American Infrastructure Partners (“AIP”) was organized as a Delaware limited liability company in 2018. American Infrastructure Partners continues the infrastructure-focused investment business pioneered by Robert B. Hellman, Jr. during his time with American Infrastructure Funds, L.L.C. (“AIM”), and McCown De Leeuw & Co. (“MDC”) as further described in Item 10 below. American Infrastructure Partners provides discretionary investment advice and administrative and ministerial support to pooled private investment vehicles, typically organized as Delaware limited partnerships (the “Funds”), pooled co-investment vehicles typically organized as Delaware limited liability companies or Delaware limited partnerships (the “Co-Investment Vehicles”), and separately-managed accounts for institutional clients (the “SMA clients” and together with the Funds and Co-Investment Vehicles, the “Advisory Clients”). The Advisory Clients are not registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and the securities of the Advisory Clients are not registered under the Securities Act of 1933, as amended (the “Securities Act”). The Advisory Clients make primarily private investments in infrastructure and real property-based assets and businesses that seek to generate attractive current yield with significant potential for long-term capital appreciation. American Infrastructure Partners’ advisory services consist of investigating, identifying and evaluating investment opportunities, structuring, negotiating and making investments on behalf of the Advisory Clients, managing and monitoring the performance of such investments and disposing of such investments. The Funds have limited terms, at the conclusion of which final distributions will be paid to investors. The Co-Investment Vehicles are generally open only to investors in the Funds (“Fund Investors”), though American Infrastructure Partners (and its affiliates) has the right to and may make exceptions in the future. The SMA clients will often invest alongside Funds and Co- Investment Vehicles that share the same or similar investment strategy. Affiliates of American Infrastructure Partners serve as the respective general partners or managers of the Funds and Co-Investment Vehicles (as applicable) (collectively, the “GPs”). Each GP is a related person of American Infrastructure Partners and is under common control with American Infrastructure Partners. Each Fund and Co-Investment Vehicle is governed by a limited partnership agreement or a limited liability company agreement, as applicable, and each SMA client by an investment management agreement (the “Governing Documents”) that specify the investment guidelines and restrictions applicable to the Advisory Client. In addition, the private placement memoranda or similar offering documents prepared for the Investors of each Advisory Client also contain information regarding the intended investment program for such Advisory Client. American Infrastructure Partners, together with the GPs, provides investment management and administrative services to the Advisory Clients in accordance with the applicable Governing Documents and private placement memoranda or other offering materials. Each of the GPs retains management authority over the business and affairs, including investment decisions, of the Advisory Clients for which it serves as general partner or manager. The Investors in the Funds and Co-Investment Vehicles are “accredited investors” (as defined in Regulation D under the Securities Act) or “qualified purchasers” (as defined in the Investment Company Act), and may include, among others, high net worth individuals, trusts, estates, limited partnerships and limited liability companies. It should be noted that each of the GPs has full and exclusive management authority over all investments, asset dispositions, distributions, and other affairs of its respective Fund or Co- Investment Vehicle. While the GPs maintain ultimate discretionary investment authority over the respective Fund or Co-Investment Vehicle assets, American Infrastructure Partners has been delegated the role of investment adviser to the Funds or Co-Investment Vehicles pursuant to certain Investment Management Agreements between American Infrastructure Partners and the GPs (the “Management Agreements”). The GPs and their members will be subject to the Investment

Advisers Act of 1940 (the “Advisers Act”) and rules thereunder, and to all of American Infrastructure Partners’ compliance policies and procedures, including but not limited to American Infrastructure Partners’ code of ethics, conflict of interest, insider trading, personal securities transactions reporting, and recordkeeping policies and procedures. Each of the members of the GPs will be deemed “persons associated with” American Infrastructure Partners (as defined in section 202(a)(17) of the Advisers Act) and will be subject to SEC examination. As such, references to American Infrastructure Partners in this Brochure should also be considered references to the GPs in the appropriate context. Currently, American Infrastructure Partners advises private funds formed for the purpose of investing inU.S. post offices (the “Postal Fund”), New American Bridges (the “NABF”), and one SMA client, a non-US insurance company. The SMA client shares the same investment strategy as the Postal Fund and will make the same investments as the Postal Fund. The following describes the nature of American Infrastructure Partners’ advisory services with respect to its Advisory Clients: Postal Infrastructure Fund The Postal Fund was established to make acquire, consolidate, and improve privately owned U.S. postal facilities and seeks to deliver both attractive current income and equity returns to Fund Investors. NABF NABF was established to make private investments in fully-private, toll-based bridges designed for motor vehicles. These infrastructure investments are expected to generate stable, recurring cash flows that will increase with inflation and demographic growth. The Fund expects to have majority ownership in each bridge in which it invests, and full discretion on setting and changing toll rates. Individually, or together as a portfolio, the Fund’s investments can be restructured as MLPs, REITS or other similar entities. Co-Investment Vehicles The Co-Investment Vehicles are pooled investment vehicles which co-invest with Funds in deals which have investment opportunities exceeding the capacity of the Funds. The Co-Investment Vehicles will generally be open only to Investors in the Funds, though American Infrastructure Partners may in the future permit certain other investors to invest in the Co-Investment Vehicles. Investors in Co- Investment Vehicles are referred to herein as “Co-Investors”, and together with Fund Investors, are referred to as the “Investors.” American Infrastructure Partners and/or the GPs have sole discretion regarding when to create a Co-Investment Vehicle that will invest alongside a Fund. American Infrastructure Partners organizes a Co-Investment Vehicle to co-invest with a Fund in a particular investment when American Infrastructure Partners determines in good faith that the available investment opportunity exceeds the total amount that is in the Fund’s best interests to invest. As noted above, the only clients of American Infrastructure Partners are the Funds and Co-Investment Vehicles. American Infrastructure Partners tailors its investment advice to each such Advisory Client in accordance with the Advisory Client’s investment objectives and strategy as set forth in the relevant Governing Documents and confidential private placement memorandum or other offering document, as applicable. American Infrastructure Partners does not tailor its advisory services to the individual needs of Investors in its Funds or Co-Investment Vehicles, and Investors may not impose restrictions on investing in certain securities or types of securities. The Investors in each Fund or Co-Investment Vehicle are able to negotiate the terms of the applicable Governing Documents only in connection with their investments in such Advisory Client at the time of its organization, but the relevant GP may enter into side-letter terms with a particular Investor. The terms of the applicable Governing Document are tailored to the needs of each SMA client, and SMA clients may impose restrictions on investing in certain securities or types of securities. American Infrastructure Partners does not participate in wrap fee programs. Robert B. Hellman, Jr. is the principal owner of American Infrastructure Partners. As of December 31, 2023, American Infrastructure Partners manages approximately $1,559,458,349 of Advisory Client assets on a discretionary basis.