This brochure describes the advisory business of L Squared. L Squared was founded in May 2014 by Managing Partners Robert Healy and Jeff Farrero and began sourcing deals in July 2014. Currently, L Squared provides day to day advisory services to commingled private investment funds (the “Funds” or the “Clients”), subject to the discretion and control of L Squared Capital Management LLC, a Delaware limited liability company and the general partner of the Firm (the “General Partner”). L Squared is filing a single Form ADV together with its relying adviser and General Partner, L Squared Capital Management LLC, in reliance on the position expressed in the 2012 ABA No-Action Letter. Together with the General Partner, L Squared operates as a single Managing Partner, and Partners Sean Barrette, Randall Hunt, and Adam Kimura own the remaining equity of L Squared. The General Partner is owned by Mr. Healy and Mr. Farrero. L Squared seeks to invest in high-margin, high-growth companies in its target sectors which include, but are not limited to, technology enabled services and software, industrial technology and education. These investments are in the form of long-term private equity interests that are typically held by special purpose vehicles that are in turn held by the Funds directly. L Squared’s services to the Funds include engaging in the business of making, managing, supervising and disposing of investments and engaging in such other activities incidental or ancillary thereto, including sourcing investment opportunities and negotiating investments. The Firm primarily invests in non-public entities but reserves the right to invest in public entities subject to the limitations set forth

in the governing documents of the Funds. L Squared or its affiliates generally serve on a portfolio company’s board of directors or otherwise act to influence control over management of portfolio companies held by the Funds. The Firm’s advisory services to the Funds are further described in their respective governing documents and are also generally described below under “Methods of Analysis, Investment Strategies and Risk of Loss.” Each investment for a Fund will generally be made through a separate series of the Fund. Each series is treated as a separate and distinct legal entity having separate assets, investment portfolios, investors and terms. The Funds and the Firm may enter into consulting arrangements, side letter arrangements or other similar agreements with investors that have the effect of establishing rights under or altering or supplementing a Fund’s governing documents with respect to such investors, including provisions relating to specific investments, as well as provisions relating to the Firm’s compensation. For more information regarding provisions that allow an investor’s investment to be altered or varied in certain circumstances, investors should refer to the relevant Fund’s governing documents. For purposes of this brochure, references to a Fund or Client will be deemed to include a single series of a Fund, or a Fund itself, as the context requires. The Firm provides its services to the Funds but may also offer customized investments to meet the individual needs of an investor. As of December 31, 2023, L Squared managed $1,404,920,000 (rounded to the nearest thousand) in Client assets, all managed on a discretionary basis. The Firm does not currently manage any non-discretionary assets.