Chestnut Funds is an investment adviser registered with the United States Securities and Exchange Commission (SEC) and is a limited liability company formed under the laws of the State of Tennessee in 2015 and headquartered in Chattanooga, Tennessee. We filed our initial application to become registered as an investment adviser in September 2020. Chestnut Funds was formerly named Chestnut Real Estate Funds, LLC. John Steen Watson holds 90% membership control of Chestnut Funds, LLC. Steen Watson is also our Co-Founder, Managing Member, Chief Executive Officer and President. Description of Advisory Services Chestnut Funds serves as investment adviser to clients that are pooled investment vehicles and special purpose investment vehicles which will not be registered as investment companies in reliance on an exemption from registration under the Investment Company Act of 1940, as amended, and the securities of which will be offered and sold in reliance on an exemption from registration under the Securities Act of 1933, as amended. As of the date of this Brochure, we provide advisory services to Chestnut Real Estate Fund I, L.P., Chestnut Real Estate Fund II, L.P., Chestnut Real Estate Fund III. L.P., Chestnut Healthcare Fund I, L.P., Chestnut Anchor Healthcare Fund II, L.P., and Chestnut Opportunity Zone Fund, L.P., as well as several special-purpose investment vehicles (the “Private Funds”). Companies affiliated with Chestnut Funds serve as the sponsor, general partner and/or managing member of the Private Funds. Thus, Chestnut Funds is not independent of the Private Funds. See also Item 10 – Other Financial Industry Activities and Affiliations, Item 11 – Participation in Client Transactions and Personal Trading and Item 16 – Custody of this brochure for more information. Each Fund’s investment objectives and other characteristics are set forth in the Private Placement Memorandum (“PPM”) and governing documents provided to each investor in such Fund (an “Investor”). We will tailor the advisory services for each Fund based on each Fund’s investment objective and investment strategy. We do not tailor advisory services to the individual Investors. The following are descriptions of our advisory services. A written agreement, which details the exact terms of the service, must be executed by each Fund and Chestnut Funds before we can provide the services described below. Overview Chestnut Funds is a commercial real estate investment management firm that manages investment funds and other investment vehicles that acquire income-producing properties and develops or redevelops projects/assets in strategic locations. We strive to minimize risk and maximize current income, creating long-term value for Investors. The Private Funds we manage invest primarily in joint ventures with operating partners to acquire

and develop real estate property, but they also invest indirectly through other investment vehicles that hold real estate property. We seek opportunities for the Private Funds to add value through property enhancements, improvements in operations, marketing, and property positioning. We identify and screen potential properties for investment purposes, conduct due diligence on such investment opportunities, select specific properties that are suitable for investment, and monitor the Chestnut Funds, LLC Page 5 Form ADV Part 2A: Firm Brochure performance of the Private Funds’ investments on an on-going basis. We endeavor to do the following:
• Develop a general investment strategy based on each Fund’s objectives
• Screen potential investment properties for the Private Funds
• Conduct due diligence on potential investment properties for the Private Funds
• Evaluate and complete investment documents necessary to invest directly in selected real estate properties
• Monitor investments and consult with Private Funds periodically regarding all holdings
• Deliver periodic (quarterly and annual) updates to the Investors regarding the status of investments held in the Private Funds Types of Investments We have four Fund “families” that we categorize into the following focus areas: 1. Real Estate Funds. Investing in development, value add and opportunistic real estate projects in the office, medical office, retail, mixed use, and industrial market segments. 2. Medical Office Funds. Investing in the acquisition of core and core-plus medical office buildings and other healthcare properties. 3. Opportunity Zone Funds. Investing in development and value-add real estate projects located in Opportunity Zones that align capital and community needs to deliver financial and social returns. 4. Co-Investment Funds: Investing in single asset funds that invest alongside one of the above multi-asset fund types in a specific property (office, medical office, retail, mixed use, or industrial). Tailor Advisory Services to Individual Needs of Clients We do not currently have individual, natural-person clients or institutional, company-clients. We serve as the investment adviser to affiliated real estate Private Funds and have no other clients. All management and investment decisions regarding our Private Funds is based on the individual fund objectives, strategies and policies. We are responsible for all major investment decisions including, without limitation, amending or changing an individual real estate Private Fund’s investment objective; determining investment strategies; and establishing and implementing investment policies or limitations. Assets Managed by Chestnut Funds As of December 31, 2022, we managed $184,123,452 in Private Fund assets.