A. Northern Lakes is a Delaware limited partnership that was formed in July 2021. The Firm’s general partner is Northern Lakes Capital, LLC, and the Firm is owned directly and indirectly by certain members of the Firm’s management team. B. The Firm provides investment advisory services to pooled investment vehicles (each a “Fund” and collectively, the “Funds”). The Funds generally seek to rely on an exemption from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”). Northern Lakes provides discretionary investment management services to the Funds in accordance with the applicable limited partnership agreement (or analogous organizational document), management agreement, subscription agreement and side letters of each Fund (each, an “Advisory Agreement”). The Advisory Agreements of a Fund, along with any private placement memoranda and related materials are referred to herein collectively as the “Offering Documents” of such Fund. The Firm’s primary investment objective for each Fund is set forth in such Fund’s Offering Documents. In accordance with a Fund’s individual investment objectives, investments are generally made in privately held companies located in the United States and elsewhere (each such company is referred to herein as a “Portfolio Company,” and collectively, the “Portfolio Companies”). Northern Lakes is affiliated with other entities that serve as general partner (each a “General Partner” and collectively the “General Partners”) to each Fund. The advisory services of Northern Lakes and of the General Partners

are described in this Brochure and in the Advisory Agreements applicable to a Fund, but generally consist of: investigating, identifying, and evaluating investment opportunities; structuring, negotiating, and making investments on behalf of the Funds; managing and monitoring the performance of such investments; and disposing of such investments. The information set forth herein regarding the investment advisory services provided by Northern Lakes shall also apply in respect of the General Partners unless specifically noted. C. Northern Lakes provides investment advice directly to each Fund, subject to the discretion and control of the applicable General Partner, and not individually to the investors in the Funds. Such investors accept the terms of advisory services as set forth in a Fund’s Advisory Agreements. The Firm expects to have broad investment authority with respect to the Funds and, as such, investors should consider whether the investment objectives of the Funds are in line with their individual objectives and risk tolerance prior to investing. D. As of December 31, 2022, Northern Lakes manages approximately $207 million in regulatory assets on a discretionary basis. The Firm does not manage any assets on a non-discretionary basis. E. Certain of the owners and employees of the Adviser are owners and employees of Stone Arch Capital, LLC (inclusive of its advisory affiliates “Stone Arch”). Stone Arch is a separately registered investment adviser that provides investment advisory services to pooled investment vehicles privately offered to qualified investors in the United States and elsewhere. More information regarding Stone Arch can be found on its Form ADV Part 2A.