Founded in 2015, NewRoad Capital Partners, LLC (“NRCP” or the “Firm”) is a private equity investment adviser located in Rogers, Arkansas. NRCP’s principal owners are Clete Brewer and Jeremy Wilson. NRCP provides investment management and advisory services to NewRoad Ventures, LLC (“Fund I”), NewRoad Fund III, L.P. (“Fund III”), NewRoad Fund IV, L.P. (“Fund IV”), NewRoad Fund III Coinvest I, L.P. (“Coinvest I”) and NewRoad Fund III Coinvest II, L.P. (“Coinvest II”), all of which are private pooled investment vehicles. In addition, NRCP co-manages Kayne NewRoad Ventures Fund II, L.P., a growth-focused private equity investment fund (“Fund II”), alongside Kayne Anderson Capital Advisors, L.P. (“KACALP”), an SEC-registered investment adviser. Further, NRCP’s affiliate, NewRoad Capital Advisors GP, LLC, is a co-general partner of Recurring Capital Fund I, L.P. and Recurring Capital Fund I (QP), L.P. (collectively, “RC Fund”), a parallel venture debt fund, alongside Recurring Capital GP, L.P., a co-general partner and an affiliate of Recurring Capital Management Company, LLC (“Recurring Capital”), an SEC-registered investment adviser. Fund I, Fund II, Fund III, Fund IV, RC Fund, Coinvest I and Coinvest II are each referred to as a “Fund” and collectively referred to as the “Funds.” Both KACALP and Recurring Capital are more fully described in Item 10 of this Brochure. The securities of the Funds are offered to qualified investors on a private placement basis pursuant to terms and conditions set forth in each of the Funds’ Private Placement Memoranda (herein defined individually as the “Memorandum” or collectively, the “Memoranda”) and limited partnership agreements, as applicable. The Funds themselves would be investment companies

as defined in Section 3 of the Investment Company Act of 1940, as amended (the “Investment Company Act”), but for Section 3(c)(1) and Section 3(c)(7) of the Investment Company Act. Generally, Fund I, Fund II, Fund III and Fund IV seek to make minority investments in privately held companies that are anticipated to be in the form of various types of securities, including, common equity, preferred equity, warrants, debt, or any combination thereof. RC Fund generally seeks to make debt and equity investments in companies with recurring revenue business models. Please see the Memoranda, limited partnership agreements, and Item 8 of this Brochure for more information on the Funds’ investment strategies and NRCP’s advisory business. NRCP does not tailor the investment decisions of the Funds to individual investors, and investors generally will not be able to impose restrictions on the Funds’ investments. In accordance with common industry practice, a Fund or its general partner may from time to time enter into a “side letter” or similar agreement with an investor pursuant to which the Fund or its general partner grants the investor specific rights, benefits or privileges that are not generally made available to all Fund investors. The Funds have entered into side letters or other similar agreements with certain prospective or existing investors. Such side letters have the effect of establishing rights under or altering or supplementing the terms of a Fund’s governing documents. See “Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss” below for additional details. As of December 31, 2023, NRCP managed approximately $469,507,314 in regulatory assets on a discretionary basis, and $139,274,903 in regulatory assets on a non-discretionary basis.