Belay Investment Group, LLC is a registered investment adviser based in Los Angeles, California. Belay is organized as a limited liability company under the laws of the State of Delaware and has been providing investment advisory services since its founding in 2015. Belay is majority women-owned and is managed on a day-to-day basis by Eliza Bailey and Amy Ko (collectively “Co-Founder”), real estate investment professionals with broad experience and an average of 25+ years in the real estate investment industry. The Firm became an SEC registered investment adviser on February 23, 2016. Belay is an institutional investment management firm that specializes in granular small to middle market real estate opportunities through the establishment of programmatic partnerships with high-caliber local and specialized operating partners. The firm pursues equity and debt opportunities across the risk spectrum, property types, and geographies, offering its clients scalability and customization. Belay Partnership Ventures II, LP, Belay ArcWest II Sidecar, LP, Belay Ventures, III, LLC, and Belay SISS, LLC Belay currently serves as the investment adviser to Belay Partnership Ventures II, LP. Belay ArcWest II Sidecar, LP, Belay Ventures III, LLC and Belay SISS, LLC (collectively the "Vehicles"), representing discretionary private equity real estate funds and separately managed accounts formed for the purpose of investing in other private equity real estate joint ventures. The Vehicles target real estate investments in which risk-adjusted returns may potentially be achieved through investing with small and mid-size local operators and sector specialists. The Vehicles provide scale for investors in this segment of the market by establishing programmatic and/or

long-standing relationships with the real estate operators. Belay has executed this strategy since its formation over nine years ago investing in real estate equity and debt investments, core-plus, value-add and opportunistic strategies across property types and markets within the United States. Belay does this by applying its thesis-driven investment approach to identify the specific real estate strategies and asset classes that provide risk-adjusted returns within a given market, and then collaborates with our local operating partners and sector specialists to source, underwrite, and asset manage the investments. As used in this brochure, the words "we", "our" and "us" refer to Belay Investment Group, LLC and the words "you", "your" and "client" refer to you as either a client or prospective client of our Firm. Also, the term Associated Person is used throughout this brochure to refer to Belay’s officers, employees and all individuals providing investment advice on behalf of our Firm. Assets Under Management The Firm currently has $410,200,680 of discretionary assets under management and does not manage any non-discretionary assets. 5 | P a g e Wrap Fee Programs The Firm only provides advisory services to the Vehicles and does not sponsor or manage any wrap fee programs or offer any other advisory services. Important Additional Considerations The information provided herein merely summarizes the detailed information provided by the Vehicles’ offering and organizational documents. Current Vehicles investors and prospective investors in any new Vehicle launched by Belay should be aware of the substantial risks associated with investment as well as the terms applicable to such investment. This and other detailed information are provided in the appropriate Vehicles offering and organizational documents.