iCapital Advisors, LLC (“iCapital”, “we”, “us” or “the Firm”), is a Delaware limited liability company that has been in business since May 2014. We are wholly owned by the Company and have our principal place of business in New York, NY. iCapital Securities, LLC (“iCapital Securities”) is a broker-dealer primarily engaged in the private placement of securities and is registered with the SEC and a member of the Financial Industry Regulatory Authority (“FINRA”). iCapital Securities serves as the Firm’s private placement agent in respect of certain Funds (as defined below) advised by iCapital and is also a wholly owned subsidiary of the Company. For additional information on iCapital Securities, see Item 14 below. iCapital provides investment advisory services to the Funds (as defined below) and may provide investment advisory services to other investment vehicles in the future. Investment advice is provided directly to the Funds, subject to the discretion and control of the applicable general partner, and not individually to the investors in a Fund. Each of the Funds is exempt from registration under the Investment Company Act of 1940, as amended. The Funds’ securities are not registered under the Securities Act of 1933, as amended. iCapital’s advisory services primarily include identifying underlying private equity or hedge fund managers with whom to invest the assets of its access funds and/or the ongoing operations and management of existing investments in such underlying funds (“Private Access Funds”) or identifying sub-advisors to assist iCapital in managing direct investments (“Direct Investment Funds”, each Private Access Fund or Direct Investment Fund, a “Fund” and collectively referred to herein as the “Funds”). Each Fund is managed in accordance with the applicable Fund’s confidential private placement memorandum (the “PPM”). A list of the Funds may be found in the Form ADV Part 1A. The Private Access Funds managed by iCapital were formed to pool investments of investors for the purpose of investing each such Fund’s assets with private equity or hedge funds (“Underlying Funds”) managed by third- party managers (“Underlying Managers”) that are selected by iCapital. Each Underlying Fund has its own PPM (“Underlying Fund PPM”), which includes important disclosures with respect to investment related risks, macroeconomic considerations, fees and other potential conflict issues, and such other disclosures as are determined appropriate by the Underlying Managers.

Certain Private Access Funds identify the Underlying Funds prior to the commencement of marketing the Fund, while others are wholly or partially “blind pools” for which the Underlying Funds are selected after marketing commences, and possibly after the Fund has held its final closing. The Direct Investment Funds primarily make investments directly in certain equity securities recommended by a sub-advisor (a “Sub-Advisor”) selected by iCapital in accordance with each such Fund’s respective investment objective and any investment guidelines, as set forth in that Fund’s PPM. These Funds permit investors to access private equity and hedge funds at investment minimums as set forth in the applicable PPM, some of which are as low as $10,000. Each Fund is managed only in accordance with its own investment objectives and restrictions and is not tailored to any particular private fund investor (each an “Investor” or “Limited Partner”). Since iCapital does not provide individualized advice to Investors, Investors should consider whether a particular Fund meets their investment objectives and risk tolerance prior to investing. We do not permit Investors in the Funds to impose limitations on the investment activity described in the Funds’ offering documents. Information about each Fund can be found in its offering documents, including its PPM and limited partnership agreement (the “LPA”). From time to time, iCapital is engaged by managers or general partners of third-party funds (or investors therein) to perform various due diligence services on behalf of the relevant fund which may include, among other things, preparation of investment evaluations, risk assessments and due diligence reports. In performing such services, iCapital generally engages in similar due diligence practices as it performs on behalf of the funds that are distributed by iCapital. In exchange for such due diligence service, iCapital is typically paid a fixed fee. As of December 31, 2022, total discretionary assets under management for iCapital Advisors, LLC were $82,055,831,111. Please note that for certain Funds, December 31, 2022 values were not available from the Underlying Funds and as a result, assets under management for these Funds are as of September 30, 2022. iCapital has included in its regulatory assets under management the assets of any clients for which it (or one of its affiliates) serves as general partner. Christopher W. Thome is iCapital’s Chief Compliance Officer (“CCO”).