ADIA I and ADIA II, each a Delaware limited liability company, are Los Angeles-based investment advisers that provide strategic private equity services focused on lower-middle market companies, particularly founder-led and family-owned businesses, in a multitude of industries, including business and technology services, healthcare, financial technology, and software. The Firm began its advisory services in 2019. American Discovery Investment Advisors is principally owned by the Webber Trust, the Joliet Family Trust, the Degryse Family Trust, the McMahon Family Trust, the Elizabeth W. Shoemaker Separate Property Trust, and the Michael and Tracey Denbeau Living Trust. American Discovery Investment Advisors LLC serves as an investment adviser to American Discovery Fund, L.P. (“ADF I”) and a co-invest vehicle, American Discovery Co-Invest, L.P. (“AD Co-Invest”). An affiliate, American Discovery Investment Advisors II, LLC, is listed as a relying adviser on the Firm’s Form ADV and serves as an investment adviser to American Discovery Fund II, L.P. (“ADF II” and together with ADF I and AD Co-Invest, the “Funds”). The Funds are exempt from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”), pursuant to Section 3(c)7 of the Investment Company Act. Pursuant to the position expressed in the American Bar Association SEC No-Action Letter (January 18, 2012) (“ABA No-Action Letter”), this brochure describes the advisory services provided by American Discovery Investment Advisors, LLC, as a filing adviser,

American Discovery Investment Advisors II, LLC, as relying adviser, and the general partners, American Discovery Fund GP, LLC (“ADF I GP”) and American Discovery Fund II GP, LP (“ADF II GP” and together with ADF GP, the “General Partners”), which collectively operate as a single advisory business together. Individuals and entities may invest in the Funds as limited partners (“Investors”). Investment advice is provided directly to each Fund itself and not to the individual Investors in the Funds. American Discovery Investment Advisors tailors its advisory services to the individual needs of each Fund but not to the individual needs of underlying Investors. American Discovery Investment Advisors manages all of the Funds in accordance with the investment objectives and limitations set forth in each Funds’ offering memoranda, limited liability company agreement, limited partnership agreement, governing documents, subscription agreements, side letters, and any investment management agreement between American Discovery Investment Advisors and the Fund (“Operative Documents”). Any capitalized terms used herein without definition are defined in the Operative Documents. The advice provided by the Firm and its employees is limited to the types of investments described in the Operative Documents. The Firm does not participate in wrap fee programs. As of December 31, 2023, the Firm managed approximately $251 million of regulatory assets on a discretionary basis. The Firm does not manage any investments on a non-discretionary basis.