Quona Capital Management LLC (formerly called Frontier Investments Group, LLC until May 2014 and Quona Capital L.L.C. until December 2022) is a Delaware limited liability company formed in February 2013. Quona Capital Management LLC provides investment management services primarily to pooled investment vehicles and separately managed accounts. Quona Capital Management LLC is owned by Jonathan Whittle (indirectly through Valeview Management, LLC), Monica Brand Engel (indirectly through Engel Inclusion, LLC), Venkateshwaran (Ganesh) Rengaswamy, and Johan Bosini. Quona Capital Management LLC will be referred to in this Brochure as the “Firm”. The Firm provides investment advisory services to separately managed accounts and pooled investment vehicles. The Firm manages six pooled investment vehicles and one separately managed account (the “SMA”). Of the six pooled investment vehicles, there are four Limited Partnerships (the “Partnerships”) and two Special Purpose Vehicles (the “SPVs”). The SPVs and the Partnerships are collectively referred to herein as the “Funds”. The Funds and the SMA are collectively referred to hereinafter as the “Clients.” The Firm primarily pursues a venture capital strategy, and aims to catalyze new approaches to financial inclusion by investment in companies that promote innovation in financial services. The Firm’s investment strategy is to go beyond microfinance and invest in disruptive business models and technologies that will enhance the efficiency, reach, and scope of products and services for the unbanked and underbanked. The Funds target companies that can be scaled to create both competitive financial returns and sustainable social impact.

The Funds seek to create demonstration effects so that new investors are encouraged to deploy capital that results in the expansion of financial inclusion. To the extent agreed in each Client’s written investment management agreement or governing document, the Firm tailors its investment advisory services to be consistent with each Client’s investment strategy, return profile, concentration limits, and other related objectives, as defined therein. However, the investment strategies of the Firm’s Clients are substantially consistent with those described above. As set forth in each Fund’s confidential private offering memorandum and/or limited partnership agreement (the “Offering Documents”), and the SPV’s Limited Liability Company Agreements (the “SPV Agreements”), the Firm tailors its advisory services to the needs of the Funds. The Firm has broad investment authority with respect to the Funds and, as such, investors should consider whether the investment objectives of the Funds are in line with their individual objectives and risk tolerance prior to investment. As described above, the Firm also manages SMAs. Such accounts may be tailored to the individual needs of each Client pursuant to a written investment management agreement or equivalent governing document. Although not expected, such agreements may contain restrictions on the Firm’s ability to make certain types of investments. The Firm does not participate in a wrap fee program. As of December 31, 2022, the Firm managed approximately $320,515,977 in Regulatory Assets Under Management (“RAUM”) on a discretionary basis and approximately $835,859,959 in Regulatory Assets Under Management on a non-discretionary basis.