Firm Description Alpha Leonis Partners, LLC (“ALP” or “the Firm” or “we”), a Delaware Limited Liability Company based in New York, was founded in January 2021. The Firm was created with a vision of providing prudent stewardship and custom strategic investment advisory solutions for its clients’ assets. The Firm expects that its client base will consist primarily of institutional entities such as foundations, endowments, and operating charities. The Firm expects to provide its services to clients based primarily in the United States. Principal Owners The Firm is owned by Alpha Leonis Partners AG (“ALP AG”), a financial services firm located in Zurich, Switzerland. Services The Firm provides a comprehensive range of services in the area of non-discretionary (advisory) investment management. When providing services to our clients, we also utilize the resources and personnel of ALP AG. Any arrangements with ALP AG are subject to various conditions designed to ensure compliance with U.S. laws and regulations and adequate SEC oversight when investment advisory services are provided to U.S. persons. The core services provided by ALP can be described in terms of the following three pillars: 1. Focused Private Equity Programs; 2. Specialized Liquidity Management; and 3. Outsourced CIO Services. Services provided by the Firm typically comprise the following elements:
• Asset Allocation: The Firm conducts studies to determine the appropriate target percentage allocation to various asset categories and its minimum to maximum ranges considering the client's investment objectives, risk tolerances, special or unique circumstances, and investment time horizons. It also continuously monitors a client’s asset allocation and market conditions related to different asset classes in order to consider optimal rebalancing of asset allocation when it deems that to be in the best interest of the client and in accordance with the respective client’s Investment Policy Statement that might govern active or dynamic asset allocation;
• Investment Policy Statement (“IPS”): The Firm helps develop an IPS for each client (or, in the case of an existing policy statement, reviews it and recommends changes where appropriate). This IPS provides guidance (covering any applicable restrictions and/or limitations) for the Adviser as well as third party managers in charge of managed account structures, for the management and oversight of a client’s financial assets;
• Capital Market Research: The Firm conducts comprehensive capital (public equity, private equity, fixed income and commodities-oriented) market research and identifies suitable investment opportunities in various asset categories, in accordance with the client’s IPS;
• Due Diligence: The Firm conducts in-depth due diligence on all potential investment opportunities.

The due diligence process involves financial market data analysis, review of consultant research, sell side research, industry analysis, Bloomberg data analysis of public information and in-person (or virtual) meetings with all key professionals relevant for an investment (i.e., management team of a target company, deal sponsor, fund manager, etc.);
• Presentation of Investment: The Firm presents investment ideas / opportunities to the client in a formal meeting using its Due Diligence Reports and answers all the questions a client might have about the new potential investment;
• Disposition / Re-Balancing: The Firm makes recommendations for the potential disposition or sale of investment positions held by the client;
• Portfolio Monitoring and Reporting: The Firm monitors client portfolios on a continuous basis and prepares comprehensive periodic exposure and performance reports, which can be tailor- made to a client’s needs. The Firm has the capacity to provide aggregate exposure and performance reports for the entire portfolio of a client, including those parts that are managed / advised by third parties;
• Cash-Flow Forecast: The Firm conducts a comprehensive cash-flow forecast for its clients, considering the existing client’s investment portfolio, future funding needs or new allocations to the portfolio using a proprietary cash-flow model developed for private markets funds. Furthermore, the Firm can prepare long-term projections for the client portfolio (NAV growth and changes in asset class composition), using the cash-flow forecast and the IPS of the client;
• Ancillary Investments-Related Functions: The Firm supports its clients with a wide range of investment-related tasks such as the completion of subscription agreements, providing information about the client within the know-your-customer (“KYC”) process, monitoring of capital calls and distributions, monitoring of corporate actions within all investments and providing recommendations pertaining to such corporate actions, etc.; and
• Selection of Service Providers: The Firm can assist the client with review of custodial relationships (or other service providers) and can help negotiate fees for the client. Our clients are free to select any combination of the services listed above and / or to request additional services (solutions provided are tailor-made). The range of services the client receives as well as the fees for such services are specified in the investment advisory agreement, which must be signed by the client and by the Firm before such services are provided. Clients may impose reasonable restrictions as applicable for non-discretionary mandates. Amounts Under Management As of December 31, 2023, the estimated Regulatory Assets under Management was $292.6m, all managed on a non-discretionary basis.