AIP is a Delaware limited partnership that has been registered with the SEC under the Investment Advisers Act of 1940, as amended (“Advisers Act”), since 2001, and offers, along with its affiliates, various investment products and services through managed account and investment portfolio structures. The general partner of AIP is Morgan Stanley Alternative Investments LLC (“MSAI”), and the limited partner of AIP is Morgan Stanley Investment Management Inc. (“MSIM”). AIP, MSAI and MSIM are all wholly owned subsidiaries of Morgan Stanley, a corporation whose shares are publicly held and traded on the New York Stock Exchange under the symbol “MS”. Morgan Stanley is a global financial services firm engaged in securities trading and brokerage activities, as well as providing investment banking, research and analysis and financial services. Overview AIP’s advisory business consists primarily of identifying investment opportunities and making investments in diversified portfolios of traditional and non-traditional investment funds. In addition, AIP recently launched the Omni Strategy, pursuant to which AIP engages and oversees investment managers as described below. AIP provides discretionary and non-discretionary investment management services and products to institutional and individual investors. AIP offers the flexibility of investing through individually customized managed accounts, dedicated single investor private funds and commingled funds. AIP advises on a (i) discretionary basis to privately and publicly offered pooled investment vehicles; and (ii) discretionary and non-discretionary basis to (a) private funds set up for qualifying individual investors; and (b) separately managed accounts consisting of a customized investment portfolio (“SMAs”). The investment vehicles and private funds for which AIP provides investment management services (as the managing member, general partner, or the investment manager) are collectively referred to herein as the “Funds”. For purposes of convenience, the Funds and SMAs are referred to herein as “Clients” or “Accounts”. AIP allocates assets to investment vehicles managed by AIP or its affiliates and unaffiliated third party investment managers; and, with respect to certain investment strategies, to equity or debt securities and over-the-counter derivatives and futures. Contract types include fixed income, forwards, spot foreign exchange and swaps. AIP also engages and oversees investment managers who employ one or more investment strategies on behalf of a Fund. The underlying investment funds in which the Clients invest are referred to throughout this Brochure as the “Underlying Investment Funds” and the investment managers who manage the Underlying Investment Funds are referred to as the “Underlying Investment Managers.” Investment managers engaged by AIP to manage assets directly on behalf of a Fund are referred to as “Portfolio Managers”. Portfolio Managers will generally be unaffiliated third-party investment managers but may also include one or more employee of AIP or its affiliates (each such employee, an “Internal Portfolio Manager” and collectively, the “Internal Portfolio Managers”). AIP will tailor its services to meet the needs of Clients by managing portfolios in accordance with the investment guidelines and restrictions set forth in an investment management agreement (with respect to SMAs) and the applicable governing materials (with respect to Funds). Investment advice is provided by AIP directly to each Fund in accordance with its particular investment objectives and not individually to the Fund’s investors. AIP’s advisory business focuses on providing discretionary and, in certain cases, non- discretionary, investment management services to Clients across seven strategies: (1) hedge funds; (2) risk premia; (3) alternative lending; (4) the Omni Strategy; (5) private markets (“Private Markets”); (6) opportunistic investments; and (7) customized portfolio solutions. AIP does not participate in any wrap fee programs. Hedge Fund Solutions The Hedge Fund Solutions business invests in the following asset classes and investment strategies: (i) Underlying Investment Funds (“Hedge Funds”); (ii) opportunistic investments (“Opportunistic Investments”); (iii) the Omni Strategy; (iv) risk premia (“Risk Premia Investments”); and (v) Alternative Lending Securities (as defined below). The Hedge Fund Solutions investment team offers portfolio solutions to clients via customized hedge fund portfolios and/or investment FORM ADV, PART 2A BROCHURE MORGAN STANLEY AIP GP LP 5 recommendations into non-affiliated and affiliated, single, and multi-strategy hedge funds, including non-discretionary advisory services, Customized Advisory Portfolio Solutions (“CAPS”). As part of the due diligence process for determining the primary Underlying Investment Funds to which Client assets are allocated, the Hedge Fund Solutions investment team analyzes the quality of each Underlying Investment Manager’s resources, controls, infrastructure and service providers through on-site meetings with management, background investigations, examination of fund documents, audited financial statements and discussions with the Underlying Investment Fund’s independent service providers. Hedge Funds. The Hedge Fund Solutions Hedge Funds strategy focuses the allocation of assets to (i) Underlying Investment Funds managed by Underlying Investment Managers who employ a variety of non-traditional investment strategies; and (ii) Underlying Investment Funds managed in traditional style. Opportunistic Investments. The Hedge Fund Solutions Opportunistic Investments strategy focuses the allocation of assets to (a) investing in funds managed by Underlying Investment Managers who employ a variety of non-traditional investment strategies; (b) investing in funds managed by Underlying Investment Managers in a traditional style; (c) direct co-investments, which are generally minority investments in operating companies, primarily alongside existing Underlying Investment Managers (“Co-Investments”); and (d) secondary market purchases of Underlying Investment Funds and direct companies. Furthermore, a Client may invest in privately held companies or publicly traded companies in which, in some cases, the Client invests alongside an Underlying Investment Fund that is typically an Underlying Investment Fund in which a Client has also invested directly. For Underlying Investment Funds

purchased in secondary market transactions, operational due diligence may be scaled back and calibrated to the size and details of the transaction, with a focus on transaction-specific risks. In addition, for a fee, the Hedge Fund Solutions investment team provides operational due diligence services to AIP’s affiliate, Morgan Stanley Smith Barney LLC (“MSSB” or “Wealth Management”). Omni Strategy. On behalf of the Funds it manages (collectively, the “Omni Fund”), the Hedge Fund Solutions Omni investment team (“Omni”) evaluates, selects, engages, and oversees Portfolio Managers who employ one or more of the following strategies (collectively, the “Omni Strategy”) to make direct investments on behalf of the Omni Fund.
• Fundamental Long/Short Equity Strategies. Omni seeks to appoint Portfolio Managers that employ a fundamental long/short equity strategy with the goal of constructing a long/short portfolio consisting of the most undervalued securities in the collective long portfolio and the most overvalued securities in the collective short portfolio, across a broad representation of a variety of industries, sectors, and sub-sectors.
• Quantitative Equity and Futures Trading Strategies. Omni seeks to appoint Portfolio Managers that perform statistical analysis and analytic research on price changes, trends, and distributional properties of individual equity securities, listed exchanged traded funds, indices and future contracts and design algorithmic trading systems which are programs created to locate trading opportunities in a systematic or computationally intensive way.
• Orthogonal and Other Non-Correlated Strategies. Omni seeks to appoint Portfolio Managers that employ orthogonal and other non-correlated strategies for diversification purposes. Such strategies are mean reverting strategies that are intended to not correlate to capital markets or the common risk factors associated with either the fundamental long/short equity or the quantitative equity and futures trading strategies. Additionally, Omni may employ hedges that seek to reduce unwanted factor risk and market exposures at the aggregate Omni Fund portfolio level and to allow for efficient utilization of capital. Risk Premia. Certain Clients may, as a part of their investment strategy, invest in Underlying Investment Funds managed by an Affiliated Adviser (as defined in Item 10) that invest in a broad set of Risk Premia Investments, currently expected under normal market conditions to constitute a diverse set of different strategies or factors, including, without limitation value, carry, curve, trend/momentum, mean reversion, volatility, congestion opportunistic, hedge and other similar strategies, as well as equity specific low-beta, size, value, quality and momentum strategies. FORM ADV, PART 2A BROCHURE MORGAN STANLEY AIP GP LP 6 The Affiliated Adviser intends to implement the Risk Premia strategy primarily through total return swaps and will gain such exposure through multiple counterparties. In addition, Risk Premia may also include futures, listed options and common stocks. Alternative Lending. The alternative lending fund (the “Alternative Lending Fund”) invests in Alternative Lending Securities that generate interest or other income streams that offer access to credit risk premium (as defined below). “Alternative Lending Securities” are loans originated through non-traditional or alternative lending platforms, or securities that provide the Alternative Lending Fund with exposure to such instruments. The “credit risk premium” is the difference in return between obligations viewed as low risk, such as high-quality, short-term government debt securities or bonds of a similar duration and risk profile, and securities issued by private entities or other entities which are subject to credit risk. The credit risk premium is positive when interest payments or other income streams received in connection with a pool of Alternative Lending Securities, minus the principal losses experienced by the pool, exceed the rate of return for risk-free obligations. The Alternative Lending Fund invests in a broad range of Alternative Lending Securities, including, but not limited to, (1) consumer loans; (2) small business loans, receivables and/or merchant cash advances; (3) specialty finance loans, including, but not limited to, education loans, elective medical loans, automobile purchases, equipment finance, transportation leasing, short-term real estate financing or other specialty offerings such as purchasing and financing of future payment streams or asset-based financing; (4) tranches of alternative lending securitizations, including, but not limited to, residual interests and/or majority-owned affiliates (MOAs); and (5) to a lesser extent, fractional interests in alternative lending securities and other types of equity, debt or derivative instruments that AIP believes are appropriate. The Alternative Lending Fund may also purchase bonds and other debt securities backed by a pool of Alternative Lending Securities. Private Markets AIP Private Markets consists of the Private Markets Solutions business that invests in: (a) primary capital commitments to private markets Underlying Investment Funds; and (b) Co-Investments; and the Private Markets Secondary business that invests in secondary market purchases of Investment Fund interests. Clients may also invest in investments other than Underlying Investment Funds and Co-Investments. Portfolio Solutions Group The Portfolio Solutions Group (“PSG”) has developed proprietary approaches for measuring the risk and return of alternative investments and incorporating them within a broader portfolio. PSG designs and manages highly customized multi-asset investment portfolios and advises its clients on all aspects of portfolio construction, including: (i) analyzing manager performance (both hedge funds and traditional managers); and (ii) creating strategic portfolios that include equities, fixed income, alternative investments; and developing commitment strategies for private equity and real estate investments and portfolio transition plans. Assets Under Management As of December 31, 2022, AIP managed $29,855,724,984 in Client assets on a discretionary basis and $542,033,649 on a non-discretionary basis for a total of $30,397,758,633 in Regulatory Assets Under Management. FORM ADV, PART 2A BROCHURE MORGAN STANLEY AIP GP LP 7