A. Permanent Equity Management is a private investment management firm located in Columbia, Missouri. Permanent Equity Management was formed in 2019 by its founder and principal owner, Brent Beshore (the “Principal”). Permanent Equity Management provides investment advisory, supervisory, and management services on a discretionary basis to multiple affiliated private investment funds, (each, a “Fund”, and together, collectively, the “Funds”), making privately negotiated equity and equity-related investments. The Governing Documents of the Funds, as defined below, may provide for the establishment of parallel or alternative investment vehicles in certain circumstances. Fund investors may participate in such vehicles for the purposes of certain investments, and such vehicles, under certain circumstances, can also be considered clients of Permanent Equity Management. Permanent Equity Management provides investment advisory services in accordance with the investment objectives, strategies, guidelines, restrictions and limitations described in the applicable governing documents of each Fund, including, without limitation, each Fund’s private placement memorandum, limited partnership agreement, subscription documents, side letters, investment management agreements and capital call notices (collectively, the “Governing Documents”), and the information in this Brochure is qualified in its entirety by the information set forth in the Governing Documents. The following general partner entities are affiliated with Permanent Equity Management (each a “General Partner”, and collectively, the “General Partners” and together with Permanent Equity Management, collectively, “Permanent Equity”): (i) Adventur.es GP LLC; and (ii) Adventur.es GP II, LLC. The General Partners each serve as general partner to a Fund, but are not registered investment advisers. Instead, the General Partners rely on Permanent Equity Management’s registration in accordance with SEC guidance. See Item 10. This Brochure describes the business practices of Permanent Equity, as a single advisory business. Except as the context otherwise requires, any reference in this Brochure to Permanent Equity or Permanent Equity Management shall include both Permanent Equity Management and the General Partners. In some cases, in connection with sponsoring a Fund, the General Partner of such Fund will delegate to

Permanent Equity Management responsibility for the management, operation, and control of the investment activities of such Fund, to the fullest extent permitted by law and the applicable Governing Documents, subject to the supervision and decision-making power of the General Partner. B. Permanent Equity’s investment advisory services include establishing each Fund's investment objective and selecting portfolio investments according to each Fund's specific investment strategy, as described in the applicable Fund’s Governing Documents. As identified above, the Funds are private equity funds that invest through negotiated transactions in operating entities, generally referred to as “portfolio companies.” Accordingly, the objective of Permanent Equity is to seek opportunities to generate risk-adjusted, long-term returns in the form of dividends and distributions, with the potential for capital appreciation through the targeted acquisition and retention of North American middle market and lower middle market portfolio companies. This objective is pursued primarily by advising the Funds in connection with making, holding and eventually disposing of privately negotiated controlling investments in such companies with the intention of the Funds holding such investments for the duration of their respective terms. Notwithstanding the foregoing, Permanent Equity may still target and ultimately recommend minority and non-equity investments in portfolio companies. C. While each of the Funds will follow the general strategy stated above, Permanent Equity may, subject to the terms of the Governing Documents, tailor the specific advisory services with respect to a Fund at Permanent Equity’s discretion and based on the individual investment strategy of such Fund. Please note that Permanent Equity’s clients are the Funds. Investors in the Funds are not clients of Permanent Equity. Permanent Equity does not tailor its investment advice to the individual investors in each Fund, and therefore, investors cannot impose restrictions on the types of investments made through the Funds. Any restrictions on investment are set forth in the Governing Documents. D. Permanent Equity does not participate in wrap fee programs. E. As of December 31, 2023, Permanent Equity has approximately $400,832,701 in regulatory assets under management, all of which are managed on a discretionary basis.