PGP Advisors, a Delaware limited liability company and a registered investment adviser, and its affiliated investment advisers provide investment advisory services to investment funds privately offered to qualified investors in the United States. PGP Advisors commenced operations in January 1999. PGP Advisors currently provides advisory services to PGP Investors, LLC (the “Fund,” and together with any future private investment fund to which PGP Advisors or its affiliates provide investment advisory services, the “Funds”). PGP Manager, LLC, the manager of the Fund (the “Manager,” and together with PGP Advisors and their affiliated entities “Peninsula”), is affiliated with and controlled by PGP Advisors. The Manager is subject to the Advisers Act pursuant to PGP Advisors’ registration in accordance with SEC guidance. This Brochure also describes the business practices of the Manager, which operates as a single advisory business together with PGP Advisors. The Fund is a private investment fund that invests with a long-term view primarily in operating entities (referred to herein as “subsidiary businesses”) as well as other assets. PGP Advisors’ investment advisory services to the Fund consist of identifying and evaluating investment opportunities, negotiating the terms of investments, managing and monitoring investments and achieving dispositions for such investments. Although investments are made predominantly in non-public companies, investments in public companies are permitted. From time to time, where such investments consist of subsidiary businesses, the senior principals or other personnel of PGP Advisors or its affiliates generally serve on such subsidiary businesses’ respective boards of directors or otherwise act to influence

control over management of subsidiary businesses in which the Fund has invested. PGP Advisors’ advisory services to the Fund are detailed in the Fund’s advisory agreement (the “Advisory Agreement”), limited liability company agreement and/or other governing documents (the “Operating Agreement”) and are further described below under “Methods of Analysis, Investment Strategies and Risk of Loss.” In performing investment advisory services for the Fund, PGP Advisors utilizes its affiliate, Peninsula Pacific Management, LLC, a Delaware limited liability company (“PPM”), to employ all advisory personnel (other than M. Brent Stevens). See “Other Financial Industry Activities and Affiliations” below. Investors in the Fund participate in the overall investment program for the Fund. Additionally, from time to time and as permitted by the Operating Agreement, Peninsula has discretion to provide (or agree to provide) co-investment opportunities (including the opportunity to participate in co-invest vehicles) to all Fund investors and/or one or more strategic investors or other persons, including other sponsors, market participants, finders, consultants and other service providers, Peninsula’s personnel and/or certain other persons associated with Peninsula and/or its affiliates (“Co-Investors”). Such co-investments typically involve investment and disposal of interests in the applicable subsidiary business at the same time and on the same terms as the Fund. As of December 31, 2023, PGP Advisors managed $143,733,650 in client assets on a discretionary basis. PGP Advisors is principally owned and controlled by M. Brent Stevens through the Stevens Living Trust for which M. Brent Stevens and Marie Annette DeFrank each serve as trustee.