Nature of Advisory Business Renovus Associates, LLC (“Renovus” or “Adviser”) is an investment adviser private equity firm focused on lower middle market buyout investments in the knowledge and talent industry. The knowledge and talent industry consists of education, training and human capital businesses (businesses with a skilled workforce provided on an outsourced basis to corporate customers). Renovus commenced operations in 2010 and was founded by Bradley Whitman, Atif Gilani, and Jesse Serventi. Renovus’ focus is on small capital companies primarily with EBITDA of $3-10 million. Renovus is a Delaware limited liability company, and as detailed in Schedule R of ADV Part 1, has two relying investment advisers, Rcap Investors, LLC and R Holdco Manager, LLC (“Relying Advisers”). As stated in the Cover Page hereto, references to “Renovus” throughout this Brochure shall refer to Renovus together with its Relying Advisers, unless the context otherwise requires. Renovus, together with its Relying Advisers, conducts a single advisory business subject to a unified compliance program. Adviser provides discretionary investment advice to the following collective investment vehicles: 1.) two SBIC funds including, Renovus Capital Partners II, L.P., and Renovus Capital Partners III, L.P. (the “SBIC Funds”); 2.) five co-investment vehicles including, CM Acquisitions Co-invest, LLC, Collegis Co-invest, LLC, Renovus Ras Co-invest Holdings, LLC, EDDY Co-invest I, LLC, and EDDY Co-invest II, LLC (the “Co-Investment Vehicles”); and 3.) two non-SBIC private funds including, Renovus Capital Partners IIIA, L.P and Renovus Capital Partners, L.P. (“the Non-SBIC Funds”). Adviser provides infrequent investment advice to a separately managed account (“SMA”) for which it does not receive any investment management or fund-level fees. Additionally, the Relying Advisers provide discretionary investment advice to four investment vehicles as described in Part 1 of this ADV including, Rcap DG, LLC, Rcap Ascension, LLC, and Rcap TriStar, LLC (“Rcap Funds”), and R Holdco, LLC (together, the “the Attendant

Investment Vehicles”). The SBIC Funds, Co-investment Vehicles, Non-SBIC Funds, the Attendant Investment Vehicles shall be collectively referred to as the “Funds.” The Funds, together with the SMA (collectively, the “Clients”), constitute the only clients for whom Renovus provides investment advisory services as of the date of this Brochure. Renovus’ focus is on small capital companies primarily with EBITDA of $3-10 million. Renovus believes that this end of the market offers strong risk-adjusted returns because the businesses are large enough to support strong management teams and invest in growth but are too small to attract interest from most private equity buyers. Renovus has found that these companies are often founder-owned and available at attractive valuations because they lack the management team depth, internal systems and diversified product offerings to be considered “investment grade.” Renovus believes these shortcomings deter many potential buyers but also create the opportunity for a value-add investor to generate strong returns. In providing advisory services to the Funds, the Adviser sources new investment opportunities, makes investment and divestment recommendations, manages the Funds’ assets, and provides reports to the investors. In most cases, the Funds have the ability to select key individuals to run the company in which the Funds make an investment (“Portfolio Company”) and/or to designate an Adviser employee to participate in a Portfolio Company’s board meetings as a board member or an observer. The Adviser performs these services according to the terms of the applicable management agreements between each of the Funds and the Adviser. In situations where there is not a management agreement in place, such services will be governed by the applicable governing documents. In addition, the Adviser provides administrative support services to the Funds. Based on the calculation for “regulatory assets under management,” as of December 31, 2023, the Adviser had $1,540,290,011 of assets under management, all of which are managed on a discretionary basis.