Gerchen Capital Management, LLC, doing business as Gerchen Capital Partners (the “Adviser” or “GCP”), is a Delaware limited liability company founded in 2021 to serve as an investment platform focused on legal and regulatory assets and other litigation-related opportunities. The Adviser provides discretionary investment advisory services to its advisory clients, which include private fund limited partnerships and other private fund advisory clients (collectively, the “Funds”). Certain Funds are affiliated with a general partner (“General Partner”) which is affiliated with GCP and has the authority to make investment decisions on behalf of the Funds. The General Partners are deemed registered under the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder (the “Advisers Act”), pursuant to GCP’s registration in accordance with SEC guidance. The applicable General Partner and/or GCP retains investment discretion and investors in the Funds do not participate in the control or management of the Funds. While the General Partners maintain ultimate authority over the respective Funds, GCP has been designated the role of investment adviser. For more information about the Funds and General Partners, please see GCP’s Form ADV Part 1, Schedule D, Section 7.A. and Section 7.B.(1). GCP provides investment advisory services to its Funds based on each Fund’s specific investment program and objectives. These objectives are described in and governed by the private placement memorandum (as applicable), limited partnership agreement, subscription agreements, side letter agreements and other governing documents of the relevant Fund (collectively, “Governing Documents”) and investors determine the suitability of an investment in a Fund based on, among other things, the Governing Documents. GCP and its affiliates have broad investment authority and offer advice on investments in litigation finance or other legal or regulatory opportunities, which generally includes entering into other structures or contractual arrangements, the value of which are derived from the performance or outcome of an underlying legal claim or series of legal claims, or other legal or regulatory processes. The Adviser provides investment advice to the Funds, not to the individual investors in the Funds. The Adviser on occasion will establish certain partnerships, such as co-investment vehicles, that are designed to invest

in one or more specific investments alongside the Funds. To the extent that such co-investment opportunities arise, the General Partners will first offer such opportunities to those investors with priority co-investment rights; thereafter, the Adviser is permitted to offer such co-investment opportunities to other investors in the Funds, or in another manner as permitted by the Governing Documents, at the Adviser’s sole discretion. Fund investors generally cannot impose restrictions on investing in certain securities or types of securities, other than through side letter agreements. Investors in the Funds participate in the overall investment program for the applicable Fund and generally cannot be excused from a particular investment except in certain circumstances pursuant to the terms of the applicable Governing Documents. In accordance with industry common practice, GCP has entered into side letters or similar agreements with certain strategic investors in the Funds that have the effect of establishing rights under, or altering or supplementing, a Fund’s Governing Documents. These additional rights include, but are not limited to: reporting rights, and additional advisory committee participation rights among other rights. These rights, benefits or privileges are not always made available to all investors, consistent with the Governing Documents and general market practice. Commencing in March 2025, the Adviser will make required disclosure of certain side letters to all investors (and in certain cases, to prospective investors) in accordance with the new Private Fund Rule. Side letters are negotiated at the time of the relevant investor’s capital commitment, and once invested in a Fund, investors generally cannot impose additional investment guidelines or restrictions on such Fund. There can be no assurance that the side letter rights granted to one or more investors will not in certain cases disadvantage other investors. The Adviser does not participate in wrap fee programs. Principals Ownership GCP is indirectly owned by Chief Executive Officer Adam Gerchen and Chief Investment Officer Ashley Keller and Managing Director Warren Postman through their ownership interests in GCP Holdings, LP. Regulatory Assets Under Management As of the date of filing this Form ADV, GCP managed approximately $1.091 billion of regulatory assets under management, all managed on a discretionary basis.