The Adviser, a Delaware limited liability company, was formed in January 2018. The Adviser has its principal office in Atlanta, Georgia. The Adviser conducts business under the name “BIP Capital”, and as of June 2023, the Adviser also conducts business under the name “BIP Ventures”. Principal Owners Buffco, LLC, a Delaware limited liability company (“Buffco”), is the sole principal owner of the Adviser. Buffco is wholly owned by Mark Buffington. Mark Buffington is the sole manager of the Adviser. Fund Investment Advisory Services The Adviser provides investment advisory services to certain pooled investment vehicles (each a “PIV” and collectively, the “PIVs”) and also to single asset special purpose entities (each a “SPE” and collectively, “SPEs”) that are exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”), and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”). Furthermore, the Adviser provides investment advisory services to BIP Ventures Evergreen BDC (the “BDC”), a Business Development Company, which was formed in August 2023. PIVs, SPEs, and BDC are collectively referred to as “Funds” in this brochure. Currently the Adviser serves as the investment manager to fifteen PIVs: BIP Capital Venture Fund IV, LP; BIP Capital Venture Fund IV-QP, LP; BIP Capital Mini Fund I, LP; BIP Capital Mini Fund II, LP; BIP Capital Mini Fund II-QP, LP; BIP Capital Mini Fund III, LP; BIP Capital Mini Fund III-QP, LP; BIP Capital Mini Fund IIIb, LP; BIP Capital Mini Fund IIIb-QP, LP; Panoramic Annex Fund 4, LP; Panoramic Annex Fund 4-QP, LP; Panoramic Annex Fund 4b, LP; Panoramic Annex Fund 4b-QP, LP; Panoramic Venture Fund 5, LP; and Panoramic Venture Fund 5-QP, LP. BIP Capital Equity Partners IV, LP, an affiliate of the Adviser, serves as the General Partner for the BIP Funds; Panoramic Venture Fund 5 GP, LLC, an affiliate of the Adviser, serves as the General Partner for the Panoramic Funds; and other affiliates of the Adviser are expected to serve as general partners of PIVs established in the future. As the investment adviser to a particular PIV, the Adviser

identifies investment opportunities for, and participates in the acquisition, management, monitoring and disposition of investments, of the applicable PIV and BDC. The Adviser also provides administrative services to the PIVs, including accounting and investor reporting. Additionally, the Adviser serves as the manager (the “SPE Manager”) and investment adviser to twenty-eight SPEs: BIP Capital AchieveIt Series E-1, LLC; BIP Capital PAN Convertible Note, LLC; BIP Capital PAN Equity I, LLC; BIP Capital - Huddle Convertible Note, LLC; BIP Capital - ConnexPay, LLC; BIP Capital ConnexPay Equity I, LLC; BIP Capital 2080 Media Equity VII, LLC; BIP Capital EmpowHR Equity I, LLC; BIP Capital EmpowHR Convertible Note I, LLC; BIP Capital PAN Equity II, LLC; BIP Capital Huddle Equity II, LLC; BIP Capital EmpowHR Convertible Note II, LLC; Panoramic Trella Acquisition I, LP; Panoramic Trella Acquisition I-QP, LP; Panoramic UserIQ Equity II, LLC; Panoramic Wellview Sentry Merger I, LLC; BIP Capital 2080 Media Equity X, LLC; Panoramic ShiftMed Equity I, LLC; Panoramic ShiftMed Equity I-QP, LLC; Panoramic Mediafly Equity I, LLC; Panoramic Connexpay Equity II-AI, LLC; Panoramic Connexpay Equity II-QP, LLC; Panoramic ShiftMed Equity II-AI, LLC; Panoramic ShiftMed Equity II-QP, LLC, Panoramic 2080 Media Equity XI-AI, LLC; Panoramic 2080 Media Equity XI-QP, LLC; BIP Ventures 2080 Media Equity XII-AI, LLC; and BIP Ventures 2080 Media Equity XII-QP, LLC. As investment adviser, the Adviser participates in the acquisition, management, monitoring and disposition of the sole investment of each SPE. The Adviser also provides administrative services to the SPEs, including accounting and investor reporting. The advisory services offered by the Adviser are tailored to the needs of the Funds. See Items 8 and 13 of this Brochure for additional discussion of these tailored advisory services. No Wrap Fee Programs The Adviser does not participate in any wrap fee programs. Assets under Management All of the Adviser’s investment advisory services are provided on a discretionary basis. As of December 31, 2023, the Adviser has assets under management of $1,011,177,020.