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 Institutional Capital Network, Inc. (the “Company”), which, in turn, is wholly owned by iCapital, Inc. Our principal place of business is New York, NY. iCapital Markets LLC (“iCapital Markets”), an SEC-registered broker-dealer and member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”), acts as a broker-dealer with respect to the distribution – either through its proprietary, institutional-only web-based platform or through its distribution team – of alternative and structured investments, including private investment funds that are sponsored and/or advised by iCapital or an affiliate. Among other things, iCapital Markets serves as the Firm’s private placement agent with 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 Markets, 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 financial products (e.g., private investment funds, business development companies, and real estate investment trusts) managed, issued or sponsored by third parties into which iCapital invests the assets of its access funds and/or the ongoing operations and management of existing investments in such access funds (“Private Access Funds”) or identifying sub-advisers 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 into financial products (“Underlying Fund” or “Underlying Funds”) managed, issued or sponsored by third-party managers (“Underlying Managers”) that are selected by iCapital. Each Underlying Fund has its own PPM or offering document (“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-adviser (a “Sub-Adviser”) 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 investment funds and other financial products 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 with respect to the Underlying Funds or other third-party financial products 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 the Underlying Funds on behalf of the Private Access Funds that are distributed by iCapital Markets. In exchange for such due diligence service, iCapital is typically paid a fixed fee. iCapital Architect: iCapital Architect by iCapital is a portfolio construction tool that offers financial professionals at broker-dealers and investment advisers as well as institutional investors the ability to analyze how alternative and structured investments would affect certain portfolio characteristics. This tool currently is made available by iCapital Markets LLC pursuant to IAA Section 202(a)(11)(C) but anticipates making it available through iCapital in the first half of 2024. AI Insight: AI Insight by iCapital is an alternative investment educational tool that provides access to educational materials on alternative investments, including educational materials for specific products. AI Insight allows the home offices of broker-dealers and investment advisers to mandate the completion of these educational materials and allows home offices, in their discretion, to set certain passing rates. Users pay annual subscription fees to access AI Insight. In addition, product sponsors pay an annual rate per product for iCapital to provide educational materials on the sponsor’s products. As of December 31, 2023, total discretionary assets under management for iCapital Advisors, LLC were $85,932,536,817. Please note that for certain Funds, December 31, 2023, values were not available from the Underlying Funds and as a result, assets under management for these Funds are as of September 30, 2023. 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”).