the conflict.

VI. DISCLOSURES

Upon request, Fairway will make the following disclosures to Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A
 summary of the policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A
 copy of the policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Proxy voting record for Proxies voted on behalf of the Fund.

VII. RECORDKEEPING

Fairway will keep the following records, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A
 copy of the policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A
 copy of each Proxy statement received with respect to Fund portfolio securities, except when
 a Proxy statement is available on the SEC's EDGAR public filing system, Fairway may
 rely on that filing in lieu of keeping its own copy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A
 record of each Proxy vote cast by Fairway on behalf of a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A
 record of each Proxy vote Fairway refrained from voting on behalf of a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A
 copy of any document prepared by Fairway that was material to a Proxy voting decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A
 copy of each written Investor request for information regarding how Fairway voted Proxies
 on behalf of Funds and any written response by Fairway to such requests.

## Exhibit 99.906

**certification**

Kevin T. Callahan, President, and Brian Curley, Treasurer of the Fairway Private Equity & Venture Capital Opportunities Fund (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Fairway Private Equity &<br> Venture Capital Opportunities Fund | Fairway Private Equity &<br> Venture Capital Opportunities Fund | Fairway Private Equity &<br> Venture Capital Opportunities Fund | Fairway Private Equity &<br> Venture Capital Opportunities Fund |
| /s/ Kevin T. Callahan | /s/ Kevin T. Callahan | /s/ Brian Curley | /s/ Brian Curley |
| Kevin T. Callahan | Kevin T. Callahan | Brian Curley | Brian Curley |
| Date: | 6/2/2025 | Date: | 6/2/2025 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**Fairway Private Equity & Venture Capital Opportunities Fund**

**Attachment 12.B – Code of Ethics**

**I.** **Introduction** 

The Fairway Private Equity & Venture Capital Opportunities Fund (the "Fund") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of the Fund's Access Persons and to ensure that they comply with the federal securities laws. To the extent that any such individuals are subject to compliance with the Code of Ethics of the Fund's adviser, (the "Adviser"), Fund Administrator or Distributor (collectively the "Service Providers"), as applicable, whose Codes of Ethics complies with Rule 17j-1, compliance by such individuals with the provisions of the Code of the applicable Service Providers shall constitute compliance with this Code. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

1. **The interests of the Fund must always be paramount.** Access Persons have a legal, fiduciary
 duty to place the interests of the Fund ahead of their own. In any decision relating to their
 personal investments, Access Persons must scrupulously avoid serving their own interests
 ahead of those of the Fund.

2. **Access Persons may not take advantage of their relationship with the Fund.** Access Persons should
 avoid any situation (e.g. unusual investment opportunities, perquisites, accepting gifts
 of more than token value from persons seeking to do business with the Fund) that might compromise,
 or call into question, the exercise of their fully independent judgment in the interests
 of the Fund.

3. **All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest.** Although all Personal Securities Transactions by Access Persons must be
 conducted in a manner consistent with this Code, the Code itself is based on the premise
 that Access Persons owe a fiduciary duty to the Fund, and should avoid any activity that
 creates an actual, potential, or apparent conflict of interest. This includes executing transactions
 through or for the benefit of a third party when the transaction is not in keeping with the
 general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Fund.

4. **Access Persons must comply with all applicable laws.** In both work-related and personal activities,
 Access Persons must comply with all applicable laws, including the federal securities laws.

**<u>Any violations of this code should be reported promptly to the Chief Compliance Officer. Failure to do so will be deemed a violation of this Code.</u>**

**II.** **DEFINITIONS** 

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;1. Any
 officers, trustees, general partner or employee (or persons occupying a similar status or
 performing a similar function) of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Any
 officers, general partner or employee (or persons occupying a similar status or performing
 a similar function) of the Adviser to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;3. Any
 officer, director, general partner or employee of the Fund or the Adviser (or of any company
 controlling or controlled by or under common control with the Fund or the Adviser) who, in
 connection with his or her regular functions or duties, makes, participates in, or obtains
 information regarding the purchase or sale of Covered Securities by the Fund, or whose functions
 relate to the making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;4. Any
 other natural person controlling, controlled by or under common control with the Fund, the
 Adviser who obtains information concerning recommendations made to the Fund with regard to
 the purchase or sale of Covered Securities by the Fund.

**"Adviser"** means Fairway Capital Management, LLC

**"Affiliated Person"** of an adviser includes (i) any person directly or indirectly owning, controlling, or holding with power to vote, 5 percent or more of the outstanding voting securities of the adviser (this could be a person or a company, including any parent company; (ii) any person 5 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the adviser (i.e., a company where the adviser owns 5 percent or more of the company); (iii) any person directly or indirectly controlling, controlled by, or under common control with, the adviser (e.g. if the adviser is owned by a parent company, any other companies owned by the parent); or (iv) any officer, trustee, partner, managing member, or co-partner of the adviser. Section 2(a) of the 1940 Act. A non-officer employee of an adviser to an interval fund is not a Reporting Person. Rule 30h-1 under the 1940 Act.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Fund with respect to Trustees and officers of the Fund covered by this Code.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-

term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual funds, except funds services by Ultimus or NLCS.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Adviser personnel.

**"Fund"** means the Fairway Private Equity & Venture Capital Opportunities Fund

**"Immediate Family"** means an individual's spouse, partner, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Fund that would not be deemed an "interested person" of the Fund, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in portfolio securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a trust; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, trustee, or person or entity performing a similar function, with certain exceptions.

**"Initial Public Offering"** means an offering of securities registered under Securities Act of 1933, as amended (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 of Section 15(d) of the Securities Exchange Act.

**"Investment Personnel"** means (i) any employee of the Fund or the Adviser (or any company in a Control Relationship with the Fund or the Adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Fund and (ii) any natural person who controls the Fund or its investment adviser and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund.

**"Limited Offering"** means an offering that is exempt from registration under the Securities Act pursuant to Section 4(2) or Section 4(6) or pursuant or Rule 504, Rule 505 or Rule 506 under the Securities Act.

**"Officer"** of an entity includes the entity's president, principal financial officer, principal accounting officer (or, if there is no such accounting officer, the controller), any vice-president of the issuer in charge of a principal business unit, division or function (such as sales, administration or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions for the Fund, including the Chief Compliance Officer.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Fund when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly known as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**III.** **PROHIBITED ACTIONS AND ACTIVITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;1. No
 Access Person shall purchase or sell directly or indirectly, any Covered Security in which
 he or she has, or by reason of such transaction acquires, any direct or indirect beneficial
 ownership and which he or she knows or should have known at the time of such purchase or
 sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Is
 being considered for purchase or sale by the Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Is
 being purchased or sold by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;2. Decision-Making
 Access Persons, with the exception of the independent trustees, may not participate in any
 initial public offering of Covered Securities in any account over which they exercise Beneficial
 Ownership. All other Access Persons, with the exception of the independent trustees, must
 obtain prior written authorization from the Chief Compliance Officer prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp;3. No
 Access Person, with the exception of the independent trustees, may purchase a Covered Security
 in which by reason of such transaction they acquire Beneficial Ownership in a private placement
 of a Security, without prior written authorization of the acquisition by the Chief Compliance
 Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An
 Access Person of the Fund who is also an access person of the Fund's principal underwriter
 or its affiliates or an access person of the Fund's Adviser may submit reports required
 by this Section on forms prescribed by the Code of Ethics of such principal underwriter,
 or investment adviser <u>provided</u> that such forms contain substantially the same information
 as called for in the forms required by this Section and comply with the requirements of Rule
 17j-1(d) (1).

&nbsp;&nbsp;&nbsp;&nbsp;4. Access
 Persons may not accept any fee, commission, gift, or services, other than *de minimis* gifts, from any single person or entity that does business with or on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;5. Decision-Making
 Access Persons, with the exception of the independent trustees, may not serve on the board
 of directors of a publicly traded company without prior authorization from the Chief Compliance
 Officer based upon a determination that such service would be consistent with the interests
 of the Fund. If such service is authorized, procedures will then be put in place to isolate
 such Decision-Making Access Persons serving as directors of outside entities from those making
 investment decisions on behalf of the Fund.

Advanced notice should be given so that the Fund and Adviser may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;6. Decision-Making
 Access Person, with the exception of the Independent Trustees, may not execute a Personal
 Securities Transaction involving a Covered Security without authorization of the Chief Compliance
 Officer or such persons who may be designated by the Chief Compliance Officer from time to
 time.

&nbsp;&nbsp;&nbsp;&nbsp;7. It
 shall be a violation of this Code for any Access Person, in connection with the purchase
 or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to
 employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to
 make to the Fund any untrue statement of a material fact or to omit to state to the Fund
 a material fact necessary in order to make the statements made, in light of the circumstances
 under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to
 engage in any act, practice or course of business that operates or would operate as a fraud
 or deceit upon the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to
 engage in any manipulative practice with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;8. **EXEMPTED TRANSACTIONS.** The
 provisions described above under the heading Prohibited Actions and Activities and the preclearance
 procedures under the heading Preclearance of Personal Securities Transactions do not apply
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Purchases
 or sales of Securities effected in any account in which an Access Person has no beneficial
 ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Purchases
 or sales of Securities which are non-volitional on the part the Access Person (for example,
 the receipt of stock dividends);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Purchase
 of Securities made as part of automatic dividend reinvestment plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Purchases
 of Securities made as part of an employee benefit plan involving the periodic purchase of
 company stock or mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Purchases
 of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders
 of a class of its Securities, to the extent such rights were acquired from such issuer, and
 sale of such rights so acquired.

**IV.** **PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS** 

All Access Persons that are not covered by a Service Providers' Code of Ethics wishing to engage in a Personal Securities Transaction must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. The Fund shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorizations for "good until canceled" orders are effective unless the order conflicts with a Fund order.

If a person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, such person shall cancel the trade.

Affiliated Persons and/or Officers are required to obtain pre-clearance for all personal securities transactions involving shares of the Fund from the Fund's Chief Compliance Officer, and meet the Fund's requirements for Section 16 reporting.

Investment Personnel of the Fund or Adviser must obtain approval from the Fund or Adviser before directly or indirectly acquiring beneficial ownership in any securities in an Initial Public Offering or a Limited Offering.

**V.** **REPORTING AND MONITORING** 

The Chief Compliance Officer or his designees shall monitor all personal trading activity of all Access Persons covered by this Code of Ethics pursuant to the procedures established under this Code. An Access Person of the Fund who is also an access person of the Fund's principal underwriter or its affiliates or an Access Person of the Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, or Adviser, <u>provided</u> that such forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Disclosure of Personal Brokerage Accounts.** Within ten days of the commencement of employment or
 at the commencement of a relationship with the Fund, all Access Persons, except Independent
 Trustees, are required to submit to the Chief Compliance Officer a report stating the names
 and account numbers of all of their personal brokerage accounts, brokerage accounts of members
 of their Immediate Family, and any brokerage accounts which they control or in which they
 or an Immediate Family member has Beneficial Ownership. Such report must contain the date
 on which it is submitted and the information in the report must be current as of a date no
 more than 45 days prior to that date. In addition, if a new brokerage account is opened during
 the course of the year, the Chief Compliance Officer must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer. These statements and confirms for the Fund may be sent to its Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Initial Holdings Report.** Within ten days of becoming an Access Person (and with information that
 is current as of a date no more than 45 days prior to the date that the person becomes an
 Access Person), each Access Person, except Independent Trustees, must submit (i) a holdings
 report that must contain, at a minimum, the title and type of Security, and as applicable,
 the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each
 Covered Security in which the Access Person has any direct or indirect Beneficial Ownership
 and (ii) the name of any broker, dealer or bank with whom the Access Person maintained an
 account in which any securities were held for the Access Person's direct or indirect
 benefit as of the date they became an Access Person. This report must state the date on which
 it is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Annual Holdings Reports .** All Access Persons,
 except Independent Trustees, must supply the information that is required in the initial
 holdings report on an annual basis, and such information must be current as of a date no
 more than 45 days prior to the date that the report was submitted. Such reports must state
 the date on which they are submitted.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Quarterly Transaction Reports.** All Access Persons, except Independent Trustees, shall report to
 the Chief Compliance Officer or his designees the following information with respect to transactions
 in a Covered Security in which such person has, or by reason of such transaction acquires,
 any direct or indirect Beneficial Ownership in the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP
 number, interest rate and maturity date, number of shares, and the principal amount of each
 Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 price of the Covered Security at which the transaction was effected

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 name of the broker, dealer, or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The
 date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to the appropriate address noted above is an acceptable form of a quarterly transaction report.

&nbsp;&nbsp;&nbsp;&nbsp;5. **Quarterly New Account Reports.** All Access Persons, except Independent Trustees, must submit a quarterly
 new account report with respect to any account established by such a person in which any
 securities were held during the quarter for the direct or indirect benefit of the Access
 Person, no later than 30 days after the end of a calendar quarter. The Quarterly New Account
 Report shall cover, at a minimum, all accounts at a broker-dealer, bank or other institution
 opened during the quarter and provide the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the
 name of the broker, dealer or bank with whom the Access Person has established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the
 date the account was established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the
 date that the report is submitted by the Access Person.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund. An Independent Trustee must also submit a quarterly transaction report with respect to transactions occurring in such quarter in Fund shares if such Trustee knew, or in the ordinary course of fulfilling his or her official duties as a Trustee of the Fund, should have known details of specific securities transactions made or being considered for the Fund's portfolio on the date of and during the 15-day period immediately before or after the Trustee's transaction in Fund shares.

An Access Person of the Fund who is also an Access Person of the Fund's principal underwriter or an Access Person of a Fund's Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter or investment adviser, provided that such forms contain substantially the same information as called for in the forms required by this Section and comply with the requirements of Rule 17j-1(d)(1).

**VI.** **ENFORCEMENTS AND PENALTIES** 

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Fund's Board of Trustees.

Upon being informed of a violation of this Code, the Fund's Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Fund shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

At least annually and at a regular meeting of the Board, the Chief Compliance Officer shall issue a report on Personal Securities Transactions by Access Persons. The report submitted to the board shall:

&nbsp;&nbsp;&nbsp;&nbsp;1. Summarize
 existing procedures concerning Personal Securities investing and any changes in the procedures
 made during the prior year;

&nbsp;&nbsp;&nbsp;&nbsp;2. Identify
 any violations of this Code and any significant remedial action taken during the prior year;
 and;

&nbsp;&nbsp;&nbsp;&nbsp;3. Identify
 any recommended changes in existing restrictions or procedures based upon the experience
 under the Code, evolving industry practices or developments in applicable laws and regulations.

**VII.** **RECORDKEEPING** 

The Fund shall cause the records enumerated in this Section VII (a) through (e) below to be maintained in an easily accessible place and shall cause such records to be made available to the Commission or any representative of the Commission at any time and from time to time for reasonable periodic, special or other examinations.

Specifically, the Fund shall maintain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. a
 copy of the Code of Ethics adopted by the Fund that is in effect, or at any time within the
 previous five (5) years was in effect in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. a
 record of any violation of the Code of Ethics, and of any action taken as a result of such
 violation, in an easily accessible place, for at least five (5) years after the end of the
 fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. a
 copy of each report made by an Access Person as required by this Code of Ethics for at least
 five (5) years after the end of the fiscal year in which the report is made or the information
 is provided, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. a
 record of all persons, currently or within the past five years, who are or were required
 to make reports under Section V of this Code of Ethics, or who are or were responsible for
 reviewing these reports, in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. a
 copy of each report required by Section V of this Code of Ethics, for at least five (5) years
 after the end of the fiscal year in which the report is made, the first two (2) years in
 an easily accessible place.

The Fund must maintain a record of any decision, and the reasons supporting the decision, to approve the acquisition by Investment Personnel of securities under Section IV, for at least five years after the end of the fiscal year in which the approval is granted.

**VIII.** **Acknowledgment** 

The Fund must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer (including a written acknowledgement of their receipt of the Code in a form substantially similar to the example below), and schedule a meeting with the Chief Compliance Officer to discuss the provisions herein within two calendar weeks of employment.

I certify that I have read and understand the Code of Ethics of and recognize that I am subject to it. [if an employee of the Adviser] I further certify I will fulfill my personal securities holdings and transactions reporting obligates through the procedures of the Adviser with respect to covered securities.

Printed Name:   Signature:  

Date: _____________

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.