Institutionalizing Excellence: Introducing 10 East’s Investment Advisory Board¹

At 10 East, we believe that enduring investment success is grounded in clarity of purpose, disciplined execution, and the integration of diverse, informed perspectives. As part of our continued evolution, we are pleased to announce the formation of our Investment Advisory Board — a milestone that reinforces our commitment to long-term stewardship, intellectual rigor, and institutional-grade governance.

Strengthening Our Investment Governance

Historically, investment decisions at 10 East followed a streamlined, founder-led process, with all decisions made unanimously by Founder and Chairman Michael Leffell and Chief Investment Officer Sam Klatt. This approach enabled efficiency and focus during the firm’s formative years. As our platform scales and the opportunity set expands, we believe now is the right moment to strengthen our investment governance through the establishment of a dedicated Advisory Board.

The Advisory Board will enhance transparency, accountability, and consistency in our investment process. It also enables us to present a broader range of opportunities beyond the scope of Michael Leffell’s personal balance sheet investments, provided they meet our standards and receive Advisory Board approval.

A Culture of Thoughtful, Aligned Stewardship

The Advisory Board at 10 East is composed of seasoned investors whose careers span private equity, credit, venture capital, and institutional asset allocation. Together, they bring over 160 years of experience and a powerful combination of strategic insight, operational discipline, and market-tested judgment. This group is distinguished not only by their credentials, but by their shared commitment to the values that define 10 East:

• Long-Term, Institutional Mindset – Advisory Board members have built and/or led investment platforms with multi-billion-dollar portfolios. Their long-term orientation keeps in focus the durability of our investors’ capital.
• Intellectual Rigor and Openness – The Advisory Board brings a cross-disciplinary lens to every opportunity, challenging assumptions, refining theses, and elevating our standards of diligence.
• Alignment and Integrity – Each member is a part-owner of our business, aligned with our mission and our investors.

Role of the Investment Advisory Board

The Advisory Board will provide structured input on all potential investments to be offered on the 10 East platform. While final investment decisions remain with management, the Advisory Board will play a critical role in shaping the investment pipeline, evaluating proposals, and sharpening conviction across each offering. Specifically, the Advisory Board:

• Reviews early-stage opportunities and provides initial feedback on strategy, fit, and key risks;
• Participates in in-depth discussion of each investment’s thesis, structure, and target return profile;
• Flags diligence gaps and helps stress-test assumptions; and
• Approves all investment offerings prior to member presentation.

Enhancing Our Investment Process

The Advisory Board will play a critical role in deepening diligence, refining theses, and ensuring that every allocation reflects our best collective thinking. Going forward, this process will begin at an earlier stage in the lifecycle of each opportunity and proactively assess risk across six core dimensions:

1. Quality of Team: Seasoned, cohesive leadership with strong operational expertise and a demonstrated investment track record
2. Alignment of Interest: GP/key people capital at risk, well-structured incentives, and legal alignment with LPs
3. Differentiated Sourcing: Proprietary and/or non-brokered deal flow supported by a high-quality network
4. Investment Process: Rigorous underwriting, disciplined deployment, objective review, and active monitoring
5. Risk-Adjusted Return: Evaluated based on both potential upside and downside mitigants
6. Operational & Legal Diligence: Background checks and third party legal review

While we remain nimble and entrepreneurial, this formalization signals our evolution into an institutional-grade investment platform. We look forward to the road ahead — and to the opportunity to make great decisions together.

Michael Leffell

Michael is the Chairman and Founder of 10 East, Canoe Intelligence, and Portage Partners. Prior to his retirement in 2010, he served as Deputy Executive Managing Member at Davidson Kempner Capital Management, a multi-strategy hedge fund. He and his wife oversee the Lisa and Michael Leffell Foundation, which supports Jewish education and Israel’s security. Michael also chairs Commentary magazine and is a trustee of JINSA. He earned a B.A. from Clark University and his J.D. from Columbia Law School.

Jonathan Kolatch

Jonathan is the Founder of Redwood Capital Management, which he grew to over $10 billion in AUM with a focus on high-yield and distressed credit. Prior to founding Redwood, he was a Partner at Goldman Sachs, where he held senior roles in Corporate Finance and Credit Arbitrage. Jonathan holds degrees from Columbia College and Harvard Business School.

Jonathan Kolber

Jonathan is Chairman and CEO of Anfield Ltd. and a Partner at Viola Group Management. He has led, advised, or chaired over 70 companies spanning innovation and growth equity. He previously led Claridge Israel with the Bronfman family and served as CEO of Koor Industries (NYSE/TASE), guiding its transformation and sale. Jonathan holds a degree from Harvard and studied advanced Arabic at the American University of Cairo.

Joel Alsfine

Joel is currently Chief Investment Officer at Rugger Management LLC, a single-family office. He previously served as Partner and Head of Tactical Investments at MSD Capital, where he oversaw strategy and manager selection. Joel began his career at TG Capital Corp and McKinsey & Company, and currently sits on the board of Asbury Automotive (NYSE: ABG) and Lifetime Group Holdings (NYSE: LTH). Joel holds an MBA degree from Stanford Graduate School of Business and an undergraduate degree from University of the Witwatersrand.

Sam Klatt

Sam is the Chief Investment Officer of 10 East and brings over two decades of investment experience across asset classes. Before co-founding 10 East and Portage Partners, he was a Vice President at M.D. Sass. He holds an M.S. in Real Estate Development from Columbia University and a B.A. in Economics from Johns Hopkins University. Sam is also a CFA charterholder.