Banner Ridge Partners, LP (the “Adviser” or “Banner Ridge”), a Delaware limited partnership formed in June 2019 is an investment advisory firm with its headquarters in New York, New York. Anthony Cusano and Christopher Driessen (the “Principals”) are the founding partners and principal owners of Banner Ridge. Messrs. Cusano and Driessen are responsible for the management of the strategies employed by Banner Ridge. Banner Ridge LLC serves as the general partner of Banner Ridge and is owned by Mr. Cusano. Banner Ridge serves as the investment manager and provides discretionary advisory services to private funds and special purpose vehicles (each a “Fund” or “Client” and collectively the “Funds” or “Clients”). Banner Ridge may establish additional Funds for a limited number of Clients where such Fund’s strategy and investment restrictions are determined by such Clients. Additionally, Banner Ridge provides non-discretionary consulting services to certain pension clients. Such services include advice with respect to manager selection and portfolio objectives. Interests in the Funds are currently offered on a private placement basis, and where applicable, in reliance on Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), to persons who generally are “accredited investors” as defined under the Securities Act of 1933, as amended (the “Securities Act”), and “qualified purchasers” as defined under the Investment Company Act, and who are subject to certain other conditions, which are fully set forth in the Offering Documents of such Funds. Interests in, or shares of, non-U.S. Funds are generally offered to persons who are not “U.S. Persons,” as defined under Regulation S of the Securities Act, or who are tax-exempt U.S. Persons (or entities substantially comprised of tax-exempt U.S. Persons) on a private placement basis, and who are subject to certain other conditions, which are fully set forth in the Offering Documents of such Funds. The general partner or equivalent of each Fund is an affiliate of the Adviser (each a “General Partner”). Each General Partner is subject to the Investment Advisers Act of 1940, as amended (the “Advisers Act”) pursuant to the Adviser’s registration in accordance with SEC guidance. This Brochure also describes the business practices of the General Partners, which operate as a single advisory business together with the Adviser. The General Partner of a Fund, which may advise one or more Funds, may determine it is appropriate for a Fund to co-invest alongside other Funds in circumstances where Banner Ridge determines that a Fund’s Portfolio Investment (as defined below) should be less than the total equity investment required for such Portfolio Investment. Banner Ridge may make the determination to utilize a co-investment Fund for reasons such as the size or specific characteristics related to the applicable investment or for other strategic reasons, as determined by Banner Ridge. The Funds are structured as private equity funds that make Portfolio Investments. The Adviser’s investment advisory services to the Funds consist of identifying and evaluating investment opportunities, negotiating the terms of investments, managing and monitoring investments and achieving dispositions for such investments. The investment objective of Banner Ridge is to meet the investment goals of its Clients by identifying what it believes are best-in-class alternative asset managers, with a focus on private equity, in niche markets and to work alongside those managers to (i) provide them with committed capital to make private market investments (“Primary Investments”), (ii) provide liquidity solutions to their underlying limited partners (“Secondary Investments”) and (iii) invest alongside them in pre-identified transactions (“Co-Investments”). Banner Ridge believes it can achieve this objective by targeting deep value opportunities, focusing on fragmented markets and

working through structural complexities. In making Primary Investments, Banner Ridge seeks to identify world-class alternative asset managers with fortified competitive advantages in niche markets. Banner Ridge believes its Principals have extensive experience and relationships in niche markets, particularly distressed, special situations and credit and small buyouts. Banner Ridge believes closely monitoring each asset class allows it to make more targeted commitments depending on the market cycle including distressed trading, distressed-for-control, turnaround private equity, structured credit and small buyout growth equity. In making Secondary Investments, Banner Ridge provides liquidity solutions to owners of private equity interests, hedge fund side pockets, and other types of locked-up capital. Banner Ridge may also invest in separately managed accounts. Banner Ridge’s investments stem from its extensive relationships across investment funds and intermediaries. Banner Ridge focuses on investments where it believes it has identified an information advantage and a market inefficiency. Banner Ridge primarily targets opportunities in distressed private equity, hedge fund side pockets and out-of-favor managers. While these pools of capital had different initial strategies, they often own similar assets; Banner Ridge believes that by understanding relative value, it can generate outperformance. Finally, Banner Ridge believes its investment team has significant experience with complex transaction structures. Banner Ridge invests in Co-Investments by partnering with what it believes are best-in-class managers to find undervalued opportunities. Banner Ridge believes: (i) strong co-investments start with strong historical relationships with its partners; (ii) identifying managers with robust diligence processes and differentiated sourcing ensures attractive opportunities; and (iii) demonstrating that Banner Ridge is a reliable and complimentary partner ensures the option to invest. Banner Ridge believes its robust investment process of identifying value and focusing on market inefficiency ensures strong performance. Finally, Banner Ridge may opportunistically buy or sell public or private securities that de-risk or complement its portfolio including equities, options, derivatives, total return swaps and credit instruments. The majority of the Adviser’s assets are interests in private equity funds (the “Underlying Funds”) managed by unaffiliated third-party managers (the “Underlying Managers”) and private equity- backed companies or securities (collectively, “Portfolio Investments”). In providing services to Funds, among other things, Banner Ridge: (i) manages the Funds’ assets in accordance with the terms of the applicable Fund’s confidential offering memorandum, individual limited partnership agreement, limited liability company operating agreement, investment advisory agreement and other governing documents applicable to each Fund (collectively the “Governing Documents”); (ii) formulates investment objectives and, to the extent applicable, investment restrictions; (iii) directs and manages the investment and reinvestment of the Funds’ respective assets; and (iv) provides, or causes to be provided, periodic reports to investors and/or Funds, as applicable. Banner Ridge provides investment advice directly to the applicable Fund and not individually to limited partners, members or shareholders of a particular Fund. Fund investors are not currently permitted to impose restrictions on the types of investments in which their respective Fund may invest. Investment restrictions for a Fund, if any, are established in the Governing Documents of the applicable Fund. Banner Ridge may, in the future, organize additional investment vehicles or provide investment advisory services to other accounts that follow an investment strategy similar to or different from the investment program of the Funds. As of December 31, 2023, Banner Ridge has $7,265,526,950 regulatory assets under management.