Activant Capital Group LLC (“Activant Capital”), a Delaware limited liability company, is a private investment management firm. Activant Capital and its affiliated investment advisers (defined below and collectively the “Affiliated Advisers”) provide discretionary investment management services to pooled investment vehicles such as private investment partnerships, special purpose entities, and co-investment vehicles (limited partners and/or shareholders in the private funds, co-investment vehicles, and special purpose entities are referred to as “Fund Investors” or “Limited Partners”). Additionally, Activant Capital controls four limited partner vehicles that serve as carried interest recipients for each of the Funds (each, a “Special Limited Partner” and, together, the “Special Limited Partners”). The Affiliated Advisers together with Activant Capital and its affiliates are collectively referred to as the “Advisers,” “Activant,” “we,” “us,” or “our.” Each Affiliated Adviser (i.e., Activant Ventures Management, LLC, Activant Ventures Advisors I, LLC, Activant Ventures Advisors II, LLC, Activant Ventures Advisors III, LLC, Activant Capital Advisors IV, LLC, and Activant Capital Advisors V, LP) is a relying adviser that is registered under Investment Advisers Act of 1940, as amended (“Advisers Act”), pursuant to the umbrella registration of Activant Capital, the filing adviser. This brochure also describes the business practices of the Affiliated Advisers which operate as a single advisory business together with Activant Capital. Formed in November 2012, Activant is principally owned by the founding partner, Steven Sarracino. Activant pursues a growth-equity investment strategy that intends to invest primarily in best-of-breed software, internet, internet of things (“IoT”), and data-centric businesses. Utilizing its operational and industry expertise, Activant will strive to help portfolio companies drive revenue and profitability. When selecting prospective investment targets we aim to look for strong topline growth, industry leadership, and outstanding management teams. Investment decisions are typically approved by an investment committee (the “Investment Committee”) that is chaired by Mr. Sarracino. Additional information about Activant’s investment strategies and associated risks can be found in greater detail below in Item 8, Methods of Analysis, Investment Strategies and Risk of Loss. The private funds include Activant Ventures I, LP, Activant Ventures II, LP, Activant Ventures III, LP and its alternative investment vehicle and feeder fund (together, referred to herein as “Fund III”), Activant Capital IV, LP and its alternative investment vehicle and feeder fund (together, referred to herein as “Fund IV”), and Activant Capital V, LP and its feeder fund (together, referred to herein as “Fund V”), which are Delaware limited partnerships (collectively, the “Private Funds”). Activant Ventures Advisors I, LLC, a Delaware limited liability company, serves as the General Partner of Activant Ventures I, LP. Activant Ventures Advisors II, LLC, a Delaware limited liability company, serves as the General Partner of Activant Ventures II, LP. Activant Ventures Advisors III, LLC, a Delaware limited liability company, serves as the General Partner of Fund III. Activant Capital Advisors IV, LLC, a Delaware limited liability company, serves as the General Partner of Fund IV. Activant Capital Advisors V, LP, a Delaware limited partnership, serves as the General Partner of Fund V. Activant Capital Management, LLC, a Delaware limited liability company, serves as the investment manager of the Private Funds. Mr. Sarracino is the sole member and manager of Activant Capital Management, LLC, Activant Ventures Advisors I, LLC, Activant Ventures Advisors II, LLC, Activant Ventures Advisors III, LLC, and Activant Capital Advisors IV, LLC, and is the sole member and manager of Activant Capital Advisors V GP, LLC, a Delaware limited liability company, which is the sole general partner of Activant Capital Advisors V, LP. The special purpose entities include Activant Investment II, LLC, Activant Holdings III, LP, Activant Holdings IV, LP, Activant Holdings V, LP, Activant WA Holdings,

LP, Activant RN Holdings, LP, Activant RN-C Holdings, LP, and Activant RN-A Holdings, LP (each, a Delaware limited partnership, and collectively, the “Special Purpose Entities”), and were formed to make single investments in technology enabled companies. The Special Purpose Entities at times invest in portfolio companies alongside the Private Funds and Co-Investment Vehicle Clients (as defined below). Activant Capital Group LLC or Mr. Sarracino serves as the General Partner or manager of the Special Purpose Entities. Mr. Sarracino is the sole member and manager of Activant Capital Group LLC. The co-investment vehicles include Activant RN CI Holdings, LP, Activant Ventures III Opportunities Fund 1, LP, Activant Ventures III Opportunities Fund 2, LP, Activant Ventures III Opportunities 3, LP, Activant Ventures III Opportunities Fund 4, LP, Activant Ventures III Opportunities Fund 6, LP and Activant Capital IV Opportunities Fund I, LP (collectively, the “Co- Investment Vehicle Clients”) which are organized as Delaware limited partnerships. The Co- Investment Vehicle Clients were organized and structured to facilitate investments by third party co-investors alongside the Private Funds and Special Purpose Entities. Activant Ventures Advisors I, LLC serves as the General Partner to Activant RN CI Holdings, LP and Activant Ventures Advisors III, LLC serves as the General Partner to Activant Ventures III Opportunities Fund 1, LP, Activant Ventures III Opportunities Fund 2, LP, Activant Ventures III Opportunities 3, LP, Activant Ventures III Opportunities Fund 4, LP and Activant Ventures III Opportunities Fund 6, LP. Activant Capital Advisors IV, LLC serves as the General Partner to Activant Capital IV Opportunities Fund I, LP. Mr. Sarracino is the sole member and manager of Activant Ventures Advisors I, LLC, Activant Ventures Advisors III, LLC and Activant Capital Advisors IV, LLC. The Private Funds, Special Purpose Entities, and Co-Investment Vehicle Clients are collectively referred to as “Clients.” In providing services to the Clients, among other things, Activant manages assets in accordance with the terms of the applicable governing documents. Activant provides investment advice directly to the Private Funds, the Special Purpose Entities, and the Co-Investment Vehicle Clients and not individually to a Client’s Fund Investors or Limited Partners. Investment restrictions for Clients are generally established in the applicable governing document such as a limited partnership agreement or private placement memorandum (collectively, the “Governing Documents”). Activant expects to advise other private funds, co-investment vehicles, and special purpose entities in the future. Activant, on its own behalf and on a Private Fund’s behalf, has entered into side letter agreements (“Side Letters”) with certain existing or prospective Limited Partners. Such Side Letters have and in the future may establish rights under, or alter or supplement the terms of, the Governing Documents between the parties to such Side Letters and the Client, and have and in the future may establish investment or other terms with such Limited Partners that are more favorable than the terms available to other Limited Partners. Other side letter rights are likely to confer benefits on the relevant Limited Partner at the expense of the relevant Private Fund or of Limited Partners as a whole, including in the event that a side letter confers additional reporting, information rights and/or transfer rights, the costs and expenses of which are expected to be borne by the relevant Private Fund. For the most part, any rights established, or any terms altered or supplemented will govern only the investment of the specific Fund Investor and not the terms of the Private Fund as a whole. The information provided herein about the investment advisory services provided by Activant is qualified in its entirety by reference to the Governing Documents and subscription agreements. As of December 31, 2023, Activant had regulatory assets under management of approximately $1,241,140,446, all of which are managed on a discretionary basis. Activant did not manage any client assets on a non-discretionary basis.