The Management Company, a Delaware limited partnership and registered investment adviser, and its affiliated investment advisers provide investment advisory services to investment funds privately offered to qualified investors in the United States and elsewhere. Emblem commenced operations in August 2023. The Management Company is a new investment adviser and, as of the date of this Brochure, does not manage any client assets. Within 120 days of the filing of this Brochure, the Management Company expects to manage in excess of $100,000,000 in client assets on a discretionary basis. Emblem’s clients are expected to include:
• Emblem Investments Fund I, L.P. and Emblem Investments Fund I-A, L.P. (collectively, “Fund I”) (Fund I, together with any future private investment fund to which Emblem and/or its affiliates provide investment advisory services, the “Funds,” and each, a “Fund”). Emblem also is permitted to serve as investment adviser to an “executive fund” offered to its personnel, affiliates and other investors with a relationship to Emblem or its personnel. The following general partner and managing member entities are affiliated with Emblem:
• Emblem Investments GP I, L.P. (“Fund I GP”) (each, a “General Partner,” and collectively, together with any future affiliated general partner entities, the “General Partners,” and together with Emblem and their affiliated entities, the “Firm”). Each General Partner is subject to the Advisers Act pursuant to the Management Company’s registration in accordance with SEC guidance. This Brochure also describes the business practices of the General Partners, which operate as a single advisory business together with the Management Company. The Funds are private equity funds and invest through negotiated transactions in operating entities, generally referred to herein as “portfolio investments.” Emblem’s investment advisory services to the Funds consist of identifying and evaluating investment opportunities, negotiating the terms of investments, managing and monitoring investments and achieving dispositions for such investments. Where such investments consist of portfolio investments, the senior principals (the “Principals”) or other personnel of Emblem or its affiliates generally serve on such portfolio investments’ respective boards of directors or otherwise act to influence control over management of portfolio investments in which the Funds have invested. Emblem’s advisory services to the Funds are detailed in the relevant private placement memoranda or other offering documents (each, a “Memorandum”), limited partnership and/or other operating agreements of the Funds (each, a “Partnership Agreement” and, together with any relevant Memorandum, the “Governing Documents”) and are further described below under “Methods of Analysis, Investment Strategies and Risk

of Loss.” Investors in the Funds (generally referred to herein as “Investors” or “Limited Partners”) participate in the overall investment program for the applicable Fund, but in certain circumstances are excused from a particular investment due to legal, regulatory or other agreed-upon circumstances pursuant to the Governing Documents; for the avoidance of doubt, such arrangements generally do not and will not create an adviser-client relationship between the Firm and any Investor. The Funds or the General Partners have entered into side letters or other similar agreements (“Side Letters”) with certain Investors that have the effect of establishing rights under, or altering or supplementing the terms (including economic or other terms) of, the Governing Documents with respect to such Investors. Additionally, as permitted by the Governing Documents, Emblem expects to provide (or agree to provide) investment or co-investment opportunities (including the opportunity to participate in co-invest vehicles) to certain current or prospective Investors or other persons, including other sponsors, market participants, finders, consultants and other service providers, portfolio investment management or personnel, Emblem personnel and/or certain other persons associated with Emblem and/or its affiliates (e.g., a vehicle formed by Emblem’s Principals to co-invest alongside a particular Fund’s transactions). Such co-investments typically involve investment and disposal of interests in the applicable portfolio investment at the same time and on the same terms as the Fund making the investment. However, for strategic and other reasons, a co-investor or co-invest vehicle (including a co-investing Fund) purchases a portion of an investment from one or more Funds after such Funds have consummated their investment in the portfolio investment (also known as a post-closing sell-down or transfer), which generally will have been funded through Fund Investor capital contributions and/or use of a Fund credit facility. Any such purchase from a Fund by a co-investor or co-invest vehicle generally occurs shortly after the Fund’s completion of the investment to avoid any changes in valuation of the investment, but in certain instances could be well after the Fund’s initial purchase. Where appropriate, and in Emblem’s sole discretion, Emblem reserves the right to charge interest on the purchase to the co-investor or co-invest vehicle (or otherwise equitably to adjust the purchase price under certain conditions), and to seek reimbursement to the relevant Fund for related costs. However, to the extent any such amounts are not so charged or reimbursed (including charges or reimbursements required pursuant to applicable law), they generally will be borne by the relevant Fund. Emblem is principally owned by Patrick Cook and Ryan Duffy.