Advisory Business Blue Rock was formed in September 2015 in order to facilitate a restructuring effort by Blue Rock Advisors, Inc. (the “Founding Entity”). Robert Fullerton established the Founding Entity in 1989. The Founding Entity was registered as an investment adviser with the SEC from 1999 until March 30, 2016. Blue Rock’s registration with the SEC became effective in November 2015. Blue Rock is the investment adviser to private investment funds (each a "Fund" and, collectively, the "Funds"). Blue Rock focuses exclusively on low net exposure long-short equity investments. Currently, Blue Rock tracks and maintains opinions on its entire investable universe of low net exposure long-short equity portfolio managers (approximately 650 as of the date of this Brochure). Blue Rock provides discretionary investment advisory services to the Funds by selecting third party investment managers to facilitate a “fund-of-funds” or "multi-manager" investment strategy. Through their investment in the Funds, investors have access to a relatively diversified mix of Portfolio Managers (as defined below). The Funds seek to lessen market risk and achieve consistent positive returns across market cycles. Each Fund utilizes a "fund-of-funds" or "multi-manager" investment strategy pursuant to which each of the Funds' capital is (1) allocated among a selected group of private investment funds ("Portfolio Funds") that are managed by portfolio managers that are not affiliated with Blue Rock ("Portfolio Managers") and/or (2) allocated pursuant to separate investment sub-advisory agreements granting Portfolio Managers discretionary trading authority over a Fund’s assets committed to such Portfolio Managers. Blue Rock seeks to allocate the assets of each Fund to Portfolio Managers with differing styles, sectors or industry specialization with the objective of reducing individual manager risk, as well as portfolio risk. By monitoring and controlling the level of invested capital allocated to each Portfolio Manager, Blue Rock seeks to tailor such investments to meet each Fund's overall investment

objectives. Despite employing a “fund-of-funds” and a "multi-manager" investment strategy, some of the Funds also make direct investments into certain derivative instruments (the “Alpha Overlay Funds”). The Alpha Overlay Funds allocate assets to an affiliated Fund (i.e., another Fund managed by Blue Rock) and utilize swap agreements and/or futures contracts in order to achieve their respective investment objectives. Swap agreements and futures contracts are individually negotiated with independent financial institutions ("counterparties") and are structured to include exposure to a variety of different types of investments or market factors. Blue Rock is 100% employee-owned by (1) Robert Fullerton, Founder and Principal (through ownership of the Founding Entity), (2) Mark Steen, Principal (primarily through ownership of the Founding Entity), and (3) Robbie Burkhart, Chief Executive Office and Chief Investment Officer. Each of the Funds (1) is a private pooled investment vehicle, the securities of which are offered to investors on a private placement basis, and (2) is exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) pursuant to an exclusion from the definition of “investment company” set forth in either Section 3(c)(1) or 3(c)(7) thereunder. All prospective investors will receive a confidential offering memorandum that contains detailed information about the applicable Fund's structure, investment objectives, investment strategy, restrictions, risks, tax treatment, ERISA considerations and conflicts of interest, among other things. Prior to accepting an initial subscription for investment into any of the Funds, investors are required to complete and execute a subscription agreement which sets forth the terms, conditions and risks of the Fund. Blue Rock reserves the right to reject an investment into any of the Funds for any reason. As of December 31, 2022, Blue Rock had approximately $2,672,005,433 in regulatory assets under management and $1,199,300,102 in net assets under management, all of which is in discretionary accounts.